Armanino Foods of Distinction, Inc., Announces Its Highest Ever First Quarter Net Sales and Net Income

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported its highest ever first quarter net sales and net income for the period ending March 31, 2018.

Net sales for the first quarter ended March 31, 2018 were $9,434,960 compared to $9,088,013 for the first quarter of 2017, an increase of 4%. Income from operations for the first quarter of 2018 was $1,680,622 compared to $1,735,874 for the comparable quarter a year ago, a decrease of 3%. Net income for the first quarter of 2018 was $1,310,885 compared to $1,111,610, an increase of 18%. Earnings per share for the first quarter of 2018 was $0.0409, compared to $0.0347 for the same quarter a year ago, an increase of 18%. EBITDA this quarter is $1,839,380 compared to $1,818,475 last year, an increase of 1%.

Edmond J. Pera, President and CEO of Armanino Foods said, “We are pleased with our record breaking net sales and net income for the first quarter especially given the severe weather conditions in our east coast territories which caused sales delays in that part of the country in February and March. Additionally, this is our 59^th quarter in a row of profitability. We experienced sales growth in both our US and Asian markets. The company continues to aggressively invest in domestic promotional expenditures in order to grow in the US market. We remain cautiously optimistic about sales in our domestic markets. While first quarter sales in our Asian markets improved significantly over last year, we continue to remain guarded on our outlook in that region of the world.”

Pera continued, “In addition to higher sales, lower tax rates were a significant factor in the growth in our profitability this quarter. As an offset, depreciation and interest expense related to our investment in the recent plant improvement project were expectedly higher during this period. Further, we decided to invest part of our tax savings in a strategic planning initiative to help us develop future growth in sales and profitability. This investment, which we expect to continue through the year, has the accounting affect of higher operating expenses. We are closely monitoring rising costs in our key raw materials and packaging, as well as in transportation and storage and will manage those costs and margins accordingly this year.”