Armanino Foods of Distinction, Inc. Announces First Quarter Financial Results.HAYWARD, Calif. -- Armanino Foods of Distinction, Inc. (Nasdaq:ARMF ARMF Advanced Reactivity Measurement Facility ) announced today financial results for the first quarter ended March 31, 2005. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter ended March 31, 2005 were $3,129,268 compared to $3,055,659 for the first quarter of 2004, an increase of 2%. Income from operations before income taxes for the first quarter ended March 31, 2005 resulted in income of $34,863 compared to income of $24,176 a year ago. Net income for the first quarter ended March 31, 2005 amounted to $24,753 compared to $17,165 for the same period in 2004. The Company reported basic earnings per share of $0.01 for the quarter ended March 31, 2005 compared to $0.01 for the like 2004 quarter. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.01 for the first quarter of 2005 and $0.00 for the like 2004 quarter. William J. Armanino, 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. of Armanino Foods said, "The first quarter is usually the slowest of the year in terms of sales Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. and profitability, but our prospects and indications for future business remain strong. We are especially pleased with our sauce sales which are up from the same quarter a year ago." Armanino concluded, "We expect that our expanded sales force and promotional efforts will build momentum for us as the year progresses." Armanino is an international food company that manufactures and markets frozen pestos, 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 meat, 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 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. spreads and focaccia to the retail, food service, club stores, institutional, and industrial food industry segments.
Armanino Foods of Distinction, Inc.
RESULTS FOR THE QUARTER ENDED MARCH 31, 2005
(Unaudited)
Quarter Ended March 31, 2005
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2005 2004
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Net Sales $3,129,268 $3,055,659
Income Before Taxes $34,863 $24,176
Net Income $24,753 $17,165
Basic Income Per Common Share $0.01 $0.01
Weighted Average Common Shares Outstanding 3,433,308 3,350,603
Diluted Income Per Common Share $0.01 $0.00
Weighted Average Common Shares Outstanding 3,630,407 3,585,360
This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 SEC reports. The Company assumes no obligation to update the information included in this press release. |
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