Armanino Foods Of Distinction, Inc. Reports First Quarter Sales And Profits; Earnings Grow Above Prepandemic Levels
Armanino Foods of Distinction, Inc. (OTCPink:AMNF) reported a year over year 1% increase in earnings with a 4.7% decrease in net sales for the first quarter ending March 31, 2021. In addition, the Company generated growth in income before taxes and net income which exceeded the previous 4 quarters. It is also notable that Armanino continues the streak of being profitable on a year-to-date basis for the 71st quarter in a row. Net sales for the first quarter of 2021 were $9,299,670 compared to $9,760,846 for the same period last year, a decrease of 4.7%. Income before taxes for Q1 2021 was $1,447,074 compared to $1,381,886 for the same quarter in 2020, an increase of 5.0%. Net income for this period was $1,114,247 (or $0.0347 per share), compared to $1,105,508 (or $0.0345 per share) for the same quarter a year ago, an increase of 1.0%. Anderson continued, "We are currently trending significantly higher than prior year April sales and 2021 January sales so we are hopeful that our results will continue to improve. This gives us confidence that we continue to be on track with our plans to position the Company for recovery from the impact of COVID-19." |
