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Armanino Foods of Distinction Inc. (AMNF) is a leading specialty food company that specializes in high-quality food products, including pesto and sauces. With a focus on innovation and customer satisfaction, the company prides itself on its delicious and authentic recipes that cater to a wide range of tastes and preferences. Armanino Foods of Distinction is committed to using only the finest ingredients to create products that are not only flavorful but also healthy and environmentally sustainable.
Armanino Foods (OTCQX: AMNF) reported record-breaking Q3 2024 results, marking its 84th consecutive profitable quarter. Q3 net sales reached $17.67M, up 10% YoY, while net income surged 81% to $4.1M ($0.1280 per share). Year-to-date net sales grew 7% to $50.87M, with net income up 65% to $10.23M. The company's strong operating performance drove current assets up 11% to $39.42M, while working capital increased 6% to $24.95M. Management noted benefits from improved procurement and manufacturing efficiencies, though cautioned about potential industry slowdown.
Armanino Foods of Distinction, Inc. (OTCQX: AMNF) has announced its 96th consecutive quarterly dividend of $0.0363 per share. The dividend will be payable to shareholders of record on September 30, 2024 and disbursed around October 25, 2024. This maintains the company's highest payout per share in its history, reflecting confidence in its financial position.
The company recently graduated to the OTCQX Market and remains focused on penetrating new markets, improving margins, and meeting customer needs. Armanino's strong working capital position allows for strategic investments and growth opportunities, including potential acquisitions in adjacent markets. The company specializes in frozen Italian specialty food items for foodservice, retail, and industrial markets, offering a variety of pesto flavors, sauces, and other products.
Armanino Foods of Distinction (OTC Pink: AMNF) reported record-breaking Q2 2024 results. Net sales reached $17,481,452, up 16% year-over-year, while net income soared to $3,804,581, an 89% increase. The company achieved its highest quarterly and Q2 YTD sales and profits in its history, marking the 84th consecutive profitable quarter.
For the first six months of 2024, net sales grew 6% to $33,201,768, with net income increasing 56% to $6,123,249. The company's strong performance is attributed to margin improvement efforts, lower commodity costs, and enhanced manufacturing efficiencies. Despite the positive results, management remains cautious about potential industry slowdown and is focusing on diversifying its sales portfolio and seeking operational efficiencies.
Armanino Foods of Distinction announced a regular quarterly cash dividend of $0.0363 per share, payable on July 26, 2024, to shareholders of record on July 5, 2024. This will be the company's 96th consecutive quarterly dividend. Additionally, the Board has approved a $7 million stock buyback program. The buyback program, which started in 2010 and last saw purchases in 2013, does not obligate the company to acquire a specific amount of stock and may be modified at any time. The board expressed confidence in management's ability to deliver long-term results and maintain high investor value. Armanino Foods is focused on strategic growth, improving margins, and penetrating new markets.
Armanino Foods of Distinction announces the appointment of Tony Muscato and James Ford, CFA, to its Board of Directors, filling vacancies left by the passing of Edmond Pera and Patricia Fehling.
Muscato, with over 30 years of food industry experience, has held executive roles at Country Pure Foods and Diamond Crystal Brands. Ford, a CFA and managing partner at First Ballantyne, , brings over 20 years in capital markets investment and owns 3.498% of Armanino Foods' shares.
Chairman Douglas Nichols praised the new directors' expertise and acknowledged the contributions of the late directors, emphasizing the company's commitment to quality and strategic growth.
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