Armanino Foods of Distinction, Inc. Announces Regular Quarterly Dividend

Rhea-AI Summary

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) announced a quarterly cash dividend of $0.0275 per share, payable on or about October 29, 2021 to shareholders of record by October 7, 2021. This marks the company's 85th consecutive quarterly dividend. The chairman highlighted the company’s strengthening financial position, enabled by the early repayment of a $3.5M line of credit. Despite cautious near-term outlook due to the Delta variant, the company expects continued sales and profit growth through transformative strategies.

Positive

• Declared a quarterly cash dividend of $0.0275 per share.
• Achieved 85 consecutive quarterly dividends.
• Strong financial position with the early repayment of a $3.5M line of credit.
• Confident in long-term growth strategies.

Negative

• Cautious near-term outlook due to the effects of the Delta variant.

HAYWARD, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.0275 per share payable to shareholders of record on October 7, 2021. The dividend will be disbursed on or about October 29, 2021. This is the Company's 85th consecutive quarterly dividend. In addition, the Company has had ten special dividends.

Douglas R. Nichols, Chairman of the Board stated, “We maintain a bullish outlook on our financial position which continues to strengthen consistent with the growth in our sales and profits to date. By the end of this month, the Company will fully pay off ahead of schedule its $3.5M line of credit. Given all of this, we are confident in our decision to continue our tradition of rewarding our shareholders with another quarterly dividend.”

Tim Anderson, President and CEO commented, “While the effects of the Delta variant have us somewhat guarded in the near term, the Company's sales and profits to date continue to trend upward as we develop and implement transformative strategies which we believe will set up Armanino Foods for long-term growth. Given our financial resources, the strength of our brand, and proven track record of management excellence, we remain confident in our ability to achieve our vision for the Company.

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.

The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210927005296/en/

For further information, please contact:

Edgar Estonina

COO

(510) 441-9300

amnf@armaninofoods.com

Source: Armanino Foods of Distinction, Inc.

FAQ

What is the AMNF dividend amount and payment date?

Armanino Foods declared a dividend of $0.0275 per share, payable on or about October 29, 2021.

How many consecutive dividends has AMNF paid?

Armanino Foods has paid 85 consecutive quarterly dividends.

What financial measures has AMNF taken recently?

The company has successfully repaid a $3.5M line of credit ahead of schedule.

What challenges is AMNF currently facing?

The company is cautious in the near term due to the effects of the Delta variant on sales.