Latest news with #Armanino
Business Wire
05-05-2025
- Business
- Business Wire
Armanino Foods of Distinction, Inc. Reports the Highest First Quarter Profits in Company's History
PLEASANTON, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX: AMNF) reported its highest quarterly profits ever for the first quarter ending March 31, 2025. ARMANINO FOODS OF DISTINCTION, INC. REPORTS THE HIGHEST FIRST QUARTER PROFITS IN COMPANY'S HISTORY 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. Cautionary Statements Regarding Forward-Looking Information: The declaration of cash dividends in the future, pursuant to the Company's dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company's financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future. Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are 'forward- looking statements' as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words 'believe,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'estimate,' 'project,' or words of similar meaning, or future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may.' The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.
Yahoo
01-04-2025
- Business
- Yahoo
Armanino Foods Files for 15-Day Extension for OTCQX 2024 Annual Financial Disclosure
PLEASANTON, Calif., April 01, 2025--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX: AMNF) announced today that it has filed an automatic 15-day extension with OTC Markets for its 2024 Annual Financial Disclosure. The Company recently uplisted to the OTCQX Best Market in 2024, and the additional accounting and disclosure requirements have placed an added burden on the Company's internal accounting staff. Compounding the burden was the departure of the Company's CEO in January, which resulted in the Company's CFO stepping in as Acting CEO. "This year also marks the first audit with a new independent auditing firm. While our previous auditors have continued to assist us through this transition, we are not yet at the finish line in completing the year-end audit," said Douglas Nichols, Chairman of the Board. Nichols continued, "Management and staff are working diligently to complete the audit and file within the 15-day extension period. Of course, the final timeline also depends on the completion of our auditors' procedures, and we expect more clarity on that soon." Despite these temporary delays in the audit process, Armanino's operations remain strong. For Q1 2025, the Company anticipates reporting another quarter of record sales and net income. "We thank our shareholders for their ongoing trust and patience as we work through these reporting requirements. We remain committed to full transparency and to upholding the high standards that have defined Armanino for decades," Mr. Nichols added. Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino's organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs. Cautionary Statements Regarding Forward-Looking Information Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are "forward-looking statements" as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law. The best source of information on the company is the OTC Markets website ( View source version on Contacts For further information, please contact:Edgar EstoninaCFO(510) 441-9300amnf@
Yahoo
28-01-2025
- Business
- Yahoo
Armanino Foods of Distinction, Inc. Announces Departure of CEO, Tim Anderson
PLEASANTON, Calif., January 28, 2025--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX: AMNF) announced today that Timothy W. Anderson has informed the Board of Directors that he will resign as President and Chief Executive Officer and as a director of the company, effective February 17, 2025. Edgar Estonina, who currently serves as the Company's COO and CFO, will assume, on an interim basis, all of the duties formerly performed by Mr. Anderson. Mr. Estonina has been with Armanino for almost 20 years, and has previously served in this transitional role prior to Mr. Anderson's tenure with the Company. Mr. Douglas Nichols, Armanino's Chairman, stated, "Tim has been instrumental in leading Armanino through the pandemic and into a period of rapid and profitable growth. We credit him with many important strategic contributions that have placed the Company in a strong financial position and in an enviable position in the marketplace. I express our appreciation for Tim's work and commitment to the Company. We wish him the best in his future endeavors." Mr. Nichols continued, "We have asked director James Ford to head a search committee of the board so we can identify a leader who can build on the strong foundation that Tim will be leaving us. That search will begin immediately. In the meantime, we are confident in Mr. Estonina's abilities to serve again in a transitional role as we search for Tim's replacement." Tim Anderson, in his farewell message to the board stated, "I am tremendously proud of the team we have built at Armanino and the results we have delivered to shareholders. It was a very difficult decision to leave behind the people and the many opportunities that lie ahead for the Company." Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino's organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs. Cautionary Statements Regarding Forward-Looking Information The declaration of cash dividends in the future, pursuant to the Company's dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company's financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future. Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are "forward-looking statements" as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law. The best source of information on the company is the OTC Markets website ( View source version on Contacts Edgar EstoninaCOO/CFO(510) 441-9300amnf@
