Hi WEagle and all TW followers,
It appears that my favorite Ted Warren type stock (AMNF) is enjoying a break out.AMNF has zero debt and pays a 13 cent annual dividend. Armanino has over a 100 year history of growing its own products and preparing a high end Italian food services. The majority of it business is sold to restaurants, but they are making a concerted effort to expand their products footprint to slowly cover the USA.
Several years ago the management had a change after a long time executive and CEO retired. They then hired a young marketing executive who had taken a California butter brand from a local footprint to a national foot print, Mr Tim Anderson.
Mr Anderson took on an equipment modernization task and reduced the debt completely. Over the last two years R&D has resulted in both frozen products and fresh products in individual size servings. They have been embraced by the public and AMNF has enjoyed record revenue and profits for the better part of the last two years.
Listed below I have linked the most recent earnings release and a power point presentation of the company and their diverse offerings.
These products are high end and top pricing is applied. They are developing a following of people who really make rave reviews about their products, and have for years now.
The stock is offered in the OTC pink sheets. They used to be on the Nazdaq, but decided the regulatory effort and expense was not for them. To buy just one, or a thousand there is a minimum commission starting at $6.95 . In the past I have bought 20 shares wanting 1000 and still got charged the 6.95 - erg -a bad plan for me. One of the nicest features of owning AMNF is they do not give management options. The number of shares outstanding has not changed in years. Full disclosure I have owner AMNF for years (2016) and now have a position of 85,150 shares at a cost of $3.01. On breakouts I have added to AMNF for 7 years( like Ted said "you can do with confidence". I pyramid up on new highs. It does slowly cause the average to go up.
I am of the opinion that AMNF will be a $10.00 to $15.00 stock in the not too distant future. Tim Anderson seems to be gaining traction in his goal of expanding the grocery stores that handle their quite diversified food offerings.
Armanino Foods of Distinction, Inc. Reports Record Breaking Sales and the Highest Quarterly and Year to Date Profits Ever for the Third Quarter and Nine Months Ended September 30, 2023Press Release | 10/16/2023
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record breaking sales and the highest quarterly and year to date profits ever for the three and nine-month periods ending September 30, 2023.
Net sales for the third quarter of 2023 were $16,080,356 compared to $15,400,353 for the same period last year, an increase of 4%. Income before taxes for Q3 2023 was $3,050,211 compared to $2,055,215 for the same quarter in 2022, an increase of 48%. Net income for this period was $2,263,972 (or $0.0706 per share), compared to $1,553,742 (or $0.0485 per share) for the same quarter a year ago, an increase of 46%.
Net sales for the first nine months of 2023 were $47,468,553 compared to $44,155,647 for the same period last year, an increase of 7.5%. Income before taxes for this period was $8,318,451, compared to the 2022 amount of $6,822,703, an increase of 22%. Net income for the first nine months of 2023 was $6,188,927 (or $0.1930 per share), compared to $5,157,964 (or $0.1609 per share) posted for the same period in 2022, an increase of 20%.
Tim Anderson, President, and CEO of Armanino Foods commented, “We are proud to report a record-breaking quarter and year-to-date sales through Q3. Our quarterly results reflect the highest Q3 sales with record quarterly profits, while year-to-date sales and profits are also at correspondingly record levels. Our continued margin improvement is driven by our ongoing cost reduction efforts that effectively support our growth while simultaneously mitigating ongoing inflationary headwinds. We also continue to successfully execute our innovative sales and marketing strategies that support the growth of our base business through new channels, segments, and markets.”
Anderson concluded, “With our working capital at an all-time high, we are well-positioned to continue to invest in diversified channels to capitalize on growth trends and pursue strategic acquisition and partnership opportunities.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces 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, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Armanino Foods of Distinction, Inc.
Results for Quarter Ended September 30, 2023 (Unaudited)
|
|
| 2023
|
| 2022
| Net Sales
| $
| 16,080,356
| $
| 15,400,353
| Income/ Before Taxes
| $
| 3,050,211
| $
| 2,055,215
| Net Income/
| $
| 2,263,972
| $
| 1,553,742
| Basic/Diluted Income/ Per Common Share
| $
| 0.0706
| $
| 0.0485
| Weighted Average Common Shares Outstanding
|
| 32,065,645
|
| 32,065,645
|
|
|
| Armanino Foods of Distinction, Inc.
Results for nine Months Ending September 30, 2023 (Unaudited)
|
|
| 2023
|
| 2022
| Net Sales
| $
| 47,468,553
| $
| 44,155,647
| Income Before Taxes
| $
| 8,318,451
| $
| 6,822,703
| Net Income
| $
| 6,188,927
| $
| 5,157,964
| Basic/Diluted Income/ Per Common Share
| $
| 0.1930
| $
| 0.1609
| Weighted Average Common Shares Outstanding
|
| 32,065,645
|
| 32,065,645
|
|
|
| Armanino Foods of Distinction, Inc.
Working Capital as of September 30, 2023 and December 31, 2022 (Unaudited)
|
|
| 2023
|
| 2022
| Current Assets
| $
| 33,671,246
| $
| 30,679,550
| Less Current Liabilities
| $
| 11,042,956
| $
| 10,861,575
| Working Capital
| $
| 22,628,290
| $
| 19,817,975
|
This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements regarding the Company’s goals and growth prospects. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures on existing products, and the timing and market acceptance of new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current pricing, and the risk factors listed from time-to-time in the Company’s annual and quarterly reports. The Company assumes no obligation to update the information included in this press release.
They also have a very informative power point presentation:
armaninofoods.com
stockcharts.com
Of course I'm talking my book, so do your own diligence! Balance sheets matter!
Bob |
