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HAYWARD, Calif., March 24, 2025--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX: AMNF) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.04 per share representing a new all-time high. The dividend will be payable to shareholders of record on April 4, 2025, and will be disbursed on or about April 25, 2025. This is the Company’s 99th consecutive quarterly dividend. In addition, the Company has had eleven special dividends.
Douglas R. Nichols, Chairman of the Board stated, "The Board is confident in its decision to increase Armanino’s regular quarterly dividend by over 10%, resulting in a new all-time high of 4¢ per share. This is the 5th year in a row that the Company has increased its quarterly dividend rate. Although the Board considered the issuance of a special dividend, as it has done in the past, the Company remains currently focused on its $12M stock buyback program. Also, the Board is in the final stages of its CEO search, and plans on making a CEO related announcement within the next few weeks."
Edgar Estonina, CFO and acting President and CEO added, "We are cautiously optimistic about the Company’s ability to continue the momentum of strong financial performance, and are committed to making investments which create long-term shareholder value. The Company plans to issue its next earnings press release after the markets close on Monday May 5, 2025."
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 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.