Armanino Foods of Distinction today (23 April) booked a 99% surge in income as it shifted to a more favourable product mix of higher margin foods.
The company said that first quarter income from operations before taxes rose to US$374,170, up from $187,898 last year. Net income totaled $235,744, up from $122,118 last year.
“Our record profits can be traced to a favorable product mix with higher margin products being sold throughout the quarter,” president and CEO Edmond Pera said.
Sales gained 4%, rising to $4.6m in the period.
“Despite uncertain economic times we remain cautiously optimistic regarding sales and profits for the remainder of 2009.”
The company manufactures and markets frozen speciality foods, such as Pesto, for sale in the retail and foodservice markets.