EXHIBIT 99
ARMANINO FOODS OF DISTINCTION, INC.
For Immediate Release For More Information Contact:
July 21, 2004 William Armanino, President & CEO
Edmond J. Pera, COO
(510) 441-9300
ARMANINO FOODS OF DISTINCTION, INC.
ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
Hayward, CA (July 21, 2004) Armanino Foods of Distinction, Inc. (NASDAQ
Small Cap Symbol: ARMF) announced today net sales, operating and net income,
and earnings per share for the second quarter and six month period ended June
30, 2004.
Net sales for the second quarter ended June 30, 2004 amounted to $
3,400,418, as compared to $3,181,445 for the same period in 2003, an increase
of 7%. Net sales for the six months ended June 30, 2004 were $6,456,077 as
compared to $6,565,127, a decrease of 2%. In the second quarter of 2004, the
Company experienced a relatively higher rate of sales over the comparable
customer base of a year ago.
Income (loss) from continuing operations before income taxes for the
second quarter of 2004 was a profit of $205,962 compared to a loss of
($84,869) for the second quarter of 2003, a positive turn around of $290,831.
The 2004 second quarter profit is primarily attributable to higher sauce
sales. In addition, write-offs of inventory in 2003 contributed significantly
to the second quarter loss a year ago. Income (loss) from continuing
operations before income taxes for the six months ended June 30, 2004 was a
profit of $230,108 compared to a loss of ($108,407) for the comparable period
a year ago.
Net income (loss) for the second quarter and six months ended June 30,
2004 was a profit of $146,233 and a profit of $163,398 respectively, compared
to a net loss of ($55,590) and ($ 71,007) for the same quarter and six-month
period of a year ago. Basic earnings per share for the second quarter and six
months of 2004 amounted to $0.04 and $0.05 respectively, compared to basic
earnings (loss) per share ($0.02) and ($0.02) for the comparable 2003 periods.
Diluted earnings per share for the quarter and six month period of 2004
amounted to $0.04 and $0.05 respectively, compared to diluted earnings (loss)
per share of ($0.02) for the quarter and six month period of 2003.
William J. Armanino, President and CEO of Armanino Foods said, "With the
development of new strategies and hard work, our sales teams gained
considerable success. Our sales continued to improve over last year, following
the trend experienced late in the first quarter. Also, our profitability rose
dramatically over the comparable periods a year ago primarily due to cost
reductions and increased second quarter sales."
Armanino continued, "In the near future, we will be placing our secondary
labels of our chicken, meat and pasta products into select retail locations in
the western region. We believe this diversification should also increase our
customer base and increase sales."
Continued
Armanino concluded, "We are pleased with our first half results which
showed a significant rebound from performance a year ago."
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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Continued
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ARMANINO FOODS OF DISTINCTION, INC.
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED June 30, 2004
(Unaudited)
Quarter Ended June 30
--------------------------
2004 2003
---------- ----------
Net Sales $3,400,418 $3,181,445
Net Income/(Loss) From Cont. Oper. Before
Taxes $ 205,962 $ (84,869)
Net Income /(Loss) $ 146,233 $ (55,590)
Basic Income/(Loss) Per Common Share $ 0.04 $ (0.02)
Weighted Average Common Shares Outstanding 3,384,284 3,250,108
Diluted Income/(Loss) Per Common Share $ 0.04 $ (0.02)
Weighted Average Shares Outstanding 3,572,709 3,272,470
_____________________________________________________________________________
(Unaudited)
Six Months Ended June 30
--------------------------
2004 2003
---------- ----------
Net Sales $6,456,077 $6,565,127
Net Income/(Loss) From Cont. Oper. Before
Taxes $ 230,138 $ (108,407)
Net Income/(Loss) $ 163,398 $ (71,007)
Basic Income/(Loss) Per Common Share $ 0.05 $ (0.02)
Weighted Average Common Shares Outstanding 3,367,443 3,250,108
Diluted Income Per Common Share $ 0.05 $ (0.02)
Weighted Average Common Shares Outstanding 3,579,035 3,268,146
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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.
End