For the 12 months ending December 31, 2007, sales were $19,057,058, up 15% from the $16,640,568 reported for the same period in 2006. Pre-tax profit rose 42%, from $1,042,759 a year ago to $1,483,233 in 2007. Earnings per share were $0.052 in 2007 versus $0.046 a year ago.
Sales in the fourth quarter rose 23% from $4,404,217 in 2006 to $5,407,683 in 2007. Pre-tax fourth quarter income grew by 196%, from $146,060 in 2006 to $432,788 in 2007.
“Our sales and profits have grown at a rate which out paced much of the Food Industry. This is our fifth consecutive year of growth in earnings,” commented William Armanino, the Company’s President and CEO.
“We are optimistic that 2008 will also be a good year as we expect to harvest the rewards of our marketing programs in 2007. After having held the line on prices, we have initiated an overall price increase for most of our products. This move should allow us to maintain our positive pace in sales and profits. Finally, we are introducing 6 or 7 new products into the market place which we expect to also add to revenues and our ability to meet our customers' needs.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pesto sauces and filled pastas to the food service, retail, and industrial markets. In addition to a classic Basil pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke and Roasted Garlic. Armanino’s Organic line includes the classic Basil Pesto as well as Dried Tomato & Garlic pesto. Frozen pastas, sauces, spreads, meatballs, and Focaccia are also offered by Armanino Foods.
This press release contains forward-looking statements within the meaning of U.S. securities laws. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. The Company assumes no obligation to update the information included in this press release.
|
Armanino Foods of Distinction, Inc. Results for Quarter Ended 12/31/07 (Unaudited) |
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|
|
2007 |
2006 |
||
| Net Sales |
|
$5,407,683 |
|
$4,404,217 |
| Income From Cont. Operations Before Taxes |
|
$432,788 |
|
$146,060 |
| Net Income |
|
$251,188 |
|
$136,849 |
| Basic Income Per Common Share |
|
$0.015 |
|
$0.008 |
| Weighted Average Common Shares Outstanding |
|
17,321,081 |
|
17,318,190 |
| Diluted Income/(Loss) Per Common Share |
|
$0.014 |
|
$0.008 |
| Diluted Weighted Average Common Shares Outstanding |
|
17,614,466 |
|
17,594,722 |
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Armanino Foods of Distinction, Inc. Results for Twelve Months Ending 12/31/07 (Unaudited) |
||||
|
|
|
2007 |
|
2006 |
| Net Sales |
|
$19,057,058 |
|
$16,640,568 |
| Income From Cont. Operations Before Taxes |
|
$1,483,233 |
|
$1,042,759 |
| Net Income |
|
$914,460 |
|
$803,838 |
| Basic Income Per Common Share |
|
$0.053 |
|
$0.046 |
| Weighted Average Common Shares Outstanding |
|
17,318,919 |
|
17,318,190 |
| Diluted Income/(Loss) Per Common Share |
|
$0.052 |
|
$0.046 |
|
Diluted Weighted Average Common Shares Outstanding |
|
17,596,041 |
|
17,543,401 |
| This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements regarding the Company’s goals and growth prospects. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures on existing products, and the timing and market acceptance of new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current pricing, and the risk factors listed from time-to-time in the Company’s annual and quarterly reports. The Company assumes no obligation to update the information included in this press release. | ||||
Armanino Foods of Distinction, Inc.
Ed Pera, 510-441-9300
COO
epera@armanino.biz