USA: Armanino Foods of Distinction, Inc. announces first quarter financial results
Net sales for the first quarter ended March 31, 2001 were $3,134,377 compared to $3,089,179 for the first quarter of 2000, an increase of 1%. Sauce sales showed a higher increase which was offset by lower meatball and pasta sales from the first quarter a year ago.
Income from continuing operations before income taxes for the first quarter ended March 31, 2001 was $141,078 compared to $177,347 for the first quarter of 2000. Flat sales, coupled with lower margin product mix, accounted for the decrease.
Net income for the first quarter ended March 31, 2001 amounted to $79,004 compared to $106,408 for the same period in 2000, a decrease of 26% partially due to an increased income tax provision. The company reported basic and diluted net earnings per share for the first quarter ended March 31, 2001 of $0.05, compared to both basic and diluted net earnings per share of $0.06 for the like quarter in 2000.
William J. Armanino, President and CEO of Armanino Foods said, "Our first quarter per share earnings in 2000 were the highest in the last four years so to come within a cent of that this year was a good effort though we are not satisfied with the results."
Armanino continued, "We have made many strategic decisions recently to improve future financial performance including reducing our east coast freight costs by renegotiating our distribution contract. We have also increased our prices to offset our higher utility costs in our Hayward, California production facility. These actions will take effect in the second and third quarters respectively."
Armanino concluded, "We are still bullish on our sales outlook for the remainder of the year. We have recently entered an agreement with a brokerage firm which specializes in private label programs. Our strategic plan calls for us to increase our pesto sauce market share in this segment. In addition, our international business continues to escalate. We believe all of this bodes well for the future."
Armanino is an international food company that manufactures and markets frozen pestos, filled pasta products, sauced entrees, meatballs and focaccia to the retail, food service, club stores, institutional, and industrial food industry segments.
Armanino Foods of Distinction, Inc. Results for the First Quarter Ended 3/31/01 (Unaudited) Quarter Ended 3/31/01 2001 2000 ---- ---- Net Sales $3,134,377 $3,089,179 Net Income From Cont. Oper. Before Taxes $ 141,078 $ 177,347 Net Income $ 79,004 $ 106,408 Basic Income Per Common Share $ 0.05 $ 0.06 Weighted Average Common Shares Outstanding 1,566,804 1,828,905 Diluted Income Per Common Share $ 0.05 $ 0.06 Weighted Average Shares Outstanding 1,566,804 1,884,832
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 SEC reports. The Company assumes no obligation to update the information included in this press release.
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