Armanino Foods of Distinction, Inc. Reports Highest Sales and Profits Ever for the Fourth Quarter and Fiscal Year End

Rhea-AI Summary

Armanino Foods of Distinction, Inc. (AMNF) reported record-breaking sales and profits for Q4 2023 and fiscal year 2023, with net sales up 17% and 10% respectively. Income before taxes increased by 64% and 32% for Q4 and the year, while net income saw a significant rise of 78% and 33%. The company's President and CEO highlighted organic growth, new products, and improved margins leading to shareholder value growth of 36%.

Positive

• Record-breaking net sales and profits for Q4 2023 and fiscal year 2023.
• Net sales increased by 17% for Q4 2023 and 10% for the year.
• Income before taxes surged by 64% and 32% for Q4 and the year respectively.
• Net income saw a substantial increase of 78% for Q4 2023 and 33% for the year.
• Shareholder value grew by 36% due to record operating results.
• Sales driven by organic growth, new distribution, and new products.
• Margins improved to near pre-pandemic levels despite economic challenges.
• Focus on transformative growth strategy led to outpacing economic trends in the sector.
• Efforts to optimize operations and disciplined buying practices reflected in sales and profit growth.
• Upgrading infrastructure expected to be completed by late 2024.

Negative

• None.

PLEASANTON, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest ever sales and profits for the fourth quarter and fiscal year.

Net sales for the fourth quarter of 2023 were $16,092,538 compared to $13,717,899 for the same period last year, an increase of 17%. Income before taxes for Q4 2023 was $3,355,709 compared to $2,045,138 for the same quarter in 2022, an increase of 64%. Net income for this period was $2,569,156 (or $0.0801 per share), compared to $1,446,209 (or $0. 0451 per share) for the same quarter a year ago, an increase of 78%.

Net sales for the year ending 2023 were $63,561,091 compared to $57,873,545 for the same period in 2022, an increase of 10%. Income before taxes for this period was $11,674,160, compared to the 2022 figure of $8,867,258, an increase of 32%. Annual net income for 2023 was $8,758,085 (or $0.2731 per share), compared to $6,603,589 (or $0.2059 per share) for the same period a year ago, an increase of 33%.

Tim Anderson, President and CEO of Armanino Foods, commented, “We are proud to report double-digit, record-breaking annual net sales and profit results. Shareholder value increased for the year in line with record operating results (not including the three percent dividend payout), resulting in a total +36% return to our shareholders. Sales increases continue to be driven by organic growth with existing customers, new distribution, new products, and for Q4, from customers shipping ahead in anticipation of 2024 first quarter sales. The effects of customers’ forward shipping have us somewhat guarded in our outlook for the first quarter, but we remain confident in our long-term growth trajectory. Our margins continue to improve to near pre-pandemic levels, despite our increase in investment spending and obstacles presented by ongoing economic headwinds. Overall, we continue to outpace the economic trends in our sector driven by our continued focus on our transformative growth strategy.

Anderson continued, “Our margins continue to improve, driven by our focus on optimizing our operations and implementing more disciplined buying practices. We are currently in the final stages of upgrading our infrastructure with an expected completion date by late 2024. Our efforts are reflected in the significant increase in sales, profits, and shareholder value throughout 2023.”

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 December 31, 2023 (Unaudited)
		2023			2022
Net Sales		$	16,092,538		$	13,717,899
Income Before Taxes		$	3,355,709		$	2,045,138
Net Income		$	2,569,156		$	1,446,209
Basic Income Per Common Share		$	0.0801		$	0.0451
Weighted Average Common Shares Outstanding			32,065,645			32,065,645
Diluted Income/(Loss) Per Common Share		$	0.0801		$	0.0451
Diluted Weighted Average Common Shares Outstanding			32,065,645			32,065,645
Results for the Year Ended December 31, 2023 (Unaudited)
			2023			2022
Net Sales		$	63,561,091		$	57,873,545
Income Before Taxes		$	11,674,160		$	8,867,258
Net Income		$	8,758,085		$	6,603,589
Basic Income Per Common Share		$	0.2731		$	0.2059
Weighted Average Common Shares Outstanding			32,065,645			32,065,645
Diluted Income/(Loss) Per Common Share		$	0.2731		$	0.2059
Diluted Weighted Average Common Shares Outstanding			32,065,645			32,065,645

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240311411176/en/

For further information, please contact:

Edgar Estonina

COO/CFO

(510) 441-9300

AMNF@armaninofoods.com

Source: Armanino Foods of Distinction, Inc.

FAQ

What were Armanino Foods of Distinction, Inc.'s (AMNF) net sales for Q4 2023?

Armanino Foods reported net sales of $16,092,538 for Q4 2023.

How much did Armanino Foods' income before taxes increase by for Q4 2023?

Income before taxes for Q4 2023 increased by 64% compared to the same period last year.

What was Armanino Foods' net income for Q4 2023?

Net income for Q4 2023 was $2,569,156 (or $0.0801 per share), showing a significant increase from the previous year.

What is the focus of Armanino Foods' sales growth?

Sales growth is driven by organic growth with existing customers, new distribution, and new products.

How did Armanino Foods' margins perform despite economic challenges?

Margins improved to near pre-pandemic levels despite economic headwinds, showcasing the company's resilience.

What is Armanino Foods' strategy for future growth?

Armanino Foods remains confident in its long-term growth trajectory through continued focus on transformative growth strategies.