Armanino Foods of Distinction: Second Quarter Does Not Measure Up to Record Setting 2010

July 21, 2011

Armanino Foods of Distinction, Inc. (AMNF.PK) reported its second quarter earnings for 2011. While net sales inched past the record results posted in 2010 by 3%, both income from operations and net income saw slight declines of 4%. According to the company, the increase in net sales was driven by strong sales at the tale end of the quarter.

All numbers including net income set records for the six month period ended June 30, 2011. Net sales increased 9% to $12.16 million while income from operations and net income both increased 12% to $1.99 million and $1.23 million respectively. Earning per share also hit a first half record increasing 16% to $0.036 per share. This increase was in part aided by the continuing stock buy-back program the company instituted in late 2010.

Edmond J. Pera, the Company’s President and CEO said “We would have liked to have another record for quarterly profitability, but we were up against Q2 2010 profits which were the highest in the Company’s twenty five year history. We are very pleased that we came within 4% of last year’s record second quarter.”

Pera continued, “We are also pleased to be ready to introduce a new product into the health care market. Market testing for this product has made us very excited about its prospects. We expect a positive acceptance from a myriad of distributors.”

Pera concluded, “We continue to stay optimistic about our future.”
Source: Armanino Foods of Distinction, Inc.

Armanino Foods of Distinction, Inc.
Results for Quarter Ended June 30, 2011 (Unaudited)

2011

2010

Net Sales $6,290,645 $6,132,629
Income From Cont. Operations Before Taxes $1,088,307 $1,132,586
Net Income $668,013 $695,377
Basic Income Per Common Share $ 0.020 $0.020
Weighted Average Common Shares Outstanding 33,715,144 34,928,329
Diluted Income/(Loss) Per Common Share $ 0.020 $0.020
Diluted Weighted Average Common Shares Outstanding 33,762,343 34,990,549

Armanino Foods of Distinction, Inc.
Results for Six Months Ending June 30, 2011 (Unaudited)

2011

2010

Net Sales $12,155,115 $11,129,495
Income From Cont. Operations Before Taxes $1,993,594 $1,779,224
Net Income $1,227,738 $1,094,326
Basic Income Per Common Share $0.036 $0.031
Weighted Average Common Shares Outstanding 34,278,751 34,928,329
Diluted Income/(Loss) Per Common Share $0.036 $0.031
Diluted Weighted Average Common Shares Outstanding 34,335,009 35,079,464

Source: Armanino Foods of Distinction, Inc.

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