Armanino Foods of Distinction Inc. Reports Revenue and Net Income Results for 1996 Third Quarter.HAYWARD, Calif.--(BUSINESS WIRE)--Nov. 15, 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 third quarter 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 Sept. 30, 1996 were $3,687,365, as compared to $3,188,155 for the quarter ended Sept. 30, 1995, a 16% 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 $141,557 (1 cent per share), for the quarter ended Sept. 30, 1996, compared to $288,577 (3 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. ), for the quarter ended Sept. 30, 1995. The increase in revenue reflects our continued strong growth in our Italian pesto sauce sales domestically, and some new business in Japan. Our entry into the Japanese market is a result of appointing Higa Industries to represent Armanino brands throughout Japan. William Armanino, president and chief executive officer of Armanino foods, stated: "We are excited about our new relationship with a quality organization -- Higa Industries. We see nothing but good things happening with our business in Japan where Italian food consumption continues to grow." The decrease in net profits for the quarter ended Sept. 30, 1996, is primarily due to the two new subsidiaries contributing a combined loss of $160,115 to the consolidated net income. The parent's net income, not including the operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of the subsidiaries was $301,672 for the quarter ended Sept. 30, 1996. The decrease in profits reflects the start up of AFDI AFDI Air Force DoDIIS Infrastructure Inc. (dba: Focaccia di Genova) and the acquisition of Alborough Inc. (dba: Emilia Romagna). William Armanino stated: "Our retail outlet retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → , Focaccia di Genova, is in its early stages of development and we are encouraged by the concept as we refine product offerings and improve operating efficiencies. We will not expand to other locations until we are satisfied with all aspects of this operation." Emilia Romagna has provided Armanino with seven new pasta specialty items launched in the fourth quarter under the Armanino label. A variety of unique specialty pasta items will continue to flow into the Armanino line contributing to sales and profitability. Net sales for the nine months ended Sept. 30, 1996 were $10,601,569 as compared to $9,413,291 for the nine months ended Sept. 30, 1995, a 13% increase. The increase in revenue for the nine months ended Sept. 30, 1996 was due to overall strong sauce sales and the expansion of the company's customer base along the East Coast. Net income after tax from continuing operations for the nine months ended Sept. 30, 1996 was $577,280 (5 cents per share) as compared to $659,078 (7 cents per share) for the nine months ended Sept. 30, 1995. The decrease is primarily due to the operations of two new subsidiaries. Excluding the net income from operations of the two subsidiaries, the company's net income was $813,797 (7 cents per share). Additionally, the net income per share was 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. for the nine months and quarter ended Sept. 30, 1996 due to additional shares outstanding as a result of warrants exercised during the first quarter of 1996 (approximately 15% of total outstanding shares at September 1996). Bill Armanino indicates: "We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our two new subsidiaries and the growth opportunities associated with them. We see our business of sauces, pastas, and meatballs as being very healthy and look forward to a solid fourth quarter." Armanino Foods of Distinction Inc. is a national specialty food company that markets frozen pesto sauces, filled pasta products and meatballs to the retail, food service, club stores, and industrial food industries. CONTACT: Armanino Foods of Distinction William Armanino, 510/441-9300 |
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