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Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported a year over year 1% increase in earnings with a 4.7% decrease in net sales for the first quarter ending March 31, 2021. In addition, the Company generated growth in income before taxes and net income which exceeded the previous 4 quarters. It is also notable that Armanino continues the streak of being profitable on a year-to-date basis for the 71st quarter in a row.
Net sales for the first quarter of 2021 were $9,299,670 compared to $9,760,846 for the same period last year, a decrease of 4.7%. Income before taxes for Q1 2021 was $1,447,074 compared to $1,381,886 for the same quarter in 2020, an increase of 5.0%. Net income for this period was $1,114,247 (or $0.0347 per share), compared to $1,105,508 (or $0.0345 per share) for the same quarter a year ago, an increase of 1.0%.
Tim Anderson, President and CEO of Armanino Foods stated, "We are on track with our plans to position the Company for recovery from the impact of COVID-19, while also continuing to strategically invest in diversified channels to capitalize on growth trends. Our success on those fronts is demonstrated by our recent three quarter results of consecutive growth in sales and profits with profits exceeding pre-COVID levels this past quarter. This growth was largely attributable to our ability to control our overall costs and expenses across the entire company including promotions, COGS, G&A and Operations. Sales growth was primarily driven by the easing of COVID restrictions and return to food eaten away from home. But it was also due to customers increasing their inventory levels in anticipation of greater future sales.
Anderson continued, "We are currently trending significantly higher than prior year April sales and 2021 January sales so we are hopeful that our results will continue to improve. This gives us confidence that we continue to be on track with our plans to position the Company for recovery from the impact of COVID-19."
Anderson concluded, "We are increasingly optimistic that the worst of the COVID-19 effects are behind us now that COVID vaccinations are now available to all adults in the US, and as many state and local governments continue to lift pandemic restrictions. As a result, we remain committed to making strategic and operational investments to drive sustained growth with an eye towards new products, new markets, and potential acquisitions. Given our financial resources, the strength of our brand, and proven track record of management excellence, we remain confident in our ability to achieve our long-term vision for the Company.
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Armanino Foods of Distinction, Inc.
Results for Quarter Ended March 31, 2021 (Unaudited)
Income Before Taxes
Basic/Diluted Income Per Common Share
Weighted Average Common Shares Outstanding
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 reports. The Company assumes no obligation to update the information included in this press release.
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