Latest news with #DeannaJurgens
Business Wire
5 days ago
- Business
- Business Wire
Armanino Foods Reports Second Quarter 2025 Results
PLEASANTON, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTCQX: AMNF), a leading international manufacturer of frozen pesto, globally inspired sauces, and filled pasta, today announced its financial results for the second quarter ended June 30, 2025. Financial Summary: Financial and Business Highlights Record Net Sales: Achieved an all-time high, driven by strong performance in both foodservice and international channels. Growth was fueled by continued distribution gains and new customer acquisitions. Robust Gross Profit: Delivered double-digit growth, supported by solid results across our core pesto and global sauce portfolios. Margin improvements were driven by strategic sourcing, increased volumes, and favorable raw material pricing. Stable Operating Expenses: Held steady at 13.9% of net sales, consistent with the prior year, despite ongoing investments in organizational growth. Record Net Income: Reached a new high of $4.8 million, or $0.15 per share, up from $3.8 million, or $0.11 per share, in Q2 2024 — a 30% increase in earnings per share. Disciplined Capital Management: Working capital totaled $25.7 million on June 30, 2025, slightly down from $26.1 million at year end, reflecting increased shareholder returns through dividends and share repurchases under the Company's buyback program. Healthy Liquidity: Cash and cash equivalents stood at $23 million as of June 30, 2025, compared to $28 million at year-end. The $5.1 million decline was primarily due to dividend payments and share repurchases. Current cash levels remain more than sufficient to fund operations over the next 12 months. Inventory Build: Inventory rose to $7.6 million, a deliberate move to increase safety stock in anticipation of strong second-half demand. Strategic Investment: The Company is finalizing plans to invest an additional $1.5 million in 2025 to expand manufacturing capacity in support of continued demand. Brand Expansion: With a diverse portfolio of innovative pesto flavors, we are accelerating Armanino brand expansion in the U.S. to drive market share gains, while also preparing for continued international growth, pending stabilization of global tariffs. CEO Commentary Deanna Jurgens, President and Chief Executive Officer of Armanino Foods, stated: 'We are proud to report another quarter of record-breaking sales and profits — a milestone that reflects both the strength of our operating model and our disciplined execution. Our sustained top-line growth was driven by continued momentum in our foodservice and international businesses, supported by distribution expansion and new customer acquisition. We also delivered meaningful margin improvement this quarter. Strategic cost management, favorable raw material sourcing, and scale efficiencies in our core pesto and global sauce lines contributed to strong gross profit growth. At the same time, we held operating expenses flat as a percentage of sales, even as we continued to invest in building long-term capabilities. We remain focused on disciplined capital allocation. During the quarter, we returned capital to shareholders through dividends and share repurchases, while preserving a healthy cash position and funding strategic investments. Looking ahead, we are finalizing plans to invest further in expanding our manufacturing capacity to support future growth. While we remain focused on potential macroeconomic headwinds — including early signs of softness in parts of the restaurant sector and evolving international trade dynamics — we view these as short-term challenges that we are well-prepared to manage. Our long-term strategy is clear: continue growing a high-margin, capital-efficient business anchored in strong customer relationships, operational excellence, and category leadership. With a resilient model and a strong track record of execution, we are confident in our ability to deliver sustained performance and meaningful value for our shareholders over the long term.' 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, and meatballs. Armanino Foods of Distinction, Inc. Working Capital (Unaudited) As of December 31, 2025 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 23,007,732 $ 28,164,307 Accounts receivable, net 10,315,372 8,578,692 Inventories, net 7,620,687 4,366,676 Prepaid expenses 848,563 920,859 Total Current Assets 41,792,354 42,030,534 NON-CURRENT ASSETS: Property and equipment, net 8,379,967 7,922,595 Deposits 20,000 20,000 Deferred tax assets 1,063,936 1,063,936 Operating lease right of use asset 1,013,169 1,364,468 Goodwill 375,438 375,438 Trademarks 75,576 75,576 Total Non-Current Assets 10,928,086 10,822,013 Total Assets $ 52,720,440 $ 52,852,547 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 6,694,741 $ 2,010,649 Contract liabilities 4,064,142 4,404,813 Accrued payroll and payroll taxes 1,158,143 1,828,422 Phantom stock liability 2,073,455 3,664,971 Operating lease liability - current portion 678,962 649,738 Dividends payable 1,252,283 1,158,101 Income taxes payable 159,230 2,142,106 Total Current Liabilities 16,080,956 15,858,800 NON-CURRENT LIABILITIES Operating lease liability, net of current portion 419,195 810,583 Total Non-Current Liabilities 419,195 810,583 Total Liabilities 16,500,151 16,669,383 Working Capital $ 25,711,398 $ 26,171,734 Expand Armanino Foods of Distinction, Inc. Summary of Common Stock Repurchased -- Unaudited Quarterly Shares of Common Total Common Stock repurchased Stock Repurchased Repurchase Board approved stock buy back $ 12,000,000 Repurchased during the program: Q3 2024 67,408 $ 382,851 Q4 2024 94,637 $ 689,182 Q1 2025 415,177 $ 3,181,163 Q2 2025 390,916 $ 3,096,906 Total 968,138 7,350,102 Shares Outstanding Balance at Period End 31,097,507 Amount available to be repurchased: $ 4,649,898 Expand 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; 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. 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 (
Yahoo
24-04-2025
- Business
- Yahoo
Armanino Foods of Distinction appoints Deanna Jurgens as new CEO
US pesto-to-pasta maker Armanino Foods of Distinction has named ex-Bonduelle and Beyond Meat executive Deanna Jurgens as its new CEO and president. Jurgens, whose appointment takes effect on 12 May, will also join the board of directors of the manufacturer of Italian foods. She succeeds Tim Anderson, whose departure was first announced in January. Anderson, who joined the company in March 2020, stepped down in February. In a statement, Armanino Foods described Jurgens as a 'proven leader' with 'deep experience' in growing branded businesses. 'These experiences position her to lead Armanino Foods into its next phase of growth and expansion,' the statement read. Prior to joining Armanino, Jurgens served as chief sales officer at Bonduelle's business in the Americas. Before her time at Bonduelle, Jurgens was the president of North America and global chief growth officer for Beyond Meat. Jurgens' career also includes 16 years at PepsiCo. Armanino Foods board chairman Douglas Nichols said: 'Jurgens extensive food industry experience speaks for itself – her leadership roles at Bonduelle Americas and Beyond Meat have consistently delivered growth, innovation, and strong customer partnerships. 'Her strategic vision and proven ability to scale brands globally make her exceptionally well-suited to lead Armanino Foods into its next phase of growth and innovation.' Jurgens said: 'This company has an incredible foundation of growth, and I look forward to working with our talented team, suppliers and customers to further broaden our company, build on the Armanino tradition and extend our success well into the future.' Armanino Foods produces frozen Italian specialty food products, supplying foodservice, retail, and industrial markets. Its product range includes a variety of pestos and sauces, as well as frozen pastas, cheese shakers, and meatballs. In 2024, Armanino Foods generated net sales of $69.4m, a rise of 9% year-on-year. Net income for 2024 was $14.4m, compared to $8.8m in 2023. "Armanino Foods of Distinction appoints Deanna Jurgens as new CEO" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
23-04-2025
- Business
- Business Wire
Armanino Foods of Distinction, Inc. Appoints New CEO
PLEASANTON, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX; AMNF) announced today the hiring of Deanna Jurgens as President and Chief Executive Officer, effective May 12, 2025. Ms. Jurgens will also join the Board of Directors. Ms. Jurgens is a proven leader who has deep experience growing branded businesses, an established track record with large foodservice and retail customers and success scaling companies globally. These experiences position her to lead Armanino Foods into its next phase of growth and expansion. Ms. Jurgens most recently served as Chief Sales Officer at Bonduelle Americas, where she led the $650 million fresh business. In the last two years, through a strategy of customer acquisition, innovation, expansion, and cost management, she successfully guided Bonduelle Americas branded business to its largest share gains in five years thereby driving greater profitability. Prior to Bonduelle America, Jurgens was the President of North America and Global Chief Growth Officer for Beyond Meat, where she grew the international business by developing global partnerships with McDonalds and YUM Brands. She worked to expand Beyond Meat's brand in the US through a PepsiCo joint venture in plant-based jerky, achieving a dominant market share in one year. Earlier in her career, Jurgens spent 16 years with PepsiCo where she partnered with some of the largest retailers in the US, including Walmart, Target and Sam's Club. She also spent time leading the operations of Frito-Lay's largest region which generated over $3B in annual revenue. Ms. Jurgens has received many industry honors, including being named to Fortune's 'Most Powerful Women – Next Gen'. Douglas R. Nichols, Chairman of the Board, stated, "The Board is thrilled to welcome Deanna Jurgens as our new President and CEO. Ms. Jurgens' extensive food industry experience speaks for itself—her leadership roles at Bonduelle Americas and Beyond Meat have consistently delivered growth, innovation, and strong customer partnerships. Her strategic vision and proven ability to scale brands globally make her exceptionally well-suited to lead Armanino Foods into its next phase of growth and innovation. I also want to express my sincere appreciation to Director James Ford for his exceptional leadership throughout the CEO search process, and to Al Banisch and Tony Muscato for their diligent evaluation of the many outstanding candidates." Mr. Nichols concluded, 'We see this decision to hire Deanna as a new future building on a great passionate past.' Ms. Jurgens stated, 'I'm honored and excited to take on the role of CEO to lead Armanino into its next phase of prosperity. This company has an incredible foundation of growth, and I look forward to working with our talented team, suppliers and customers to further broaden our company, build on the Armanino tradition and extend our success well into the future.' 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 (
