Armanino Foods of Distinction, Inc. Reports Record Sales and Earnings for the Fourth Quarter and Year Ended December 31, 2018

Armanino Foods of Distinction, Inc. AMNF reported record sales and profits for the fourth quarter and year ended December 31, 2018.

Net sales for the fourth quarter of 2018 were $10,265,532 compared to $9,635,547 for the same period last year, an increase of 7%. Income before taxes for Q4 2018 were $1,670,855 compared to $1,444,553 for the same quarter in 2017, an increase of 16%. Net income for the quarter declined from $1,376,546 last year to $1,230,706, a decrease of 11%, due to the one-time prior year impact of large tax benefits associated with last year's major construction project.

Net sales for the twelve months of 2018 were $41,838,018 compared to $38,993,196 for the same period in 2017, an increase of 7%. Income before taxes for 2018 were $8,126,086 compared to the 2017 figure of $7,240,769, an increase of 12%. Annual net income grew from $5,086,774 last year to $6,265,786, an increase of 23%.

Edmond J. Pera, President and CEO of Armanino Foods stated, "We are extremely pleased that we continue our track record of record-breaking results for the quarter, and for the year ended. The 4^th quarter of 2018 marks the Company's 62^nd quarter in a row of profitability; on an annual basis, 2018 marks the company's 16^th profitable year in a row. Net sales for the 2018 4^th quarter is now the third highest in the Company's history which follows on the heels of strong net sales in the 2018 3^rd and 2^nd quarters which, respectively, were our second highest and highest quarters for net sales ever."

Pera continued, "Sales in both our US domestic and Asia markets were strong across our key product lines. Despite additional spending on several strategic planning initiatives related to product development, digital marketing and tax planning, our annual income before taxes grew by 12% over last year. By contrast, our annual net income grew by 23% due to the non-recurring effects of the significant decrease in our annual effective tax rates from 30% in 2017 to 23% in 2018."

Pera concluded, "We have been pleased with the progress of our strategic planning initiatives and continue to work hard so that they will bear fruit in the future. The new manufacturing equipment that we previously announced was installed on time and within budget. We are now manufacturing new products utilizing this equipment. Armanino is cautiously optimistic about our sales and profitability in 2019. Our current sales pipeline is strong. Our current cash position is very healthy and significantly higher than it was this same time a year ago as a result of the growth in our profitability this past year. We plan to continue investing in strategic planning efforts to find ways to profitably reinvest into our business without compromising our track record of quarterly dividend payments."

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, Alfredo sauce and filled pastas 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, Light Basil Pesto, Organic Basil Pesto, and Chimichurri. Armanino's Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.

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