US food manufacturer Armanino Foods of Distinction has reported a decline in net income over the second quarter, which it attributed to record profits in the same period of 2010.
The company, which makes frozen Italian food for retail and industry customers, said that, for the quarter ended 30 June, net income was down 3.9% to US$668,013. Sales grew 3% to reach $6.3m thanks to strong sales at the end of the quarter.
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For the first half of the year, net income rose 12% to $1.2m. Sales increased 9% to $12.1m.
President and CEO Edmond Pera said yesterday (21 July): “We would have liked to have another record for quarterly profitability but we were up against Q2 2010 profits which were the highest in the company’s twenty-five year history. We are very pleased that we came within 4% of last year’s record second quarter.”
