Message #12 From:
NewsBot Date: April 25, 2008 08:52:33 AM
Armanino Foods of Distinction, Inc. Announces First Quarter Financial Results
Armanino Foods of Distinction, Inc. (Pink Sheets:AMNF) today reported
its financial results for the first quarter ended March 31, 2008.
Net sales for the first quarter ended March 31, 2008, were $4,491,662
compared to $4,093,299 for the first quarter of 2007, an increase of 10%.
Income from operations before income taxes for the first quarter ended
March 31, 2008 resulted in operating income of $187,898 compared to
operating income of $48,717 for the same quarter a year ago, an increase
of 286%.
The Company reported net income of $122,118 compared to net income of
$37,217 for the comparable quarter a year ago. Basic income per common
share for the quarter ended March 31, 2008 amounted to $0.004 as opposed
to $0.001 for the same quarter a year ago.
William J. Armanino, President and CEO of Armanino Foods said, “The
first quarter, traditionally our slowest, showed a significant increase
over last year’s first quarter, as continued
gains from sales to new accounts, principally food service chains such
as sandwich and pizza shops, helped to increase sales.”
Armanino continued, “We are introducing in the
second quarter an array of new pesto sauces and pasta products for our
Food Service customers. A more limited number of pastas will be sold at
retail through in-store deli’s.”
Armanino concluded, “Although our focus groups
have been excited about the prospects for these new products, and are
pleased with the number of new accounts we have opened and will continue
to open over the course of the year, we remain cautiously optimistic
about the remainder of 2008.”
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, Roasted Garlic, Ancho Chile and
Mediterranean. 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.
Armanino Foods of Distinction, Inc.
Results For The First Quarter Ended March 31, 2008 (Unaudited)
2008
2007
Net Sales
$4,491,662
$4,093,299
Income From Cont. Operations Before Taxes
$187,898
$48,717
Net Income
$122,118
$37,217
Basic Income Per Common Share
$0.004
$0.001
Weighted Average Common Shares Outstanding
34,664,380
34,636,380
Diluted Income Per Common Share
$0.003
$0.001
Diluted Weighted Average Common Shares Outstanding
35,207,751
35,228,674
Note: Shares shown at post 2:1 split of March 2008
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.
