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Armanino Foods of Distinction, Inc. Reports the Highest First Quarter Profits in Company’s HistoryPLEASANTON, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTCQX: AMNF) reported its highest quarterly profits ever for the first quarter ending March 31, 2025.
Net sales for the first quarter of 2025 were $16,978,865 compared to $15,720,317 for the same period last year, an increase of 8%. Income before taxes for Q1 2025 was $5,290,611 compared to $3,115,981 for the same quarter in 2024, an increase of 70%. Net income for Q1 2025 was $3,936,215 (or $0.1243 per share), compared to $2,318,160 (or $.0723 per share) for the same quarter a year ago, an increase of 70% (or 72% on a per share basis enhanced by the buyback of 385,177 shares of common stock repurchased in Q1 2025).
Working capital as of March 31, 2025 was $25,510,009, down from $26,138,978 on December 31, 2024, a decrease of 2%. This decrease was due to returning more cash to shareholders via higher dividends and stock repurchases under the Company’s stock buyback program.
Edgar Estonina, CFO as well as acting President and CEO, stated, “We continue to shatter our year over year performance thanks to our margin improvement efforts. Specifically, we have maintained discipline in executing our sales strategies including the acquisition of new customers and the expansion of sales of our core products into new markets. We also benefited from year over year improvements in our operational efficiencies, and better procurement of raw materials. Operating margins this quarter were aided by a significant non-cash reduction in phantom stock compensation expense, reversing the elevated levels recorded over the past year. The after-tax benefit was a material contributor to the improvement in SG&A as a percentage of sales.”
Douglas Nichols, Chairman of the Board, added, “On behalf of the Board, I extend our sincere appreciation to all Armanino employees—and in particular to our acting CEO Edgar Estonina, along with our accounting, sales, and production teams—for their outstanding performance this quarter. Despite navigating a period of significant transition—including the appointment of a new CEO, engagement of a PCAOB-registered independent auditor—all while operating in a volatile business climate, our team remained focused and once again delivered record-breaking results. Their dedication and resilience reflect the strength of Armanino’s culture and operational excellence.”
Estonina concluded, “We remain somewhat cautious in the near term as we believe there is some indication of a slowdown, particularly in the restaurant industry. Furthermore, we are closely monitoring global trends regarding US and international tariffs to assess the impact so that we can plan and act accordingly. To help mitigate these potential risks, we will seek further operational efficiencies in pursuit of improving our low-cost structure and continue to pursue competitive pricing on our supplies and raw materials. Management remains confident in the Company’s financial position. We remain committed to making appropriate investments to grow sales with a focus on new products, new markets, operational efficiencies, and potential acquisitions.”
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, meatballs, and prepared meals.
| | | | | Armanino Foods of Distinction, Inc.
| | Results for Quarter Ended March 31 -- Unaudited
| | | | | | 2025
| | 2024
| | | | | | NET SALES | $
| 16,978,865
| | $
| 15,720,317
| | COST OF GOODS SOLD | $
| 9,398,839
| | $
| 9,689,977
| | GROSS PROFIT | $
| 7,580,026
| | $
| 6,030,340
| | OPERATING EXPENSES: | | | | | General, Administrative, and selling | $
| 1,015,522
| | $
| 1,433,945
| | Salaries & Wages | $
| 1,313,159
| | $
| 1,534,676
| | Commissions | $
| 242,571
| | $
| 229,165
| | Total Operating Expenses | $
| 2,571,251
| | $
| 3,197,785
| | INCOME FROM OPERATIONS | $
| 5,008,775
| | $
| 2,832,555
| | OTHER INCOME (EXPENSE) | $
| 281,836
| | $
| 283,426
| | INCOME BEFORE INCOME TAXES | $
| 5,290,611
| | $
| 3,115,981
| | INCOME TAX EXPENSE, NET | $
| 1,354,396
| | $
| 797,821
| | NET INCOME | $
| 3,936,215
| | $
| 2,318,160
| | | | | | Basic/Diluted Income Per Common Share | $
| 0.1243
| | $
| 0.0723
| | Weighted Average Common Shares Outstanding | $
| 31,676,076
| | $
| 32,065,365
| | | | | | | | | | Armanino Foods of Distinction, Inc.
| | Net Working Capital -- Unaudited
| | | | | | March 31, 2025
| | December 31, 2024
| | CURRENT ASSETS: | | | | | Cash & Cash Equivalent | $
| 23,838,756
| | $
| 28,164,306
| | Accounts Receivable, Net | $
| 11,021,722
| | $
| 8,578,692
| | Prepaid Expenses | $
| 733,140
| | $
| 920,859
| | Inventories, net | $
| 5,529,754
| | $
| 4,366,676
| | Total Current Assets | $
| 41,123,372
| | $
| 42,030,532
| | | | | | CURRENT LIABILITIES: | | | | | Accounts Payable | $
| 3,863,638
| | $
| 2,010,650
| | Contract Liabilities | $
| 4,397,939
| | $
| 4,404,813
| | Accrued Payroll and Payroll Taxes | $
| 789,131
| | $
| 1,828,422
| | Phantom Stock Liability | $
| 1,959,305
| | $
| 3,664,971
| | Operating Lease Liability ST | $
| 682,491
| | $
| 682,491
| | Dividends Payable | $
| 1,259,873
| | $
| 1,158,101
| | Income Taxes Payable | $
| 2,660,987
| | $
| 2,142,106
| | Total Current Liabilities | $
| 15,613,364
| | $
| 15,891,554
| | | | | | Net Working Capital | $
| 25,510,009
| | $
| 26,138,978
| | | | |
| | Armanino Foods of Distinction, Inc.
| | | | Summary of Common Stock Repurchased -- Unaudited
| | | | | | | | | | | Shares of Common
Stock Repurchased
| | Total Repurchase
| | Weighted Avg
Price/Share
| | | | | | | | | Q1-2025 Common Stock Repurchased | | 385,177
| | $
| 2,948,928
| | $
| 7.66
| | Q2-2025 Common Stock Repurchased (to date through 4/30/25) | | 59,689
| | $
| 459,950
| | $
| 7.71
|
|
