US pasta and pesto manufacturer Armanino Foods of Distinction has booked an increase in first-half profits, boosted by higher sales.
In the six months to the end of June, income from continuing operations climbed 18% to US$2.35bn, the firm reported yesterday (19 July).
Net sales in the six-month period amounted to $13.78bn, an increase of 13% on the prior-year period.
"We expect our margins to remain healthy for the remainder of this year thanks to raw materials pricing contracts that we have in place through the end of 2012," said Armanino president and CEO Edmond Pera. "As usual, we will closely monitor the outlook of our material costs so that we can manage our margins appropriately.
Armanino Foods of Distinction, Inc. Reports Highest Quarterly Sales, Profits and Earnings Per Share in Its History
HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF) today reported its highest quarterly sales, profits and earnings per share in the Company's history. Year to date results for sales, profits and earnings per share are also Company records.
"We believe that our current strategies are working well toward helping us achieve our overall objectives."
Net sales for the second quarter of 2012 were $7,097,885 as compared to $6,290,645 for Q2 2011, an increase of 13%.
Income from continuing operations before taxes for the second quarter of 2012 was $1,304,763 compared to $1,088,307 for the same quarter in 2011, an increase of 20%. Earnings per share for the second quarter of 2012 were $0.025 as opposed to $0.020 for the second quarter of 2011, an increase of 25%.
For the first six months of 2012 net sales were $13,781,499 compared to $12,155,115 a year ago, an increase of 13%. Income from continuing operations for 2012's second quarter rose by 18% to $2,351,354 from $1,993,594 for the same period in 2011. Earnings per share for the first six months of 2012 amounted to $0.045 compared to $0.036 posted in 2011, an increase of 24%. The increase in earnings per share from period to period has been fueled not only by increased profitability but by the impact of our stock repurchase program as well.
Edmond J. Pera, President and CEO of Armanino Foods, said, "International sales in the second quarter were especially strong contributing to the sales increase."
Pera continued, "We expect our margins to remain healthy for the remainder of this year thanks to raw materials pricing contracts that we have in place through the end of 2012. As usual, we will closely monitor the outlook of our material costs so that we can manage our margins appropriately. We currently do not have any plans to raise our selling prices and plan to use this pricing strategy to try and increase our market share. We continue to see a greater consumer awareness of pesto sauces in the market place which in our opinion could lead to overall market expansion."
Pera concluded, "We believe that our current strategies are working well toward helping us achieve our overall objectives."
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 Light Basil Pesto, Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke and Roasted Garlic. Armanino's Organic line includes classic Basil Pesto. Frozen Pastas, Sauces and Meatballs are also offered by Armanino Foods.
