HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today announced that its board of directors has declared a regular quarterly cash dividend of $0.0225 per share representing an increase of approximately 29% from its most recent three quarterly dividends. The dividend will be payable to shareholders of record on April 6, 2021 and will be disbursed on or about April 28, 2021. This is the Company’s 83rd consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the board stated, “The strength and resilience of our Company continues to be proven as we emerge from the ongoing macroeconomic situation. As a result, we are pleased to announce that we are increasing our dividend by 29% versus the previous three quarters. Despite the obstacles presented by the COVID-19 pandemic, the Company has been able to successfully weather this storm. By implementing tactics which have kept the Company profitable, the Company has paid down its debt ahead of schedule and grown its cash position. However, rather than returning to our pre-pandemic dividend rate of $0.0275 per share, we will continue to pay down our line of credit with the $160,000 in savings from the dividend reduction just as we have done in the past three quarters.”
Tim Anderson, President and CEO commented, “We are pleased to start 2021 with anticipated quarter over quarter sales and profit growth. We are on track with our plans to position the Company for recovery from the impact of COVID-19, while also continuing to strategically invest in diversified channels to capitalize on growth trends as demonstrated by our growth in sales and profits in the past three consecutive quarters. This growth was largely attributable to our ability to control our costs and expenses throughout our organization. Specifically, this included focused efforts to control our promotional and G&A spending. Furthermore, investments in technology to improve manufacturing efficiencies continue to reduce our relative production costs. We also continued to benefit from various cost cutting measures put in place since the beginning of the COVID-19 pandemic.”
Anderson continued, “The effects of the second surge of COVID-19 cases are easing with fewer weekly infections, lifting of state and local government restrictions and warmer weather. These conditions are resulting in an improvement in overall sales, but particularly to our Foodservice customers. We have also found that our customers are building their inventories in anticipation of future sales. We will continue to make investments to reposition the Company for recovery from the current economic environment for 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 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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