Global food company Armanino Foods of Distinction has announced net sales, operating and net income, and earnings per share for the Q1 ended 31 March 2002.
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Net sales for the period were US$3,649,903 compared to US$3,132,444 year on year, an increase of 17%. Retail sales of meatballs and pasta products, together with food service sales of chicken products, accounted for the increase.
Income from continuing operations before income taxes fell to US$118,065 from US$141,078 in the Q1 a year ago. Amortized slotting costs and increased promotions of retail sales, coupled with high food service promotions, were the principal reasons for the decrease.
Net income for the Q1 amounted to US$67,297 compared to US$79,004 for the same period in 2001, a decrease of 15%. The company reported basic and diluted net earnings per share of US$0.02, compared to both basic and diluted net earnings per share of US$0.03 for the like quarter in 2001.
William J. Armanino, president and CEO of the California-based company said: “Our increased sales at retail is very gratifying and is a result of our meatball and pasta products now being offered in over 1,300 retail outlets in the western US.
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By GlobalData“We are investing heavily in in-store demos and couponing to heighten brand awareness, since we believe that this investment will reap dividends in future periods.”
Armanino continued: “We are currently working on various product introductions targeted at the in-store deli market. This market, which is relatively new for us, gives us the opportunity to place more product at retail, primarily in supermarket delicatessens. We continue to work on opening up more retail outlets by creating a “Destination Shopping” freezer section for our branded pasta, pesto and meatball products.”
Armanino concluded: “Our cash flow and balance sheet remain strong. We look forward to continuing the successes of the first quarter throughout the remainder of the year.”
