Armanino Foods of Distinction, Inc. Reports Revenue and Net Income Results for 1996 First Quarter.HAYWARD, Calif.--(BUSINESS WIRE)--May 2, 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 first quarter growth in revenue and net income. 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 March 31, 1996 were $3,385,199, as compared to $3,002,816 for the quarter ended March 31, 1995, a 13% 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 $240,313 (two 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 $149,928 (one cent per share) for the quarter ended March 31, 1995, an increase of 60%. The increase in revenue and profit over the same period year prior can be attributed to strong performance in sales and marketing, and increased efficiencies in production. 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, "Our continued success in generating positive revenue and net income results is very 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. to the employees of Armanino Foods. We are achieving our goal of expanding our core business, which when coupled with our recently announced success in attracting additional capital, means that Armanino Foods is in a strong position to generate future growth." Armanino Foods of Distinction, Inc. is a national specialty food company that markets frozen pesto sauces, filled pasta products and meatballs to the retail, foodservice, club stores, and industrial food industries. -0-
ARMANINO FOODS OF DISTINCTION, INC.
(NASDAQ: ARMF)
(UNAUDITED) CONSOLIDATED RESULTS
Three Months Ended
3/31/96 3/31/95 INCREASE
Revenue 3,385,199 3,002,816 13%
Net income before income taxes 400,522 249,880 60%
Net income 240,313 149,928 60%
Net Primary Earnings per Share 0.02 0.01
Primary weighted average shares
outstanding 11,147,689 10,352,038
CONTACT: Armanino Foods of Distinction, Inc. William Armanino, 510/441-9300 |
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