HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today announced that its board of directors has declared a quarterly cash dividend of $0.0175 per share. The dividend will be payable to shareholders of record on October 1, 2020 and will be disbursed on or about October 26, 2020. This is the Company’s 81st consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the board stated, “Armanino Foods is pleased that we are able to continue our proud tradition of rewarding our shareholders with another quarterly dividend as we are confident that the worst of the COVID 19 effects are behind us and our current positive financial results will continue. Similar to what we did in the prior quarter, rather than resume paying our dividend at our previous rate of $0.0275 per share, we will pay down our line of credit with the $320,000 in savings from the dividend reduction.”
Tim Anderson, President and CEO commented, “Starting in June 2020, the Company has achieved a consistent month over month growth in our sales and profitability. We expect this trend to continue through the end of the third quarter ending September 30, 2020. A surge in sales orders this month have prompted us to increase production to fulfill the demand. With the increase in sales and along with it margins, as well as multiple cost cutting measures, we have enough working capital to continue to fund our operations, while at the same time embarking upon a series of growth initiatives beyond our current business model. We are confident that given our financial resources, the strength of our brand, and our proven track record of management excellence, that we will be successful in executing these initiatives. However, we remain guarded in providing guidance on our financial outlook for the remainder of this year due to unprecedented uncertainty regarding the COVID 19 pandemic.”
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.
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