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 July 8, 2022, and will be disbursed on or about July 30, 2022. This is the Company’s 88th consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the Board stated, “Due to our recent past performance and our anticipated pace of sales and profits we remain confident about our Company’s financial position. As a result, we are pleased to declare a quarterly dividend at the previous quarterly rate representing the highest dividend payout in our company’s history. On a separate note, we are sorry to report that Jim Gillis has decided to step down from our Board to pursue transcontinental opportunities. We appreciate his contributions and wish him well in his many endeavors.”
Tim Anderson, President, and CEO commented, “We are projecting record Q2 and first half results with significant increases in sales and profits with results considerably ahead of previous record quarter and six months. While Armanino has seen significant economic headwinds, the net effects have been mitigated by anticipated record sales and profit growth. We are confident in our ability to continue to navigate through the current economic environment and other market conditions due to the successful strategies put in place during the height of the pandemic that build upon our high quality products, large customer base and excellent customer relations.”
Anderson concluded, “Based on the strength of our financial performance and balance sheet to date, we remain 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.
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