Industry News | February 27, 2009

Armanino Foods Reports 4 Percent Sales Growth for 2008 Q4

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For the twelve months ended December 31, 2008, sales were $19,860,278, up 4 percent from the $19,057,058 reported for the same period in 2007. Income from continuing operations before taxes rose 8 percent, from $1,479,823 a year ago to $1,595,030 in 2008. Earnings per share declined from $0.026 in 2007 to $0.020 in 2008, reflecting the extraordinary loss absorbed in the third quarter of 2008 associated with the discontinued operations of its meatball line.

Sales in the fourth quarter were $5,148,358, reflecting a decline of 5 percent from the record of $5,407,683 posted in 2007. 2008 fourth quarter pre-tax profit from continuing operations was $395,130 compared to 2007 fourth quarter profit of $432,029, a decline of 9 percent.

“Our sales and profits for 2008 were very satisfactory given the economic environment,” says Edmond Pera, the company’s president and CEO.

“We continue to put a major emphasis on marketing and selling to foodservice chains, which has successfully resulted in broadening the reach of our product lines."

“We are also optimistic about 2009 as we anticipate growth in all of our major markets. Higher costs, which spiked in 2008, have now settled to normal levels which should help reduce pressure on our margins,” Pera says.

Armanino Foods of Distinction Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pesto sauces, filled pastas and lasagna 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, Ancho Chile, Mediterranean, Alfredo, Mushroom and White sauce. Armanino’s Organic line includes the classic Basil Pesto as well as Dried Tomato & Garlic Pesto. Frozen pastas, sauces, spreads, meatballs and Focaccia are also offered by Armanino Foods.

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