Armanino Foods of Distinction, Inc. Announces Regular Quarterly Dividend

Rhea-AI Summary

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) has declared a quarterly cash dividend of $0.03 per share, with a record date of October 7, 2022 and a payment date on or about October 31, 2022. This marks the company’s 89th consecutive quarterly dividend. The company is projected to achieve record-breaking sales and profits for Q3, although ongoing inflationary pressures are expected to impact costs. The Board expresses confidence in the company’s financial position and commitment to shareholder returns.

Positive

• Quarterly cash dividend of $0.03 per share declared.
• Company projects record-breaking quarterly and year-to-date sales.
• 89th consecutive quarterly dividend demonstrates financial stability.

Negative

• Inflationary pressures expected to negatively affect cost of goods sold.

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 $0.03 per share. The dividend will be payable to shareholders of record on October 7, 2022 and will be disbursed on or about October 31, 2022. This is the Company’s 89th consecutive quarterly dividend. In addition, the Company has had ten special dividends.

Douglas R. Nichols, Chairman of the Board stated, “The Company’s financial position remains strong, and we are confident in Management’s ability to continue to navigate through industry-wide economic headwinds. As a result, the Company’s Board of Directors is confident in our ability to continue to provide our shareholders with a regular quarterly dividend at the previous quarterly rate.”

Tim Anderson, President, and CEO commented, “We are projecting continued record-breaking quarterly and year-to-date sales and profits for the third quarter. Year-to-date sales through the end of this quarter are expected to approach full year sales from last year indicating continued sales momentum. However, the impacts of sustained inflationary pressures are expected to continue to negatively affect our cost of goods sold, offset slightly by other controllable costs. Overall, we continue to believe our success in the first two quarters of this year will continue.

Anderson concluded, “We remain committed to making appropriate investments in our efforts to grow sales profitably with a focus on new products, new markets, operational efficiencies, 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.

Cautionary Statements Regarding Forward-Looking Information

The declaration of cash dividends in the future, pursuant to the Company’s dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.

Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are “forward- looking statements” as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with customers and group purchasing organizations; the Company’s ability to increase or maintain the highest margin portions of the Company’s business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain the COVID-19 pandemic; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.

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/20220926005274/en/

Edgar Estonina

CFO

(510) 441-9300

amnf@armaninofoods.com

Source: Armanino Foods of Distinction, Inc.

FAQ

What is the dividend amount declared by AMNF?

Armanino Foods has declared a quarterly cash dividend of $0.03 per share.

When is the dividend payment date for AMNF?

The dividend will be payable on or about October 31, 2022.

How many consecutive dividends has AMNF paid?

AMNF has paid 89 consecutive quarterly dividends.

What financial projections does AMNF have for the third quarter?

AMNF projects record-breaking quarterly and year-to-date sales and profits for Q3.

Is the dividend declared by AMNF sustainable?

While the company is confident in its financial position, future dividends depend on financial performance and available cash resources.