Armanino Foods Raises Quarterly Dividend by 10% and Issues Special Dividend

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) has announced a boost in its regular quarterly cash dividend to $0.0363 per share, marking a 10% increase, alongside a special dividend of $0.10 per share. These dividends are scheduled for payment to shareholders of record on April 5, 2024, with distribution expected on or around April 29, 2024. This marks the 95th consecutive quarterly dividend for the company, which has also issued eleven special dividends in the past.

Douglas R. Nichols, Chairman of the Board, expressed satisfaction with these decisions, highlighting the company’s commitment to enhancing investor value. He stated, “Our quarterly dividend now represents the highest payout in our history on a per share basis. Both these decisions underscore our confidence in management’s ability to continue to operate at high levels and produce strong results for the long-term.”

Tim Anderson, President, and CEO, emphasized the company’s progress in fortifying its core business, expanding into new markets, and meeting evolving customer needs. He noted the company’s robust financial position, enabling investments in organic growth initiatives and pursuit of opportunities in adjacent markets. Additionally, the company remains open to potential acquisitions to bolster capabilities and expand into new categories.

Anderson concluded by affirming the company’s ability to share its success with investors while maintaining financial flexibility to meet customer needs effectively.

Armanino Foods of Distinction, Inc. specializes in frozen Italian specialty food items for foodservice, retail, and industrial markets, offering a range of flavors and sauces including Basil Pesto, Cilantro, Dried Tomato & Garlic, and more. The company’s organic line includes classic Basil Pesto, along with cheese shakers, frozen pastas, and meatballs.

Regarding future dividends, the company noted that final determination will be made quarterly by the Board of Directors based on various factors, including financial performance and available cash resources. Forward-looking statements in this regard are subject to risks and uncertainties, including economic factors, competition, and regulatory changes. The company does not undertake any obligation to update these forward-looking statements, except as required by law.

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