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Armanino Foods of Distinction, Inc. Announces Regular Quarterly Dividend
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
dividends
Rhea-AI Summary
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) has declared a quarterly cash dividend of $0.0275 per share, payable to shareholders on January 4, 2022, with disbursement on or about January 24, 2022. This marks the company’s 86th consecutive quarterly dividend. The Board of Directors emphasized their confidence in the company's financial strength, highlighting its debt-free status and healthy working capital. Despite industry challenges, the company expects to exceed sales projections for the year.
Positive
Declared a quarterly cash dividend of $0.0275 per share.
Expecting to exceed sales projections despite industry challenges.
Negative
Industry challenges such as labor shortages and inflation could impact future performance.
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 January 4, 2022. The dividend will be disbursed on or about January 24, 2022. This is the Company’s 86th consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the Board, stated, “We remain confident in the Company’s management and the financial strength of Armanino Foods. The Company’s working capital is healthy, and aside from normal levels of trade payables, it is debt free. Its sales and profitability have consistently trended upward throughout 2021. As a result of the Company’s continued success, the Board of Directors is certain in its decision to declare another quarterly dividend.”
Tim Anderson, President and CEO, commented, “Material changes have taken place in the organization, which have helped us successfully weather the ongoing pandemic and economic challenges, while setting up the organization for record growth. We expect to exceed sales projections, while optimizing marketing and cost spend. In addition, despite labor shortages, inflation and logistics challenges that continue to plague our industry, Armanino is confident that sales will achieve record levels for the year.”
Anderson continued, “Given our financial resources, and the strength of our brand we remain committed to making investments to reposition the Company for recovery and sustained future growth with an eye towards new products, new markets, and potential acquisitions.”
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.
