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.
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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.”
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By GlobalDataThe company manufactures and markets frozen speciality foods, such as Pesto, for sale in the retail and foodservice markets.
