California-based sauce maker Armanino Foods has said that sales during the third quarter of 2006 increased by 6% over the comparable period of last year, but net income decreased due to a one-off gain last year and diluted EPS remained static at $0.01 per share.
Net sales for the quarter totalled $4.13m, up from $3.88m last year. However, net income fell from $177,969 to $162,166.
For the nine months ending 30 September sales increased by 15% to $12.24m while net income was up 65% to $666,989 and EPS doubled to $0.04 per share.
“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.”