Armanino Foods of Distinction, Inc. Raises Quarterly Dividend by Over 10% to Record High of 4¢
Armanino Foods of Distinction, Inc. (OTCQX: AMNF) has announced a significant increase in its regular quarterly cash dividend, raising it by over 10% to a record-high $0.04 per share. This latest increase represents a milestone for the company, demonstrating its strong financial health and ongoing commitment to shareholder value. The dividend will be distributed to shareholders of record as of April 4, 2025, with payment scheduled for on or about April 25, 2025.
This marks the 99th consecutive quarter in which Armanino has issued a dividend, reinforcing its consistent track record of rewarding investors. In addition to its regular dividends, the company has also provided eleven special dividends over the years.
Douglas R. Nichols, Chairman of the Board, expressed confidence in the decision to raise the quarterly dividend, noting that this is the fifth consecutive year the company has increased its dividend rate. Nichols 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 increase reflects our ongoing commitment to providing strong returns to our shareholders.”
He further explained that while the Board had considered issuing a special dividend, as it has done in the past, the company remains focused on its ongoing $12 million stock buyback program. Additionally, Nichols mentioned that the company is in the final stages of its CEO search and anticipates making an announcement regarding the new CEO within the next few weeks.
Edgar Estonina, Chief Financial Officer and Acting President and CEO, echoed Nichols’ optimism, stating that the company remains “cautiously optimistic” about sustaining strong financial performance. Estonina emphasized Armanino’s commitment to strategic investments that create long-term shareholder value. He also confirmed that the company plans to release its next earnings report after the markets close on May 5, 2025.
Armanino Foods of Distinction, Inc. is an international food company specializing in the production and distribution of frozen Italian specialty foods. The company serves foodservice, retail, and industrial markets, offering a variety of products that include classic and innovative pesto flavors such as Basil Pesto, Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Additionally, Armanino produces an organic Basil Pesto line and offers complementary products such as cheese shakers, frozen pastas, and meatballs.
Cautionary Statements Regarding Forward-Looking Information
The issuance of future cash dividends is subject to final approval by Armanino’s Board of Directors each quarter. Several factors will influence the Board’s decision, including the company’s financial performance and available cash reserves. Consequently, there is no guarantee that future dividends will be equivalent to the amount described in this announcement or that the Board will not decide to suspend or discontinue dividend payments in the future.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” and similar expressions, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
These forward-looking statements are based on current information and expectations. However, given the inherent risks and uncertainties in the business environment, actual financial performance and future results may vary significantly from current projections.
Key risk factors include but are not limited to:
- Economic conditions affecting consumer confidence and discretionary spending, which may reduce food consumption outside the home.
- Inflationary pressures and commodity price fluctuations.
- Competitive pressures within the food industry.
- Dependence on third-party suppliers and potential disruptions in supply chains.
- Changes in relationships with customers and group purchasing organizations.
- The company’s ability to sustain or expand its highest-margin product segments.
- Achievement of anticipated benefits from cost-saving initiatives.
- Rising fuel costs affecting distribution expenses.
- Shifts in consumer dining preferences and eating habits.
- Regulatory changes and government actions, including those related to food safety and public health concerns.
- Product recalls and liability claims.
- Potential damage to the company’s reputation within the industry.
Additionally, although the direct effects of the COVID-19 pandemic have lessened, the long-term impacts on supply chains, consumer behavior, and labor markets remain uncertain.
The forward-looking statements in this release are based on information available as of the publication date. Armanino Foods of Distinction, Inc. assumes no obligation to update or revise any forward-looking statements unless required by law.
By continuing to execute its growth strategy, focusing on financial discipline, and prioritizing shareholder returns, Armanino Foods remains well-positioned to navigate market fluctuations while enhancing long-term profitability.
