HAYWARD, Calif., December 16, 2024--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX: AMNF) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.0363 per share. The dividend will be payable to shareholders of record on January 8, 2025, and will be disbursed on or about January 27, 2025. This is the Company’s 98th consecutive quarterly dividend. In addition, the Company has had eleven special dividends.
Douglas R. Nichols, Chairman of the Board stated, "It is important that we continue our strategy of maintaining our highest payout per share in our history. It represents our continued confidence in our financial position as well as focus on providing shareholder value. We continue to be confident in management’s ability to achieve best in class results for the short and long term as demonstrated by this dividend commitment. Our recent announcement of our graduation to the OTCQX Market further shows that confidence. Being on the OTCQX is an important milestone as it exemplifies our evolution as a company. It is expected to provide greater exposure to a broader range of individual and institutional investors."
Nichols concluded, "In addition, it is with pride that we announce that we have engaged MGO, LLC, to be our new auditors in support of our growth initiatives. Sadler, Gibb & Associates, LLC, has provided Armanino Foods with invaluable business and accounting services. We intend to continue to engage them to assist us with the transition to MGO and as consultants on other business and accounting matters on an as needed basis."
Tim Anderson, President, and CEO commented, "We continue to make progress toward building upon our strong foundation and strengthening our financial position by seeking to penetrate new markets, improve margins and meet the emerging needs of our diverse customer base, and ultimately, end consumers. Our working capital position has continued to grow based on the strength of our operating performance. This strong balance sheet allows us to provide increased value to our investors while maintaining financial flexibility, including the consideration of various strategic investments to support both organic and inorganic growth opportunities across multiple channels."
Anderson concluded, "In addition, we continue to make investments in new capabilities and technologies to improve operating performance while simultaneously improving the quality and consistency of our market-leading products."
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.
