Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly profits ever for the first quarter ending March 31, 2024. Armanino continued its profitability streak for the 83rd quarter in a row.

Net sales for the first quarter of 2024 were $15,720,317 compared to $16,351,866 for the same period last year, a decrease of 4%. Income before taxes for Q1 2024 was $3,116,504 compared to $2,561,406 for the same quarter in 2023, an increase of 22%. Net income for this period was $2,318,683 (or $.0723 per share), compared to $1,902,069 (or $.0598 per share) for the same quarter a year ago, an increase of 22%.

Working capital at March 31, 2024 decreased to 21,016,577, from $23,481,237 on December 31, 2023, a decrease of 11%. Total current assets increased by approximately $1.2M, or 3%, from $35.6M at the end of Q4 2023 to $36.9M at the end of Q1 this year due to the continued strength of profits as well as the impact of record-breaking profits in Q4 2023. This was offset by a $3.7M, or 30% increase in current liabilities from $12.2M at the end of Q4 2023 to $15.8M at the end of Q1 2024. The increase in current liabilities was largely driven by the Board’s decision to raise the regular dividend by 10%, and for the 11th time in its history to declare a special dividend, this time paying $.10/share due to the strength of its cash position and zero debt.