Armanino Foods Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Armanino Foods (OTCQX:AMNF) reported third-quarter 2025 results on November 11, 2025 showing continued top-line growth, margin expansion and shareholder returns.

Key figures: Q3 net sales $19.7M (+11% YoY), gross profit $9.7M (+23%, 49.5% of sales), operating income $6.1M (+18%), net income $4.8M (+16%) and diluted EPS $0.15 (+20%). Operating expenses rose to 18.1% of sales from 15.2% due to strategic investments. Cash and equivalents were $24.6M at Sept 30, 2025; the company remains debt free and increased its quarterly dividend to a record $0.05 per share.

Positive

• Net sales +11% to $19.7M in Q3 2025
• Gross profit +23% to $9.7M (49.5% margin)
• Net income +16% to $4.8M
• Debt-free balance sheet with $24.6M cash

Negative

• Operating expenses increased to 18.1% of sales from 15.2% due to investments
• Cash declined from $28.2M at year-end 2024, driven by buybacks and dividend increase

Strong Revenue and Cost Management Drove Higher Margins and Profitability

Quarterly Dividend Increased to a Record $0.05 Per Share

PLEASANTON, CA / ACCESS Newswire / November 11, 2025 / Armanino Foods of Distinction, Inc. (OTCQX:AMNF), a leading producer and marketer of premium frozen Italian and specialty foods serving foodservice and industrial customers across North America and select international markets, today reported its financial results for the third quarter ended September 30, 2025.

Financial Summary

$ in millions			Q3 2025				Q3 2024			% Increase
Net Sales		$	19.7			$	17.7				11	%
Gross Profit		$	9.7			$	7.9				23	%
Operating Income		$	6.1			$	5.2				18	%
Net Income		$	4.8			$	4.1				16	%
Earnings per Share (Diluted)		$	0.15			$	0.13				20	%

Management Commentary

"Our third-quarter performance demonstrates the continued strength and discipline behind our growth strategy," said Deanna Jurgens, Chief Executive Officer of Armanino Foods. "Strong demand across Foodservice and International channels, along with margin expansion from pricing and operational efficiencies, fueled another quarter of double-digit growth."

"At our recent shareholder meeting, I spoke about unlocking Armanino's full potential, and these results show that momentum. We're reinvesting our gains into automation, process improvements, and talent to build the foundation for sustainable scale. While these initiatives, paired with ongoing macro pressures, may create near-term cost pressure, they are critical to positioning Armanino for long-term success."

"With a debt-free balance sheet, strong cash flow, and a disciplined capital allocation strategy, we remain well positioned to execute on our growth priorities and deliver continued value for our shareholders," Jurgens concluded.

Third Quarter 2025 Financial Results

Net sales for the third quarter of 2025 increased 11% to $19.7 million, compared to $17.7 million in the same year-ago quarter. The increase was largely attributable to strong growth across our Foodservice and International channels in our core pesto sauces.

Gross profit increased 23% to $9.7 million, or 49.5% of net sales, in the third quarter of 2025, compared to $7.9 million, or 44.8% of net sales, in the same year-ago quarter. The improvement reflects strong pricing discipline, an improved sales mix, and ongoing operational efficiency improvements.

Operating expenses totaled $3.6 million, or 18.1% of sales, compared to $2.7 million, or 15.2% of sales, in the year-ago quarter. The increase reflects strategic investments in talent and systems, as well as non-cash incentive costs.

Net income for the third quarter of fiscal 2025 increased 16% to $4.8 million, or $0.15 per diluted share, as compared to net income of $4.1 million, or $0.13 per diluted share, in the same year-ago quarter. Net income margin improved 110 basis points to 24.3%.

Cash and cash equivalents totaled $24.6 million as of September 30, 2025, as compared to $28.2 million as of December 31, 2024. The change primarily reflects stock buybacks and a 25% increase in the quarterly dividends paid to shareholders. Armanino Foods remains debt free.

About Armanino Foods of Distinction, Inc.

Armanino Foods of Distinction, Inc. (OTCQX: AMNF) is a leading producer and marketer of premium frozen Italian and specialty foods serving foodservice and industrial customers across North America and select international markets. Best known for its top selling Basil Pesto, the Company's product line spans a wide variety of sauces and stuffed pasta dishes, all produced in a British Retail Consortium Global Standards Grade AA facility with rigorous quality systems and scalable packaging formats to meet customer needs. To learn more, please visit the Company's website at https://armaninofoods.com.

Cautionary Statements Regarding Forward-Looking Information

Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are "forward-looking statements" as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."

The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.

Investor Relations Contact
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(262) 357-2918
AMNF@mzgroup.us
www.mzgroup.us

Armanino Foods of Distinction, Inc.
Balance Sheets
(Unaudited)

		As of September 30,				As of December 31,
		2025				2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	24,645,925			$	28,164,307
Accounts receivable, net			10,982,348				8,578,692
Inventories, net			6,899,679				4,366,676
Prepaid expenses			1,015,073				920,859
Total Current Assets			43,543,025				42,030,534
NON-CURRENT ASSETS:
Property and equipment, net			8,443,070				7,922,595
Deposits			20,000				20,000
Deferred tax assets			1,063,936				1,063,936
Operating lease right of use asset			859,388				1,364,468
Goodwill			375,438				375,438
Trademarks			75,576				75,576
Total Non-Current Assets			10,837,408				10,822,013
Total Assets		$	54,380,433			$	52,852,547
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		$	4,992,434			$	2,010,649
Contract liabilities			3,137,830				4,404,813
Accrued payroll and payroll taxes			1,098,191				1,828,422
Phantom stock liability			2,430,149				3,664,971
Operating lease liability - current portion			692,107				649,738
Dividends payable			1,555,246				1,158,101
Income taxes payable			901,156				2,142,106
Total Current Liabilities			14,807,113				15,858,800
NON-CURRENT LIABILITIES
Operating lease liability, net of current portion			242,085				810,583
Total Non-Current Liabilities			242,085				810,583
Total Liabilities			15,049,198				16,669,383
STOCKHOLDERS' EQUITY
Preferred Stock; no par value, 10,000,000 shares authorized,
no shares issued and outstanding			-				-
Common Stock; no par value, 40,000,000 shares authorized, 32,065,645 shares
issued at September 30, 2025 and December 31, 2024 and 31,078,007 and 31,903,600
shares outstanding at September 30, 2025 and December 31, 2024, respectively			2,774,990				2,774,990
Treasury stock, at cost; 987,638 and 162,045 shares held at
September 30, 2025, and December 31, 2024, respectively			(7,548,811	)			(1,072,033	)
Additional paid-in capital			180,202				48,202
Retained earnings			43,924,854				34,432,005
Total Stockholders' Equity			39,331,235				36,183,164
Total Liabilities and Stockholders' Equity		$	54,380,433			$	52,852,547

Armanino Foods of Distinction, Inc.
Income Statement
(Unaudited)

		FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
		SEPTEMBER 30,						SEPTEMBER 30,
		2025			2024			2025			2024
NET SALES		$	19,651,423		$	17,667,112		$	56,600,763		$	50,868,879
COST OF GOODS SOLD			9,932,253			9,759,866			30,194,752			29,658,703
GROSS PROFIT			9,719,170			7,907,246			26,406,011			21,210,176
OPERATING EXPENSES:
General, administrative and selling expense			2,331,070			932,701			4,455,540			3,531,544
Salaries & wages			871,088			1,496,825			3,471,250			4,010,882
Commissions			353,340			253,303			994,352			774,626
Total Operating Expense			3,555,498			2,682,829			8,921,142			8,317,052
INCOME FROM OPERATIONS			6,163,672			5,224,417			17,484,869			12,893,124
OTHER INCOME (EXPENSE)
Interest and other income			252,868			290,085			786,041			851,047
Total Other Income (Expense)			252,868			290,085			786,041			851,047
INCOME BEFORE INCOME TAXES			6,416,540			5,514,502			18,270,910			13,744,171
TAX EXPENSE - CURRENT			1,643,316			1,411,772			4,710,656			3,518,697
NET INCOME		$	4,773,224		$	4,102,730		$	13,560,254		$	10,225,474
NET INCOME PER COMMON AND EQUIVALENT SHARES:
EARNINGS PER SHARE - BASIC		$	0.1536		$	0.1280		$	0.4323		$	0.3189
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - BASIC			31,084,864			32,052,356			31,369,873			32,061,183
EARNINGS PER SHARE - DILUTED		$	0.1535		$	0.1280		$	0.4321		$	0.3189
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - DILUTED			31,096,336			32,052,356			31,381,345			32,061,183

Armanino Foods of Distinction, Inc.
Statements of Cash Flows
(Unaudited)

		FOR THE NINE MONTHS ENDED
		SEPTEMBER 30,
		2025				2024
Cash Flows from Operating Activities:
Net Income		$	13,560,254			$	10,225,474
Adjustments to reconcile net income
to net cash provided by operations:
Depreciation			921,439				470,023
Stock-based compensation			132,000				-
Operating lease expense			505,080				474,292
Gain on sale of property and equipment			(3,500	)			-
Changes in assets and liabilities:
Accounts receivable			(2,403,656	)			(1,356,621	)
Inventory			(2,533,003	)			(589,468	)
Prepaid expenses			(94,214	)			296,313
Accounts payable			2,981,785				1,262,146
Contract liabilities			(1,266,983	)			337,094
Phantom stock liability			(1,234,822	)			940,432
Accrued payroll and payroll taxes			(730,231	)			(288,608	)
Income taxes payable			(1,240,950	)			(48,733	)
Operating lease liability			(526,129	)			(485,146	)
Net Cash Provided by Operating Activities			8,067,070				11,237,198
Cash Flows from Investing Activities:
Purchase of property and equipment			(1,441,914	)			(2,136,388	)
Proceeds from sale of property and equipment			3,500				-
Net Cash Used in Investing Activities			(1,438,414	)			(2,136,388	)
Cash Flows from Financing Activities:
Purchase of treasury stock			(6,476,778	)			(382,852	)
Dividends paid			(3,670,260	)			(6,592,697	)
Net Cash Used in Financing Activities			(10,147,038	)			(6,975,549	)
Net Change in Cash and Cash Equivalents			(3,518,382	)			2,125,261
Cash and Cash Equivalents at Beginning of Period			28,164,307				22,177,386
Cash and Cash Equivalents at End of Period		$	24,645,925			$	24,302,647
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest		$	-			$	-
Income Taxes		$	3,704,400			$	2,719,831

SOURCE: Armanino Foods of Distinction, Inc.

View the original press release on ACCESS Newswire

FAQ

What were Armanino Foods (AMNF) Q3 2025 revenues and growth rate?

Armanino reported Q3 2025 net sales of $19.7M, an 11% increase versus Q3 2024.

How did Armanino Foods (AMNF) margins change in Q3 2025?

Gross profit rose to $9.7M and 49.5% gross margin, a 470 basis-point improvement versus Q3 2024.

What was Armanino Foods (AMNF) net income and EPS in Q3 2025?

Net income was $4.8M and diluted EPS was $0.15, up 16% and 20% year-over-year respectively.

Did Armanino Foods (AMNF) change its dividend in November 2025?

Yes. The company increased its quarterly dividend to a record $0.05 per share.

What caused Armanino Foods (AMNF) operating expense growth in Q3 2025?

Operating expenses rose due to strategic investments in talent, systems and non-cash incentive costs, totaling 18.1% of sales.

Is Armanino Foods (AMNF) carrying debt after Q3 2025?

No. The company reported a debt-free balance sheet as of September 30, 2025.