Armanino Foods of Distinction, Inc. Announces Fourth Quarter and Year End Financial Results.Business Editors 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.--(BUSINESS WIRE)--Feb. 14, 2003 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 31, 2002. Net sales for the fourth quarter ended December 31, 2002 were $4,020,592 compared to $4,294,737 for the fourth quarter of 2001, a decrease of 6%. Fourth quarter 2001 sales were exceptionally high due to a number of new retail accounts which purchased beginning inventories. Net sales for the year ended December 31, 2002 were $15,469,935 compared to 2001 sales of $14,948,935, an increase of 3%. The increase was mostly attributable to higher retail sales. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the before income taxes for the fourth quarter ended December 31, 2002 was $158,517 compared to $355,772 for the same quarter a year ago. Income from continuing operations before income taxes for the year ended December 31, 2002 was $470,285 compared to $1,262,238 for the year ending in 2001. The decrease in operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. is primarily attributable to heavy retail amortized slotting costs and heavy promotional expenses Noun 1. promotional expense - the cost of promoting a product business expense, trade expense - ordinary and necessary expenses incurred in a taxpayer's business or trade designed to create product and brand awareness, at both the retail and foodservice levels. 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, "We invested heavily in our retail programs this year which we anticipate will pay-off in future quarters. Our same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of should increase over time as additional consumers come back to the brand after first purchasing our products during demos and promotions. Our quality remains consistently above other brands, which allows us to command higher shelf prices." Net income before discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the fourth quarter ended December 31, 2002 was $215,755 compared to $190,746 for the same quarter a year ago. Net income before discontinued operations for the fourth quarter of 2002 was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by a tax credit of approximately $100,000 for product sales to foreign countries in 2001 and 2002. Net income before discontinued operations for the twelve months ended December 31, 2002 was $405,463 compared to $698,271 for the twelve months ended December 31, 2001. Armanino continued, "As we announced during the third quarter, we wrote-off of our dormant Latent; inactive; silent. That which is dormant is not used, asserted, or enforced. A dormant partner is a member of a partnership who has a financial interest yet is silent, in that he or she takes no control over the business. entree line to allow us to focus our efforts and resources on our core products. As a result, our net loss from discontinued operations amounted to $796,692 at December 31, 2002." Net income for the fourth quarter ended December 31, 2002 was $287,792 compared to $175,322 for the fourth quarter ended December 31, 2001. The income for the fourth quarter of 2002 included a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. tax provision adjustment of $72,037 in relation to the discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: entree line. Net loss for the year ended December 31, 2002 amounted to $391,229 compared to net income of $634,613 for the year ended December 31, 2001. 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 from continuing operations for the fourth quarter and year ended 2002 were $0.07 and $.12 respectively compared to $0.06 and $.22 respectively for the comparable periods in 2001. Armanino continued, "We are very excited about our three new pesto sauces which are receiving good acceptance from our food service customer base. Also, our new 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. Zing(R) product line is almost ready to launch into the retail, health food and foodservice markets. All of our consumer taste-tests have given the product high marks for uniqueness, flavor and variety. The Garlic Zing(R) line has new packaging and increased flavors, which we believe will make the product very successful. Our rollout of our new packaging and flavors will commence over the next month." Armanino concluded, "We have been working to significantly increase our sales in 2003 due to all the new programs we have put in place. We also believe our strong balance sheet with no long term debt and with more than adequate working capital will fund operations, maintain our dividend and allow us to make necessary capital expenditures, if needed." 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 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, 2002
(Unaudited)
Quarter Ended
12/31/02
2002 2001
----------- -----------
Net Sales 4,020,592 4,294,737
Income From Cont. Oper. Before Taxes 158,517 355,772
Net Income Before Discontinued Operations 215,755 190,746
Income/(Loss) From Discontinued Operations
(Net of Taxes) 72,037 (15,424)
Net Income 287,792 175,322
Basic Income Per Common Share
Net Income From Continuing Operations 0.07 0.060
Net Income 0.09 0.055
Weighted Average Common Shares Outstanding 3,250,108 3,166,208
Diluted Income Per Common Share
Net Income From Continuing Operations 0.07 0.060
Net Income 0.09 0.055
Weighted Average Common Shares Outstanding 3,281,817 3,205,473
(Unaudited)
Twelve Months Ended
12/31/02
2002 2001
----------- -----------
Net Sales 15,469,935 14,948,935
Net Income From Cont. Oper. Before Taxes 470,285 1,262,238
Net Income Before Discontinued Operations 405,463 698,271
Loss From Discontinued Operations (Net of
Taxes) (796,692) (63,658)
Net Income/(Loss) (391,229) 634,613
Basic Income Per Common Share
Net Income From Continuing Operations 0.13 0.22
Net Income/(Loss) (0.12) 0.20
Weighted Average Common Shares Outstanding 3,233,698 3,151,471
Diluted Income Per Common Share
Net Income From Continuing Operations 0.12 0.22
Net Income/(Loss) (0.11) 0.20
Weighted Average Common Shares Outstanding 3,404,528 3,181,616
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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