Armanino Foods of Distinction, Inc. Increases Its Regular Quarterly Dividend by Approximately 22% to $0.0275 Per Share

Rhea-AI Summary

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) has declared a quarterly cash dividend of $0.0275 per share, marking a 22% increase from the previous quarter. This dividend is payable to shareholders on July 28, 2021, with a record date of July 8, 2021. This announcement signifies the company’s 84th consecutive quarterly dividend. Management expresses confidence in the company’s resilience and growth, citing improving sales and profits as the economy recovers. Investments in new products and markets are also planned to ensure sustained growth.

Positive

• Quarterly cash dividend raised by 22% to $0.0275 per share.
• 84th consecutive quarterly dividend showing strong shareholder return.
• Sales and profits have improved as the economy recovers, indicating a positive trend.
• Plans for investments in new products and markets to drive future growth.

Negative

• None.

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today announced that its Board of Directors has declared a quarterly cash dividend of $0.0275 per share, representing an increase of approximately 22% from its prior quarter dividend. The dividend will be payable to shareholders of record on July 8, 2021, and will be disbursed on or about July 28, 2021. This is the Company’s 84^th consecutive quarterly dividend. In addition, the Company has had ten special dividends.

Douglas R. Nichols, Chairman of the Board, stated, “Based on our current financial metrics, we remain confident in the resilience of our Company. As a result, we are pleased to announce that we are increasing our dividend by 22%. This is the second consecutive quarter that we have increased the Company’s dividend, which is now back to its pre-pandemic level.”

Tim Anderson, President and CEO, commented, “Sales and profits continue to improve since the beginning of the pandemic driven by the opening of the economy and progress in executing against our key growth strategies. We anticipate that our quarter over quarter sales and profits will reflect growth for a fourth quarter in a row since Q2’20. In addition, we continue to control our overall costs and expenses across all functions with significant declines in promotional expenses.”

Anderson continued, “We will continue to make investments to reposition the Company for recovery and sustained future growth with an eye towards new products, new markets, and potential acquisitions. 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 long‐term vision for the Company.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures, and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. 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/20210628005221/en/

FAQ

What is the new dividend amount for AMNF?

The new dividend amount for AMNF is $0.0275 per share, reflecting a 22% increase.

When will the AMNF dividend be paid?

The AMNF dividend will be paid on July 28, 2021, to shareholders of record on July 8, 2021.

How many consecutive dividends has AMNF paid?

AMNF has paid its 84th consecutive quarterly dividend.

What factors are driving AMNF's growth?

AMNF's growth is driven by improving sales and profits as the economy opens up and the execution of key growth strategies.

What is AMNF's plan for future growth?

AMNF plans to invest in new products, new markets, and potential acquisitions for future growth.