Armanino Foods of Distinction, Inc. Maintains Its Regular Quarterly Dividend of $.033 Per Share
HAYWARD, Calif., September 26, 2023--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.033 per share. The dividend will be payable to shareholders of record on October 6, 2023, and will be disbursed on or about October 31, 2023. This is the Company’s 93rd consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the Board stated, "The Board is confident in management’s ability to continue to outpace industry norms for strategic positioning, operational efficiency, and financial results. As a result, we remain committed to continue supporting the current quarterly dividend of $0.033 per share which represents the highest dividend payout on a per-share basis in our Company’s history."
Tim Anderson, President, and CEO commented, "We are anticipating that third quarter and year to date sales and profits will continue to exceed prior year’s record results. Significant progress has been made toward strategically strengthening our core business while simultaneously investing in new products and markets to meet evolving consumer needs. Armanino Foods is well-positioned to continue investing in diversified channels to capitalize on industry growth trends and to pursue financially accretive opportunities in adjacent markets. In addition, we are confident that our current capital expenditure project will continue to improve our manufacturing processes and increase cost efficiencies including the reduction of COGS to help mitigate future economic headwinds."
Anderson concluded, "Given the strength of our balance sheet, we remain committed to making appropriate investments in our efforts to grow sales profitably with a focus on new products, new markets, operational efficiencies, and potential acquisitions."
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino’s organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Cautionary Statements Regarding Forward-Looking Information
The declaration of cash dividends in the future, pursuant to the Company’s dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.
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; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; 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, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. 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.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
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Contacts
For further information, please contact:
Edgar Estonina
CFO
(510) 441-9300
amnf@armaninofoods.com
