Armanino Foods Reports Record Sales and Earnings for 4th Quarter, 2005; Net Income and EPS Doubled.HAYWARD Hayward, city (1990 pop. 111,498), Alameda co., W Calif.; settled 1851, inc. 1876. It is an important commercial and distribution center for farm products. Manufactures include wire, plastics, metal and paper products, textiles, machinery, and motor vehicles. , Calif. -- Armanino Foods of Distinction, Inc. (Pink Sheets:AMNF AMNF Address Mark Not Found (hard drive error) ) today reported record sales, earnings and earnings per share for the fourth quarter of 2005 and the year ended Dec. 31, 2005. The year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results, the company said, benefited from a very strong fourth quarter of 2005, in which sales rose 20% from $3,433,016 in the same period the year before to $4,145,308 in the last quarter of 2005. As a result, net income for the fourth quarter rose 208%, from $78,915 in 2004 to $243,778 in 2005, and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for the quarter, from zero in 2004 to a penny for the last quarter of 2005. Net income for the full year more than doubled, from $315,295 the prior year to $647,973 in 2005. As a consequence, earnings per share likewise rose by 102% from 2 cents fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. in 2004 to 4 cents for 2005. The bottom line gains came on a year-over-year net sale increase of 12.5%, from $13,138,164 in 2004 to $14,780,564 in 2005. "We were able to report a significant profit gain outpacing the increase in our overall sales because of the strategy we undertook last year to double our food service sales," said William J. Armanino, the company's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This is the highest sales and profit results in the company's history and I am optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for a similar performance in 2006." "Our year-over-year earnings increase would have been even more dramatic," Mr. Armanino continued, "except that in 2004, we benefited from an export tax credit that did not carry over into 2005." He said the international sales now represent about 10% of the company's market -- the company has built a significant international market for its products -- and it has plans to continue to expand internationally in 2006 by entering other overseas markets. "Even before these gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. sales and earnings gains," Mr. Armanino said, "we enjoyed excellent financial health. We have no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and a comfortable cash reserve, even when paying our shareholders last year dividends amounting to 8 cents a share." During 2005, Armanino shares were split 5-to-1. All per share numbers including dividends have been adjusted to reflect this and provide an accurate basis for comparison. Armanino is an international food company that manufactures and markets frozen basil basil (băz`əl), any plant of the genus Ocimum, tender herbs or small shrubs of the family Labiatae (mint family), mostly of Old World warm regions and cultivated for the aromatic leaves. pesto sauce and numerous other sauces such as Cilantro, Dried Tomato Garlic garlic: see onion. garlic Bulbous perennial plant (Allium sativum) of the lily family, native to central Asia and growing wild in Italy and southern France. The bulbs are used as a flavouring. , Roasted roast v. roast·ed, roast·ing, roasts v.tr. 1. To cook with dry heat, as in an oven or near hot coals. 2. To dry, brown, or parch by exposing to heat. 3. Red Bell Pepper, Southwest Chipotle chi·pot·le n. A ripe jalapeño pepper that has been dried and smoked for use in cooking. [American Spanish, from Nahuatl xipotli.] Noun 1. , Artichoke artichoke, name for two different plants of the family Asteraceae (aster family), both having edible parts. The French, or globe, artichoke (Cynara scolymus , Mushroom mushroom, type of basidium fungus characterized by spore-bearing gills on the underside of the umbrella- or cone-shaped cap. The name toadstool is popularly reserved for inedible or poisonous mushrooms, but this classification has no scientific basis. , Alfredo and organic sauces which are in the development stage, filled pasta While the only basic difference between these names is the shape of the pasta, each pasta is typically matched with a particular sauce based on cooking time, consistency, ability to hold sauce, ease of eating, etc. products, meatballs, cooked poultry poultry, domesticated fowl kept primarily for meat and eggs; including birds of the order Galliformes, e.g., the chicken, turkey, guinea fowl, pheasant, quail, and peacock; and natatorial (swimming) birds, e.g., the duck and goose. products, garlic spreads and Focaccia to the food service, industrial, institutional industry. For 2006, it has an aggressive strategy to include retail sales.
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Armanino Foods of Distinction, Inc.
Results For Quarter and Twelve Months Ended December 31, 2005
(Unaudited)
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2005 2004
------------------------------------------ ------------ --------------
------------------------------------------ ------------ --------------
Net Sales $4,145,308 $3,433,016
------------------------------------------ ------------ --------------
Income From Cont. Operations Before Taxes $411,778 $52,672
------------------------------------------ ------------ --------------
Net Income $243,798 $78,915
------------------------------------------ ------------ --------------
Basic Income Per Common Share $0.01 $0.00
------------------------------------------ ------------ --------------
Weighted Average Common Shares Outstanding 17,382,328 16,984,780
------------------------------------------ ------------ --------------
Diluted Income Per Common Share $0.01 $0.00
------------------------------------------ ------------ --------------
Diluted Weighted Average Common Shares 18,062,324 17,794,175
Outstanding Note: Shares
shown at post
5:1 split of
Dec. 2005
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Results for Twelve Months Ended 12/31/05 (Unaudited)
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2005 2004
------------------------------------------ ------------ --------------
------------------------------------------ ------------ --------------
Net Sales $14,780,548 $13,138,264
------------------------------------------ ------------ --------------
Income From Cont. Operations Before Taxes $1,073,653 $385,602
------------------------------------------ ------------ --------------
Net Income $647,973 $315,295
------------------------------------------ ------------ --------------
Basic Income Per Common Share $0.04 $0.02
------------------------------------------ ------------ --------------
Weighted Average Shares Outstanding 17,382,328 16,933,505
------------------------------------------ ------------ --------------
Diluted Income Per Common Share $0.04 $0.02
------------------------------------------ ------------ --------------
Diluted Weighted Average Common Shares 18,062,324 17,777,370
Outstanding Note: Shares
shown at post
5:1 split of
December 2005
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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.
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