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Armanino Foods of Distinction, Inc. Increases Its Regular Quarterly Dividend by 9% to $.030 Per Share
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
dividends
Rhea-AI Summary
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) declared a quarterly cash dividend of $0.03 per share, marking a 9% increase from the previous dividend. The dividend is payable to shareholders on April 29, 2022, with a record date of April 5, 2022. This represents the company’s 87th consecutive quarterly dividend. The Board's decision reflects confidence stemming from record-breaking annual sales in 2021 and a strategic focus on growth. CEO Tim Anderson highlighted ongoing efforts to adapt through the pandemic, ensuring future profitability.
Positive
9% increase in quarterly dividend to $0.03 per share, the highest in company history.
87 consecutive quarterly dividends, demonstrating commitment to shareholders.
Record-breaking annual sales in 2021 indicate strong financial performance.
Company's strategic focus on new products, markets, and acquisitions supports growth.
Negative
Potential disruptions due to rising COVID-19 cases affecting sales distribution channels.
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, representing an increase of 9% from its prior quarterly dividend. The dividend will be payable to shareholders of record on April 5, 2022, and will be disbursed on or about April 29, 2022. This is the Company’s 87th consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the Board stated, “Due to our record-breaking annual sales in 2021 as well as our optimism regarding anticipated future results we remain confident in our Company’s ability to maintain its healthy financial condition. As a result, we are pleased to declare a 9% increase in our quarterly dividend representing the highest payout in our Company’s history.”
Tim Anderson, President, and CEO commented, “We continue to be pleased with our ability to successfully navigate through the impact of the pandemic and related economic challenges. Our success has been based on the development and implementation of our transformative strategy which we believe provides us the foundation for future growth and profitability for the long-term. Despite the rise in COVID cases over the past few months and associated disruption to our sales distribution channels we remain confident in our direction based on the momentum we have built.”
Anderson concluded, “Given the strength of our balance sheet, we are committed to strategically enhancing our operating model to better position the Company for sustained growth with a focus on 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.
