Armanino Foods of Distinction, Inc. Announces Fourth Quarter and Year End Financial Results.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. (Nasdaq:ARMF ARMF Advanced Reactivity Measurement Facility ) announced today 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 , operating and net income and earnings per share for the fourth quarter and year ended December December: see month. 31, 2004. Net sales for the fourth quarter ended December 31, 2004 were $3,433,016 compared to $3,611,449 for the fourth quarter of 2003, a decrease of 5%. Net sales for the year ended December 31, 2004 were $13,138,264 compared to 2003 sales of $13,493,805, a decrease of 3%. Lower overall sales for the year 2004 was partially attributable to lower first half 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. sales that were impacted by the low carb carb 1 n. Informal A carburetor. diet trend. Net income before taxes for the fourth quarter ended December 31, 2004 was $52,672 compared to $176,717 for the same quarter a year ago. This decrease in income before taxes is partially attributable to non-recurring administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . Net income before taxes for the year ended December 31, 2004 was $385,602 compared to $349,394 in the year ended December 31, 2003, an increase of 10%. The increase in 2004 is partially attributable to gross margin increases, based on a product mix that favored higher margin products. The increase was diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. by the expense incurred for three additional sales people that joined the company during the year. Net income for the fourth quarter ended December 31, 2004 amounted to $78,915 compared to $155,743 for the fourth quarter of 2003. Basic and 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. income per common share for the fourth quarter of 2004 amounted to $0.02 compared to basic income per common share of $0.05 and diluted income per common share of $0.04 for the fourth quarter of 2003. Net income for the year ended December 31, 2004 amounted to $315,295, an increase of 17%. Net income for the year ended December 31, 2003 amounted to $268,846. Basic and diluted income per common share for the year ended December 31, 2004 amounted to $0.09 per share compared to basic and diluted income per common share of $0.08 for the year ended December 31, 2003. 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, "Because we invested in 2004 by doubling our food service sales team, we expect significant food service sales increases in 2005. Additionally, we believe that the low carb diet trend is fading fading fading skin coloring. See Arabian fading syndrome (below). Declining in body condition, general health, activity and productivity. Arabian fading syndrome general health is unimpaired. out, and so we look forward to sizeable sales growth this year in our retail business." Armanino concluded, "The Company is looking to have a strong 2005 with our increased sales force and our strategies to gather new business. We believe that our strong balance sheet, with more than adequate working capital, will fund operations and maintain our dividend policy. We have already invested in capital equipment which can take us to the next level of production capacity without material additional capital investment." Armanino is an international food company that manufactures and markets frozen pestos, filled pasta 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 And Twelve Months Ended December 31, 2004
(Unaudited)
Quarter Ended
12/31/04
-------------------------
12/31/04 12/31/03
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Net Sales 3,433,016 3,611,449
Net Income Before Taxes 52,672 176,717
Net Income 78,915 155,743
Basic Income Per Common Share 0.02 0.05
Weighted Average Common Shares
Outstanding 3,396,956 3,314,619
Diluted Income Per Common Share 0.02 0.04
Weighted Average Common Shares
Outstanding 3,558,835 3,514,286
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(Unaudited)
Twelve Months
Ended
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12/31/04 12/31/03
----------- -----------
Net Sales 13,138,264 13,493,805
Net Income Before Taxes 385,602 349,394
Net Income 315,295 268,846
Basic Income Per Common Share 0.09 0.08
Weighted Average Common Shares
Outstanding 3,386,701 3,272,670
Diluted Income Per Common Share 0.09 0.08
Weighted Average Common Shares
Outstanding 3,555,474 3,421,491
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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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