Armanino Foods of Distinction has reported record sales and profits for the fourth quarter and for the year 2009, saying the results are the consequence of changes to its sales strategies.
“We remain cautiously optimistic about our business in 2010, as we will continue to attempt to open more chain accounts and enlarge our industrial market base,” Edmond Pera, president and CEO said.
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Sales in the fourth quarter were US$5,598,164, reflecting an increase of 9% on the same period in 2008. Fourth quarter pre tax profit from continuing operations was $654,024 compared to 2008 fourth quarter profit of $398,179 and increase of 64%.
Despite reporting an extraordinary loss of $58,702 net of tax from the discontinuance of its Zing product line in 2009, after accounting for the extraordinary item, net income for the fourth quarter reached $376,620, up from $233,966.
For the twelve months, sales were $21m, up 6%. Income from continuing operations before taxes rose 62% to $2.6m in 2009. Net income reached $1.6m in 2009, an increase of 126%.
Pera said: “We had a remarkable, record breaking year. These records are partially attributable to changes in sales and marketing strategies devised and instituted in the last few years. Our greater emphasis on selling to chain style restaurants has paid off. In addition, our aggressive marketing to large industrial accounts also contributed to higher sales.”
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