| | | A record H1 of 2024:
Armanino Foods of Distinction, Inc. Reports Highest Quarterly and Q2 YTD Sales and Profits in Company’s HistoryPress Release | 07/22/2024
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly and Q2 YTD sales and profits ever for the second quarter ending June 30, 2024. Armanino continued its profitability streak for the 84th quarter in a row.
Net sales for the second quarter of 2024 were $17,481,452 compared to $15,036,330 for the same period last year, an increase of 16%. Income before taxes for Q2 2024 was $5,113,685 compared to $2,692,706 for the same quarter in 2023, an increase of 90%. Net income for this period was $3,804,581 (or $.1186 per share), compared to $2,008,758 (or $.0626 per share) for the same quarter a year ago, an increase of 89%.
Net sales for the first six months of 2024 were $33,201,768 compared to $31,388,195 for the same period last year, an increase of 6%. Income before taxes in this period for 2024 was $8,230,173, compared to the 2023 amount of $5,268,240, an increase of 56%. Net income for the first six months of 2024 was $6,123,249, or $0.1910 per share, compared to $3,924,955, or $0.1224 per share posted for the same period in 2023, an increase of 56%.
Net working capital for the period ending June 30, 2024 decreased to $22,944,962, from $23,481,237 on December 31, 2023, a decrease of 2%. Total current assets increased by approximately $781K, or 2%, to $36.4M at the end of Q2 2024, compared to the end of Q4 2023 driven by strong operating performance. As an offset, current liabilities increased by approximately $1.3M or by 11%, to $13.5M at the end of Q2 2024 from $12.2M at the end of Q4 2023. The increase in current liabilities was largely driven by timing differences related to the payment of accounts payable and contract liabilities, as well as payroll related liabilities. Further, dividends payable increased as a result of the Board’s decision in Q2’24 to raise the regular dividend by 10%.
Tim Anderson, President and CEO, stated, “We continue to benefit from our margin improvement efforts as demonstrated in the achievement of the highest quarterly and first half profits in the Company’s history. Sales have also rebounded to record Q2 and first half results. Our margin improvements are results of our continued efforts in lowering our cost structure across multiple areas of our business. These improvements are driven by lower commodity costs and improved manufacturing and process efficiencies, including those associated with our ongoing capital improvement projects. Although we very pleased with our performance, we continue to be somewhat cautious about the near term as there is some indication of industry slowdown.”
Anderson continued, “We remain confident in our efforts to outperform the industry by further diversifying our sales portfolio through organic and inorganic growth opportunities, including innovative business opportunities while mitigating core business risk. In addition, we will continue to seek further operational efficiencies in pursuit of optimal cost structure and lower input costs to offset potential lower demand and suppliers competing on pricing.”
Anderson concluded, “We are proud of our financial position and remain committed to making appropriate investments in our efforts to grow sales profitably with a focus on new products, new markets, operational efficiencies, and potential acquisitions.”
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