Pesto, pasta and sauce manufacturer Armanino Foods has posted a 24% rise in net income for fiscal 2006 on the back of 13% sales gains.
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For the year to 31 December 2006, sales at the food group totalled US$16.64m, while net income rose from $647,973 in 2005 to $803,838 last year. EPS rose 25%, from $0.04 per share in 2005 to $0.05 per share in 2006.
“We are gratified that we continue to grow at a rate that outpaces much of the food industry. These gains came on top of a 12.5% increase in our sales in 2005 over 2004,” commented William Armanino, the company’s president and CEO.
“In the last quarter of 2006, we decided to invest heavily in marketing, in programmes we are confident will show further results in 2007. During the year, we hired a PR agency to support our retail products in Albertson’s and other supermarket chains, improved our packaging and introduced new products into the market place as well as increasing our sales staff by 16%,” Armanino continued.
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