FINANCIAL REPORTS

Frozen Italian products processor Armanino Foods of Distinction, Inc., Hayward, Calif., said it posted record third quarter sales and profits compared to the year before. Officials said third quarter net sales for 2010 were $5,956,914 as compared to $5,424,802 for Q3 2009, an increase of 10%. Officials said all areas of the business continue to grow, especially the international and industrial market segments.

Net sales for the nine months of 2010 were $17,086,409 compared to $15,400,875 in 2009, an increase of 11%. Net income for the same period rose by 46% to $1,744,402 in 2010 from $1,194,499 in 2009. Earnings per share for the first nine months of 2010 amounted to $0.050 compared to the $0.034 posted in 2009.

“We are starting to make some inroads into new industrial accounts as well as large distributors," noted Edmond J. Pera, Armanino president and CEO. "Also, our existing industrial accounts and international business continues to show strong growth signs.”

“We are expecting our retail business to have a strong fourth quarter because of our holiday meatball business," Pera added. "We also are anticipating that fourth quarter retail sales for our core products will be aided by the new accounts we have recently opened with three relatively major retail chains. Sales to these new accounts also contributed to the successes of the third quarter.”

Armanino Foods of Distinction produces frozen Italian specialty food items such as pesto sauces and filled pastas to the foodservice, retail, and industrial markets.



Diversified specialty foods processsor Inventure Foods Inc., Phoenix, released results for its fiscal third quarter ended Sept. 25, 2010, and noted that net revenues grew 13.8 percent during the period. Specifically, Inventure said it generated net revenues of $34.1 million during the third quarter of 2010, up $4.1 million, or 13.8%, compared to net revenues of $29.9 million for the same period in 2009.

Officials said Inventure's frozen fruit business, Rader Farms, posted third quarter net revenue of $11.7 million, an increase of 28.6 percent over the prior year. Inventure credited most of the increase to the "continued strength of Jamba [frozen smoothie kits], which recorded net revenue of $1.9 million ($2.4 million gross revenue)." Excluding Jamba, Inventure said Rader's sales rose 7.4 percent, "representing strong growth on the base business."

Through the first nine months of 2010, Inventure reported net revenues of $100.4 million compared to $93.1 million for the first nine months of 2009, a 7.8 percent increase.
Management Commentary and Future Outlook

"We are very pleased to announce another strong quarter of revenue growth driven by our Healthy/Natural category which grew 40.1 percent," said Terry McDaniel, Inventure's CEO. "Our sustained focus on developing innovative Healthy/Natural products enabled a net revenue growth of 13.8 percent for the quarter. The Jamba Smoothies roll-out gained strength with net sales of $1.9 million, and gross sales of $2.4 million. We are now in over 6,000 retail stores and growing. Early results have been very encouraging and we will be determining next steps to further our launch in the fourth quarter.