Armanino Foods of Distinction, Inc. (OTCPink: AMNF.PK) reported net sales for its first quarter ended March 31, 2012 increased 14% to $6.68 million, compared to net sales of $5.87 million for the first quarter of 2011. The first quarter of the year tends to be the company’s slowest, but this year first quarter sales were the highest in the history of the company.
Net income for the first quarter of 2012 increased 14.9% to $643 thousand or $0.02 per share, versus net income of $560 thousand or $0.016 per share for the same period in the previous year. While the company reported higher income from operations and higher net income compared to the prior year, earnings were negatively impacted by higher raw material costs.
Balance sheet data was not immediately available as of March 31, 2012. As of December 31, 2012, the balance sheet reflected current assets of $7.79 million, total assets of $9.23 million, current liabilities of $3.29 million and total liabilities of $4.01 million.
Armanino Foods of Distinction, Inc. is engaged in the production and marketing of primarily upscale Italian frozen food items. Its products are marketed internationally to the food service, retail and industrial markets. Its products include flavored prestos, frozen pastas, sauces, spreads, focaccia and meatballs.
Source: Armanino Foods of Distinction, Inc.