Earnings are out: Amazing performance exceeding Q 4 2019 Prepandemic revenue and profits!
Armanino Foods of Distinction, Inc., Reports Highest Quarterly and Annual Net Sales Ever
Mar. 10, 2022 8:00 AM ET Armanino Foods of Distinction, Inc. (AMNF)
HAYWARD, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. ( AMNF) reported its highest quarterly and annual net sales ever for the fourth quarter and year ending December 31, 2021, respectively. Fourth quarter earnings continued the Company’s upward trend of quarter over quarter growth since the beginning of the pandemic. The Company continued its streak of being profitable on a year-to-date basis for seventy-four quarters in a row.
Net sales for the fourth quarter of 2021 were $11,924,678 compared to $8,597,794 for the same period last year, an increase of 39%. Income before taxes for Q4 2021 was $2,040,241 compared to $919,734 for the same quarter in 2020, an increase of 122%. Net income for this period was $1,796,842 (or $0.0560 per share), compared to $909,746 (or $0.0284 per share) for the same quarter a year ago, an increase of 98%.
Net sales for the year ending 2021 were $43,824,030 compared to $31,815,652 for the same period in 2020, an increase of 38%. Income before taxes for this period was $7,218,149, compared to the 2020 figure of $2,311,034, an increase of 212%. Annual net income for 2021 was $5,730,793 (or $0.1787 per share), compared to $2,022,458 (or $0.0631 per share) for the same period a year ago, an increase of 183%.
Tim Anderson, President and CEO of Armanino Foods, stated, “We are pleased to report that for second quarter in a row we have achieved record breaking quarterly sales, which also culminated in the highest annual sales ever, beating the previous pre-pandemic records in 2019. Not only did our Q4 2021 net income surpass our prior year, but it also surpassed the pre-pandemic Q4 2019. Labor and supply shortages; inflation; and logistical challenges had a significant impact on our cost of goods. As a result, additional measures have been put in place to further mitigate risks and reduce costs moving forward. If our cost of sales were proportionate to 2019 levels, then our 2021 profits could have been the highest in the Company’s history. We continue to outpace economic trends in our sector in large part due to the development and implementation of our transformative strategy for growth and profitability for the long-term.”
Anderson continued, “The effects of the Omicron variant and inflationary pressure have us guarded for the near term as the global rise in COVID cases over the past few months have disrupted our sales distribution channels. However, we are confident that we will continue to successfully navigate through the current economic challenges and beyond.”
Anderson concluded, “We remain committed to investing in our brand, while optimizing marketing and cost spend to position the Company for sustained growth with a focus on new products, new markets and potential acquisitions.” |
