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 January 4, 2021 and will be disbursed on or about January 25, 2021. This is the Company’s 82nd 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. Our balance sheet continues to remain strong. We are still confident that we are well positioned financially to continue to weather the pandemic into the next year, and strategically invest in diversified channels to capitalize on growth trends. 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 just as we have done in the past two quarters.”
Tim Anderson, President and CEO commented, “While we continue to position the Company for recovery driven by the transformative impact of COVID-19, significant progress has been made to build a stronger foundation and organizational structure that will better position our company to withstand macro-level pressures, and ultimately set the organization up for growth. However, we remain guarded on the near future outlook as the dynamic nature of the pandemic limits our ability to estimate the full financial impact with reasonable accuracy. The recent resurgence of COVID-19 cases illustrates this point. Regardless, we are confident that with our financial resources, the strength of our brand, and proven track record of management excellence, we will be able to achieve our long-term vision for the Company despite the current economic environment.”
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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