EXHIBIT 99
For Immediate Release For More Information Contact:
April 21, 2003 William Armanino, President & CEO
Edmond J. Pera, CFO
(510) 441-9300
ARMANINO FOODS OF DISTINCTION, INC.
ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
Hayward, CA (April 21, 2003) Armanino Foods of Distinction, Inc. (NASDAQ
Small Cap Symbol: ARMF) announced today financial results for the first quarter
ended March 31, 2003.
Net sales for the first quarter ended March 31, 2003 were $3,784,956
compared to $3,649,903 for the first quarter of 2002, an increase of 4%.
Stronger food service sales of chicken products as well as higher inter-
national sauce
sales accounted for the increase.
Continuing operations before income taxes for the first quarter ended
March 31, 2003 resulted in a loss of $23,538 compared to a profit of $118,065
for the first quarter a year ago. Although costs and expenses for the most
recently completed quarter were only marginally higher than those incurred
for the first quarter of 2002, the net sales for the 2003 quarter consisted
of a significantly higher percentage of low gross margin products and lower
percentage of higher gross margin products. This shift in the mix of
products sold is the primary cause for the loss incurred in the first
quarter.
Net loss for the first quarter ended March 31, 2003 amounted to $15,417
compared to a profit of $67,297 for the same period in 2002. The company
reported basic and diluted net loss per share for the first quarter ended
March 31, 2003 of $ 0.00, compared to both basic and diluted net earnings
per share of $0.02 for the like quarter of 2002.
William J. Armanino, President and CEO of Armanino Foods said, "Our
sales have held up well given the current economic environment. We continue
to heavily promote our products and we feel that these additional promotional
dollars spent now will secure a higher market share for the future."
Armanino continued, "We are currently putting our plan in place for the
introduction of our Garlic Zing product line. We have four brokers and a
number of distributors who will introduce the line in the Western United
States during the second quarter. We intend to target health food stores
and retail chain natural food sections in our initial rollout throughout
the months ahead."
Armanino concluded, "We believe that our plans for 2003 are solid and
we remain confident in our future."
Armanino is an international food company that manufactures and markets
frozen pestos, filled pasta products, meatballs, cooked meat, cooked poultry
products, garlic spreads and focaccia to the retail, food service, club
stores, institutional, and industrial food industry segments.
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Armanino Foods of Distinction, Inc.
Results for the Quarter Ended 3/31/03
(Unaudited)
Quarter Ended 3/31/03
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2003 2002
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Net Sales $3,784,956 $3,649,903
Net Income/(Loss) From Cont. Oper.
Before Taxes $ (23,538) $ 118,065
Net Income/(Loss) $ (15,417) $ 67,297
Basic Income/(Loss) Per
Common Share $ (0.00) $ 0.02
Weighted Average Common Shares
Outstanding 3,250,108 3,187,419
Diluted Income/(Loss) Per
Common Share $ (0.00) $ 0.02
Weighted Average Shares Outstanding 3,263,822 3,480,581
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This press release contains forward-looking statements within the meaning of
U.S. securities laws, including statements regarding the Company's goals and
growth prospects. These forward looking statements are subject to certain
risks and uncertainties that could cause the actual results to differ
materially from those projected, including general economic conditions,
fluctuations in customer demand, competitive factors such as pricing
pressures on existing products, and the timing and market acceptance of new
product introductions, the Company's ability to achieve manufacturing
efficiencies necessary for profitable sales at current pricing, and the
risk factors listed from time-to-time in the Company's annual and quarterly
SEC reports. The Company assumes no obligation to update the information
included in this press release.
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