Armanino Foods of Distinction, Inc. Announces Highest Quarterly and Annual Net Sales Ever | 2022-03-10 | Press Releases

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest ever quarterly and annual net sales for the fourth quarter and year ending December 31, 2021, respectively. Fourth-quarter earnings continued the company’s upward trend of quarter-over-quarter growth since the start of the pandemic. The Company has continued its year-to-date streak of profitability for seventy-four consecutive quarters.

Net sales for the fourth quarter of 2021 were $11,924,678 compared to $8,597,794 for the same period last year, an increase of 39%. Q4 2021 pre-tax profit was $2,040,241 compared to $919,734 for the same quarter in 2020, an increase of 122%. Net earnings for this period were $1,796,842 (or $0.0560 per share), compared to $909,746 (or $0.0284 per share) for the same quarter a year ago, an increase of 98%.

Net sales for the year ending 2021 were $43,824,030 compared to $31,815,652 for the same period in 2020, an increase of 38%. Pre-tax profit for this period was $7,218,149, compared to the 2020 figure of $2,311,034, an increase of 212%. Annual net income for 2021 was $5,730,793 (or $0.1787 per share), compared to $2,022,458 (or $0.0631 per share) for the same period a year ago, an increase by 183%.

Tim Anderson, President and CEO of Armanino Foods, said, “We are pleased to report that for the second consecutive quarter, we achieved record quarterly sales, which also peaked with the highest annual sales ever recorded, beating previous pre-pandemic records. in 2019. Not only did our Q4 2021 net profit exceed that of the previous year, but it also exceeded Q4 2019 before the pandemic. Labor and supply shortages; inflation; and logistical challenges have had a significant impact on the cost of our goods. As a result, additional measures have been put in place to further mitigate risks and reduce costs going forward. If our cost of sales were commensurate with 2019 levels, our 2021 earnings could have been the highest in company history. We continue to outpace economic trends in our industry in large part through the development and execution of our transformation strategy for long-term growth and profitability.”

Anderson continued, “The effects of the Omicron variant and inflationary pressure have kept us short-term as the global increase in COVID cases over the past several months has disrupted our sales distribution channels. However, we are confident that we will continue to navigate successfully through the current economic challenges and beyond.”

Anderson concluded, “We remain committed to investing in our brand, while optimizing marketing spend and costs to position the company for continued growth with a focus on new products, new markets and potential acquisitions. ”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialties such as pestos, sauces and stuffed pasta for the food service, retail and industrial markets. In addition to a classic basil pesto, Armanino offers other flavors such as cilantro, sun-dried tomatoes and garlic, roasted red pepper, southwestern chipotle, artichoke, roasted garlic, light basil pesto, chimichurri, harissa, bolognese , Alfredo sauce, creamy garlic and Romesco. Armanino’s organic line includes the classic basil pesto. Armanino Foods also offers cheese shakers, frozen pastas and meatballs.

Armanino Foods of Distinction, Inc.

Results for the quarter ended December 31, 2021 (unaudited)

2021

2020

Net sales

$11,924,678

$8,597,794

Income before taxes

$2,040,241

$919,734

Net revenue

$1,796,842

$909,746

Basic income per common share

$0.0560

$0.0284

Weighted average common shares outstanding

32,065,645

32,065,645

Diluted earnings/(loss) per common share

$0.0560

$0.0284

Diluted weighted average common shares outstanding

32,065,645

32,065,645

Results for the year ended December 31, 2021 (unaudited)

2021

2020

Net sales

$43,824,030

$31,815,652

Income before taxes

$7,218,149

$2,311,034

Net revenue

$5,730,793

$2,022,458

Basic income per common share

$0.1787

$0.0631

Weighted average common shares outstanding

32,065,645

32,065,645

Diluted earnings/(loss) per common share

$0.1787

$0.0631

Diluted weighted average common shares outstanding

32,065,645

32,065,645

This press release contains forward-looking statements within the meaning of United States securities laws, including statements regarding the company’s growth objectives and prospects. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures existing products, as well as timing and market acceptance. new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current prices, 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 contained in this press release.

Ann J. Cox