Earnings release
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Armanino Foods Reports Third Quarter 2025 Financial Results Strong Revenue and Cost Management Drove Higher Margins and Profitability Quarterly Dividend Increased to a Record $0.05 Per Share PLEASANTON, CA / ACCESS Newswire / November 11, 2025 / Armanino Foods of Distinction, Inc. (OTCQX:AMNF), a leading producer and marketer of premium frozen Italian and specialty foods serving foodservice and industrial customers across North America and select international markets, today reported its financial results for the third quarter ended September 30, 2025. Financial Summary $ in millions Q3 2025 Q3 2024 % Increase Net Sales $ 19.7 $ 17.7 11 % Gross Profit $ 9.7 $ 7.9 23 % Operating Income $ 6.1 $ 5.2 18 % Net Income $ 4.8 $ 4.1 16 % Earnings per Share (Diluted) $ 0.15 $ 0.13 20 % Management Commentary "Our third-quarter performance demonstrates the continued strength and discipline behind our growth strategy," said Deanna Jurgens, Chief Executive Officer of Armanino Foods. "Strong demand across Foodservice and International channels, along with margin expansion from pricing and operational efficiencies, fueled another quarter of double-digit growth." "At our recent shareholder meeting, I spoke about unlocking Armanino's full potential, and these results show that momentum. We're reinvesting our gains into automation, process improvements, and talent to build the foundation for sustainable scale. While these initiatives, paired with ongoing macro pressures, may create near-term cost pressure, they are critical to positioning Armanino for long-term success." "With a debt-free balance sheet, strong cash flow, and a disciplined capital allocation strategy, we remain well positioned to execute on our growth priorities and deliver continued value for our shareholders," Jurgens concluded. Third Quarter 2025 Financial Results Net sales for the third quarter of 2025 increased 11% to $19.7 million, compared to $17.7 million in the same year-ago quarter. The increase was largely attributable to strong growth across our Foodservice and International channels in our core pesto sauces. Gross profit increased 23% to $9.7 million, or 49.5% of net sales, in the third quarter of 2025, compared to $7.9 million, or 44.8% of net sales, in the same year-ago quarter. The improvement reflects strong pricing discipline, an improved sales mix, and ongoing operational efficiency improvements. Operating expenses totaled $3.6 million, or 18.1% of sales, compared to $2.7 million, or 15.2% of sales, in the year-ago quarter. The increase reflects strategic investments in talent and systems, as well as non-cash incentive costs. Net income for the third quarter of fiscal 2025 increased 16% to $4.8 million, or $0.15 per diluted share, as compared to
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net income of $4.1 million, or $0.13 per diluted share, in the same year-ago quarter. Net income margin improved 110 basis points to 24.3%. Cash and cash equivalents totaled $24.6 million as of September 30, 2025, as compared to $28.2 million as of December 31, 2024. The change primarily reflects stock buybacks and a 25% increase in the quarterly dividends paid to shareholders. Armanino Foods remains debt free. About Armanino Foods of Distinction, Inc. Armanino Foods of Distinction, Inc. (OTCQX: AMNF) is a leading producer and marketer of premium frozen Italian and specialty foods serving foodservice and industrial customers across North America and select international markets. Best known for its top selling Basil Pesto, the Company's product line spans a wide variety of sauces and stuffed pasta dishes, all produced in a British Retail Consortium Global Standards Grade AA facility with rigorous quality systems and scalable packaging formats to meet customer needs. To learn more, please visit the Company's website at https://armaninofoods.com . Cautionary Statements Regarding Forward-Looking Information Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are "forward-looking statements" as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law. Investor Relations Contact Lucas A. Zimmerman Managing Director MZ Group - MZ North America (262) 357-2918 AMNF@mzgroup.us www.mzgroup.us Armanino Foods of Distinction, Inc. Balance Sheets (Unaudited) As of September 30, As of December 31,
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2025 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 24,645,925 $ 28,164,307 Accounts receivable, net 10,982,348 8,578,692 Inventories, net 6,899,679 4,366,676 Prepaid expenses 1,015,073 920,859 Total Current Assets 43,543,025 42,030,534 NON-CURRENT ASSETS: Property and equipment, net 8,443,070 7,922,595 Deposits 20,000 20,000 Deferred tax assets 1,063,936 1,063,936 Operating lease right of use asset 859,388 1,364,468 Goodwill 375,438 375,438 Trademarks 75,576 75,576 Total Non-Current Assets 10,837,408 10,822,013 Total Assets $ 54,380,433 $ 52,852,547 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 4,992,434 $ 2,010,649 Contract liabilities 3,137,830 4,404,813 Accrued payroll and payroll taxes 1,098,191 1,828,422 Phantom stock liability 2,430,149 3,664,971 Operating lease liability - current portion 692,107 649,738 Dividends payable 1,555,246 1,158,101 Income taxes payable 901,156 2,142,106 Total Current Liabilities 14,807,113 15,858,800 NON-CURRENT LIABILITIES Operating lease liability, net of current portion 242,085 810,583 Total Non-Current Liabilities 242,085 810,583
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Total Liabilities 15,049,198 16,669,383 STOCKHOLDERS' EQUITY Preferred Stock; no par value, 10,000,000 shares authorized, no shares issued and outstanding - - Common Stock; no par value, 40,000,000 shares authorized, 32,065,645 shares issued at September 30, 2025 and December 31, 2024 and 31,078,007 and 31,903,600 shares outstanding at September 30, 2025 and December 31, 2024, respectively 2,774,990 2,774,990 Treasury stock, at cost; 987,638 and 162,045 shares held at September 30, 2025, and December 31, 2024, respectively (7,548,811 ) (1,072,033 ) Additional paid-in capital 180,202 48,202 Retained earnings 43,924,854 34,432,005 Total Stockholders' Equity 39,331,235 36,183,164 Total Liabilities and Stockholders' Equity $ 54,380,433 $ 52,852,547 Armanino Foods of Distinction, Inc. Income Statement (Unaudited) FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2025 2024 2025 2024 NET SALES $ 19,651,423 $ 17,667,112 $ 56,600,763 $ 50,868,879 COST OF GOODS SOLD 9,932,253 9,759,866 30,194,752 29,658,703 GROSS PROFIT 9,719,170 7,907,246 26,406,011 21,210,176 OPERATING EXPENSES: General, administrative and selling expense 2,331,070 932,701 4,455,540 3,531,544 Salaries & wages 871,088 1,496,825 3,471,250 4,010,882 Commissions 353,340 253,303 994,352 774,626 Total Operating Expense 3,555,498 2,682,829 8,921,142 8,317,052
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INCOME FROM OPERATIONS 6,163,672 5,224,417 17,484,869 12,893,124 OTHER INCOME (EXPENSE) Interest and other income 252,868 290,085 786,041 851,047 Total Other Income (Expense) 252,868 290,085 786,041 851,047 INCOME BEFORE INCOME TAXES 6,416,540 5,514,502 18,270,910 13,744,171 TAX EXPENSE - CURRENT 1,643,316 1,411,772 4,710,656 3,518,697 NET INCOME $ 4,773,224 $ 4,102,730 $ 13,560,254 $ 10,225,474 NET INCOME PER COMMON AND EQUIVALENT SHARES: EARNINGS PER SHARE - BASIC $ 0.1536 $ 0.1280 $ 0.4323 $ 0.3189 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC 31,084,864 32,052,356 31,369,873 32,061,183 EARNINGS PER SHARE - DILUTED $ 0.1535 $ 0.1280 $ 0.4321 $ 0.3189 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED 31,096,336 32,052,356 31,381,345 32,061,183 Armanino Foods of Distinction, Inc. Statements of Cash Flows (Unaudited) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 Cash Flows from Operating Activities: Net Income $ 13,560,254 $ 10,225,474 Adjustments to reconcile net income to net cash provided by operations: Depreciation 921,439 470,023 Stock-based compensation 132,000 - Operating lease expense 505,080 474,292
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Gain on sale of property and equipment (3,500 ) - Changes in assets and liabilities: Accounts receivable (2,403,656 ) (1,356,621 ) Inventory (2,533,003 ) (589,468 ) Prepaid expenses (94,214 ) 296,313 Accounts payable 2,981,785 1,262,146 Contract liabilities (1,266,983 ) 337,094 Phantom stock liability (1,234,822 ) 940,432 Accrued payroll and payroll taxes (730,231 ) (288,608 ) Income taxes payable (1,240,950 ) (48,733 ) Operating lease liability (526,129 ) (485,146 ) Net Cash Provided by Operating Activities 8,067,070 11,237,198 Cash Flows from Investing Activities: Purchase of property and equipment (1,441,914 ) (2,136,388 ) Proceeds from sale of property and equipment 3,500 - Net Cash Used in Investing Activities (1,438,414 ) (2,136,388 ) Cash Flows from Financing Activities: Purchase of treasury stock (6,476,778 ) (382,852 ) Dividends paid (3,670,260 ) (6,592,697 ) Net Cash Used in Financing Activities (10,147,038 ) (6,975,549 ) Net Change in Cash and Cash Equivalents (3,518,382 ) 2,125,261 Cash and Cash Equivalents at Beginning of Period 28,164,307 22,177,386 Cash and Cash Equivalents at End of Period $ 24,645,925 $ 24,302,647 Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Interest $ - $ - Income Taxes $ 3,704,400 $ 2,719,831 SOURCE: Armanino Foods of Distinction, Inc.
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View the original press release on ACCESS Newswire 11/11/2025 8:31:00 AM