Armanino Foods of Distinction, Inc. (Nasdaq/SC:ARMF) announces today net sales, net income, and earnings per share for the third quarter and nine months ended September 30, 2000.
Net sales for the third quarter ended September 30, 2000 amounted to $3,353,563 as compared to $3,163,441 for the same period in 1999. Net sales for the nine months ended September 30, 2000 reached $10,341,697 as compared to $8,666,770 for the comparable period in 1999. The increase in sales for both the quarter and nine months of 6% and 19%, respectively, is principally attributable to additional food service accounts; expanded international sales; higher co-pack pasta sales and new applications for the company’s sauces and spreads with new and existing large national accounts.
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Net income for the third quarter ended September 30, 2000 rose to $221,054 or $.14 on basic earnings per share as compared to net income of $190,008 or $.10 per share a year ago. Earnings for the nine months ended September 30, 2000 were $644,611 as compared to $342,139 for the comparable period a year ago. Basic net earnings per share for the nine months were $.38 as compared to $.18 last year. On a diluted basis, earnings per share were $.14 and $.37 for the quarter and nine months ended September 30, 2000, respectively. Net income for the quarter rose by 16%. For the nine month period net income increased by 88% reflecting the higher sales as well as a larger percentage of core product revenues which carry better margins than the sales of a year ago.
William J. Armanino, President and CEO of Armanino Foods said, “Our earnings continue to improve over those of the prior year as we continue to execute our strategic marketing plans in both the domestic and international arenas. In our core market, food service, we now have 380 distributors with whom we sell and promote our products domestically and internationally. Our sauce sales are up 16% for the year and our pasta product sales have increased 42% over a year ago. We believe that these increases are in part attributable to the effort made to improve the quality and quantity of our distributor network.”
Armanino continued, “In addition to the .25(cent) per share special dividend paid in July, 2000, we recently announced the initiation of a quarterly dividend program of .05(cent) per share. Our strong cash position, coupled with no debt, puts us in a financial position to share our success with our shareholders while not precluding us from reinvesting in ourselves or taking advantage of investment opportunities which support our strategic marketing plans.”
Armanino concluded, “Our business is on solid footing and we believe the success of our prior quarters will continue in both the short and long term.”
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By GlobalDataArmanino is an international food company that manufactures and markets frozen pestos, filled pasta products, sauced entrees, meatballs and focaccia to the retail, food service, club stores, institutional, and industrial food industry segments.
This press release contains forward looking statements within the meaning of U.S. securities laws, including statements regarding the Company’s goals and growth prospects. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures on existing products, and the timing and market acceptance of new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current pricing, and the risk factors listed from time-to-time in the Company’s annual and quarterly SEC reports. The Company assumes no obligations to update the information included in this press release.
Armanino Foods of Distinction, Inc.
Results for the Quarter and 9 Months Ended 9/30/00
(Unaudited)
Quarter Ended 9/30/00
2000 1999
---- ----
Net Sales $3,353,563 $3,163,441
Net Income/(Loss)
From Cont. Oper Before Taxes $368,423 $316,680
Net Income $221,054 $190,008
Basic Income Per
Common Share $0.14 $0.10
Weighted Average
Common Shares
Outstanding 1,564,804 1,945,081
Diluted Income
Per Common Share $0.14 $0.10
Weighted Average
Shares Outstanding 1,598,022 1,947,110
(Unaudited)
Nine Months ended 9/30/00
2000 1999
---- ----
Net Sales $10,341,697 $8,666,770
Net Income From
Cont. Oper. Before Taxes $1,074,351 $570,231
Net Income $644,611 $342,139
Basic Income
Per Common Share $0.38 $0.18
Weighted Average
Common Shares
Outstanding 1,688,418 1,949,428
Diluted Income
Per Common Share $0.37 $0.18
Weighted Average
Shares Outstanding 1,747,890 1,950,001
