EXHIBIT 99.1
ARMANINO FOODS OF DISTINCTION, INC.
For Immediate Release For More Information Contact:
April 20, 2005 William Armanino, President & CEO
Edmond J. Pera, COO
(510) 441-9300
ARMANINO FOODS OF DISTINCTION, INC.
ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
Hayward, CA (April 20, 2004) Armanino Foods of Distinction, Inc. (NASDAQ
Small Cap Symbol: ARMF) announced today financial results for the first
quarter ended March 31, 2005.
Net sales for the first quarter ended March 31, 2005 were $ 3,129,268
compared to $3,055,659 for the first quarter of 2004, an increase of 2%.
Income from operations before income taxes for the first quarter ended
March 31, 2005 resulted in income of $34,863 compared to income of $24,176 a
year ago.
Net income for the first quarter ended March 31, 2005 amounted to $24,753
compared to $17,165 for the same period in 2004. The Company reported basic
earnings per share of $0.01 for the quarter ended March 31, 2005 compared to
$0.01 for the like 2004 quarter. Diluted earnings per share were $0.01 for
the first quarter of 2005 and $0.00 for the like 2004 quarter.
William J. Armanino, President and CEO of Armanino Foods said, "The first
quarter is usually the slowest of the year in terms of sales and
profitability, but our prospects and indications for future business remain
strong. We are especially pleased with our sauce sales which are up from the
same quarter a year ago."
Armanino concluded, "We expect that our expanded sales force and
promotional efforts will build momentum for us as the year progresses."
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 MARCH 31, 2005
(Unaudited)
Quarter Ended March 31, 2005
2005 2004
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Net Sales $3,129,268 $3,055,659
Income Before Taxes $ 34,863 $ 24,176
Net Income $ 24,753 $ 17,165
Basic Income Per Common Share $ 0.01 $ 0.01
Weighted Average Common Shares Outstanding 3,433,308 3,350,603
Diluted Income Per Common Share $ 0.01 $ 0.00
Weighted Average Common Shares Outstanding 3,630,407 3,585,360
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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