Armanino Foods of Distinction, Inc., Reports Net Sales and Earnings for the Second Quarter - Seite 2

Anderson continued, “We continue to manage our overall working capital by closely monitoring our inventory levels, the collection of our accounts receivables, and closely managing our cash spending. Our accounts receivables are largely current and have been replenished with sales that we have generated this quarter. As we previously communicated, we fully paid off our equipment loan in this quarter with the $320,000 savings generated by reducing our second quarter dividend declaration.”

Anderson concluded, “We remain guarded on our future outlook as the dynamic nature of the pandemic limits our ability to estimate the full financial impact beyond Q2 with reasonable accuracy. However, we are hopeful that the worst is behind us. We continue to conduct stress test analysis under extreme business scenarios in order to measure our business capabilities and plan accordingly during the pandemic.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, Alfredo sauce and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Creamy Garlic, Harissa, Romesco, Chimichurri, and Light Basil Pesto. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.

Armanino Foods of Distinction, Inc. Results for Quarter Ended June 30, 2020 (Unaudited)
			2020			2019
Net Sales			$5,135,598			$11,518,343
Income/<Loss> Before Taxes			<$894,853>			$2,770,233