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ARMANINO FOODS OF DISTINCTION, INC., ANNOUNCES ITS HIGHEST EVER FIRST QUARTER NET SALES AND NET INCOME

HAYWARD, CA (April 13, 2018) Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported its highest ever first quarter net sales and net income for the period ending March 31, 2018.

Net sales for the first quarter ended March 31, 2018 were $9,434,960 compared to $9,088,013 for the first quarter of 2017, an increase of 4%. Income from operations for the first quarter of 2018 was $1,680,622 compared to $1,735,874 for the comparable quarter a year ago, a decrease of 3%.  Net income for the first quarter of 2018 was $1,310,885 compared to $1,111,610, an increase of 18%.  Earnings per share for the first quarter of 2018 was $0.0409, compared to $0.0347 for the same quarter a year ago, an increase of 18%.  EBITDA this quarter is $1,839,380 compared to $1,818,475 last year, an increase of 1%.

Edmond J. Pera, President and CEO of Armanino Foods said, “We are pleased with our record breaking net sales and net income for the first quarter especially given the severe weather conditions in our east coast territories which caused sales delays in that part of the country in February and March.  Additionally, this is our 59th quarter in a row of profitability.  We experienced sales growth in both our US and Asian markets.  The company continues to aggressively invest in domestic promotional expenditures in order to grow in the US market.  We remain cautiously optimistic about sales in our domestic markets.  While first quarter sales in our Asian markets improved significantly over last year, we continue to remain guarded on our outlook in that region of the world.”

Pera continued, “In addition to higher sales, lower tax rates were a significant factor in the growth in our profitability this quarter.  As an offset, depreciation and interest expense related to our investment in the recent plant improvement project were expectedly higher during this period.  Further, we decided to invest part of our tax savings in a strategic planning initiative to help us develop future growth in sales and profitability.  This investment, which we expect to continue through the year, has the accounting affect of higher operating expenses. We are closely monitoring rising costs in our key raw materials and packaging, as well as in transportation and storage and will manage those costs and margins accordingly this year.”

Pera concluded, “Our sales’ pipeline and our cash position currently remain strong.  We are cautiously optimistic about our financial performance for the remainder of this year.” 

 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, Chimichurri, Light Basil Pesto, Alfredo sauce, and Bolognese sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas and meatballs are also offered by Armanino Foods.

Armanino Foods of Distinction, Inc.

Results for the Quarter Ended 3/31/18 (Unaudited)

 

2018

2017

Net Sales

$9,434,960

$9,088,013

Income From Cont. Operations Before Taxes

$1,680,622

$1,735,874

Net Income

$1,310,885

$1,111,610

Basic Income Per Common Share

$0.0409

$0.0347

Weighted Average Common Shares Outstanding

32,065,645

32,065,645

Diluted Income/(Loss) Per Common Share

$0.0409

$0.0347

Diluted Weighted Average Common Shares Outstanding

32,065,645

32,065,645

EBITDA

$1,839,380

$1,818,475


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-totime in the Company’s annual and quarterly reports. The Company assumes no obligation to update the information included in this press release.

The best source of information on the company is the OTC Markets website  http://www.otcmarkets.com/stock/amnf/company-info, or the Company website http://www.armaninofoods.com

 

For further information, please contact: 

Edgar Estonina
COO/CFO
510-441-9300
amnf@armaninofoods.com