Armanino Foods Of Distinction Inc. (OTCMKTS:AMNF) 4Q2014 net sales surged 3% to $7.79 million compared to $7.56 million a year ago. Edmond J. Pera, the CEO said that investments in promotional plans have resulted in growth in sales with existing and new domestic customers.
The financial performance
Armanino reported pre-tax gains from continuing operations came at $1.18 million compared to $1.20 million in 4Q2013. The net income jumped 4% to $868,034 from the same quarter last year. The earnings surged 4% to $0.027 from 4Q2013. Commenting on results, Pera said that Armanino Foods Of Distinction Inc. (OTCMKTS:AMNF) is delighted to post strong annual financial results, as the net sales for FY2014 surged 9% to $31 million from FY2013.
The strong growth
Armanino made substantial progress in its sales of products that were manufactured with the new equipments. The sales in Asia rebounded from the previous year’s low and ended FY2014 at their highest levels ever. The surge in sales is primarily due to sales to Armanino Foods Of Distinction Inc. (OTCMKTS:AMNF)’s existing client base, and, to a lesser extent, to the addition of sales to new clients in new markets in Asia. The variations in timing related to the beginning and end of 4Q were prime reasons of growth of net income and sales, at a lower pace against the previous quarters in FY2014. It also resulted in a decline in pretax profitability.
The future ahead
Pera said that the preliminary indications for 1Q2015 are that Armanino sales can start strong in this year. The sales pipeline is robust and, therefore, Armanino Foods Of Distinction Inc. (OTCMKTS:AMNF) is cautiously positive about the financial position and financial performance in FY2015. At this time, the company will continue to leverage the strength of its operations by investing in promotional expenditures. It intends to expand its market share in various domestic regions in profitable way.