Californian food manufacturer Armanino Foods of Distinction, which specialises in frozen pestos and filled pasta products, has posted net sales of US$4m for its Q2 ended 30 June 2002, up 14% from US$3.56m year on year.
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The company said that all product lines showed increases, which were largest in retail sales and foodservice chicken products. Net sales for the H1 were US$7.7m, up 15% from US$6.69m in the H1 2001.
Income from continuing operations before income taxes for the Q2 2002 was US$181,050 compared to US$257,138 for the Q2 2001. Amortised retail slotting costs and high retail sales promotion expenses contributed to the fall as Armanino continued to promote product and brand awareness to the retail consumer. Income from continuing operations before income taxes for the H1 was US$299,115, down from US$398,216 year on year.
Net income for the Q2 and H1 was US$115,199 and US$182,496 respectively, compared to US$143,997 and US$223,001 year on year. Basic earnings per share (EPS) amounted to US$0.04 and US$0.06 for the Q2 and H1 compared to US$0.05 and US$0.07 for the same periods in 2001. Diluted EPS amounted to $0.03 and $0.05 for the Q2 and H1 compared to US$0.05 and US$0.07 year on year.
President and CEO William J. Armanino said: “Our retail programmes continue to gain increased consumer acceptance. Based on our successes to date, we are planning to roll out our retail programs in the Pacific Northwest in the Q4.
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By GlobalData“Our food service business remains strong. We are seeing good growth in both the central and southeastern portions of the country. In addition, our international business remains strong.”
Armanino concluded: “We are optimistic that late in the Q3 we will commence a new programme featuring our meatball products in the in-store deli section of a large national retail account. We believe that we are continuing to generate entry into significant new markets giving us heightened brand awareness which we think bodes well for the future.”
