Message #5 From:
NewsBot Date: November 7, 2006 07:00:00 AM
AMNF News Armanino Foods Reports 6% Sales Gain for Third Quarter
HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (Pink Sheets:AMNF) today reported
that sales of its products in the third quarter of 2006 grew by 6% when
compared with the prior year, but fully-diluted earnings per share
remained at 1 cent per share.
Third quarter 2006 sales were $4,125,947, up from $3,883,935 in the same
period a year ago. Net income slightly decreased from $177,969 in 2005
to $162,166 this year. Fully diluted earnings per share for both the
third quarters of 2005 and 2006 were 1 cent per share.
For the nine months ending Sept. 30, 2006, AMNF reported sales of
$12,236,351, up 15% from the $10,635,240 in the same period a year ago.
Net income in those periods rose 65% to $666,989 this year from
$403,875. Net income for the nine months was 4 cents per share, versus 2
cents in the same period the year before.
“We are gratified by our third quarter 2006
results,” said William Armanino, the company’s
president and CEO. “If it hadn’t
been because we were measuring 2006 earnings against an exceptional
quarter a year ago, when we made a one-time, high margin sale of
$600,000 to a single customer, we would have enjoyed not just a sales
gain in 2006, but also a corresponding improvement in our profit picture.”
“That notwithstanding,”
he continued, “our sales have been up 15%
through the first nine months of 2006, our net income is up by 65% in
this period, and our earnings per share have doubled. We remain
confident that the full year 2006 will be a record one for both sales
and earnings.”
Armanino is an international food company that manufactures and markets
frozen basil pesto sauce and numerous other sauces such as Cilantro,
Dried Tomato Garlic, Roasted Red Bell Pepper, Southwest Chipotle,
Artichoke, Mushroom, Alfredo and organic sauces which are in the
development stage, filled pasta products, meatballs, cooked poultry
products, garlic spreads and Focaccia to the food service, industrial,
institutional industry.
Armanino Foods of Distinction, Inc.
Results For The Third Quarter Ended September 30, 2006 (Unaudited)
2006
2005
Net Sales
$4,125,947
$3,883,935
Income From Cont. Operations Before Taxes
200,272
319,593
Net Income
162,166
177,969
Basic Income Per Common Share
0.01
0.01
Weighted Average Common Shares Outstanding
17,318,190
17,563,410
Diluted Income/(Loss) Per Common Share
0.01
0.01
Diluted Weighted Average Common Shares Outstanding
17,569,788
17,579,105
Note: Shares shown at post 5:1 split of Dec. 2005
Results For The Nine Months Ended September 30, 2006 (Unaudited)
2006
2005
Net Sales
$12,236,351
$10,635,240
Income From Cont. Operations Before Taxes
896,700
661,875
Net Income
666,989
403,875
Basic Income Per Common Share
0.04
0.02
Weighted Average Common Shares Outstanding
17,318,190
17,354,805
Diluted Income/(Loss) Per Common Share
0.04
0.02
Diluted Weighted Average Common Shares Outstanding
17,506,869
18,843,025
Note: Shares shown at post 5:1 split of December 2005
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.
