Armanino Foods of Distinction, Inc. Reports Revenue and Net Income Results for 1996 Second Quarter.HAYWARD, Calif.--(BUSINESS WIRE)--Aug. 22, 1996--Armanino Foods of Distinction, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ARMF ARMF Advanced Reactivity Measurement Facility ) today reported second quarter results. 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 quarter ended June 30, 1996, were $3,529,005, as compared to $3,222,320 for the quarter ended June 30, 1995, a 10% increase. Net income after tax 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 for the quarter was $195,410 (2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ), compared to $220,573 (2 cents per share) for the quarter ended June 30, 1995. The increase in revenue is due primarily to continued strength of the pesto product line sales in the food service area. The decrease in the net profit for the quarter ended June 30, 1996, was primarily due to the start-up Start-up The earliest stage of a new business venture. of the operations of AFDI AFDI Air Force DoDIIS Infrastructure , Inc. (dba: Focaccia di Genova) and the acquisition of Alborough, Inc. (dba: Emilia Romagna). The Company incurred costs prior to commencing operations of AFDI, Inc. Some of these costs were expensed during the second quarter contributing to the lower net income number. Net sales for the six months ended June 30, 1996, were $6,914,204 as compared to $6,225,136 for the six months ended June 30, 1995, an 11% increase. The increase in revenue for the six months ended June 30, 1996, was due to the expansion of the Company's customer base in the East Coast. Net income after tax from continuing operations for the six months ended June 30, 1996, was $435,723 (4 cents per share) as compared to $370,501 (4 cents per share) for six months ended June 30, 1995. The increase for the first six months of 1996 versus 1995 was due primarily to a strong first quarter. William 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, stated, "With both of our subsidiaries still in their infancy infancy, stage of human development lasting from birth to approximately two years of age. The hallmarks of infancy are physical growth, motor development, vocal development, and cognitive and social development. , but showing some sales gains, we are confident that our continued growth will be preserved while expanding into new avenues of opportunity. We look forward with much excitement and enthusiasm to the successful opening of our second Focaccia di Genova in Mountain View, Calif., during the fourth quarter." Armanino Foods of Distinction, Inc. is a national specialty food company that markets frozen pesto sauces, 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 and meatballs to the retail, food service, club stores, and industrial food industries. -0-
Armanino Foods of Distinction, Inc.
(NASDAQ: ARMF)
(Unaudited) Consolidated Results
Three Months Ended
6/30/96 6/30/95 Increase
Revenue 3,529,005 3,222,320 10% Net income before income taxes 325,683 367,622 -11% Net income 195,410 220,573 -11% Net Primary Earnings per Share 0.02 0.02 Primary weighted average shares outstanding 12,623,090 10,450,290
Six Months Ended
6/30/96 6/30/95
Revenue 6,914,204 6,225,136 11% Net income before income taxes 726,205 617,502 18% Net income 435,723 370,501 18% Net income per share 0.04 0.04 Weighted average shares outstanding 11,890,097 10,413,210 CONTACT: Creative Options Jim Drewitz, 817/430-3131 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion