US pasta and pesto manufacturer Armanino Foods of Distinction has booked an increase in third-quarter profits and sales, driven by growth in all areas of the business.
In the three months to the end of September, net profit climbed 16.5% to US$788.1m, while income from continuing operations before taxes grew 16% to $1.28bn.
Net sales in the third quarter amounted to $7.09bn, a 6% increase on the prior year period.
"We again had a record breaking third quarter and nine month period as all aspects of our business continue to grow," said president and CEO Edmond Pera. "We are currently experimenting with new products which are natural extensions of our current product lines to be introduced in 2013. We are cautiously optimistic that these line extensions will open up new markets for us."
Show the press release
ARMANINO FOODS OF DISTINCTION, INC. ANNOUNCES RECORD GROWTH IN SALES, INCOME AND EARNINGS PER SHARE FOR Q3 2012 COMPARED TO Q3 2011
Hayward, CA (October 19, 2012) Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF) today reported record third quarter sales, profits and earnings per share compared to 2011's third quarter. Year to date numbers are also Company records.
Net sales for the third quarter of 2012 were $7,088,861 as compared to $6,697,665 for Q3 2011, an increase of 6%. All areas of the business continued to grow during this period.
Income from continuing operations before taxes for the third quarter of 2012 was $1,284,554 compared to $1,105,803 for the same quarter in 2011, an increase of 16%. Earnings per share in Q3 2012 were $0.025 compared to $0.020 in 2011, an increase of 25%.
Net Sales for the nine months of 2012 were $20,870,360 compared to $ 18,852,780 in 2011, an increase of 11%. Income from continuing operations for the same nine month period in 2011 rose by 17% to $3,635,908 from $3,099,397. Earnings per share for the first nine months of 2012 amounted to $0.069 compared to the $0.056 posted in 2011, an increase of 23%. These numbers are all Company records.
Edmond J. Pera, President and CEO of Armanino Foods stated "We again had a record breaking third quarter and nine month period as all aspects of our business continue to grow".
Pera continued: "We are currently experimenting with new products which are natural extensions of our current product lines to be introduced in 2013. We are cautiously optimistic that these line extensions will open up new markets for us."
Pera concluded, "Our balance sheet remains strong even after paying a regular and special dividend this month. We are gratified by the Company's continued progress."
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 and Light Basil Pesto. Armanino's Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.
Original source: Armanino Foods of Distinction
