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 $0.033 per share. The dividend will be payable to shareholders of record on January 8, 2024 and will be disbursed on or about January 26, 2024. This is the Company’s 94th consecutive quarterly dividend. In addition, the Company has had ten special dividends.

Douglas R. Nichols, Chairman of the Board stated, “The Board continues to remain confident in management’s continued ability to outpace industry norms, generate operational efficiencies, and produce historically high results. As a result of our record-breaking performance, we remain committed to supporting the current quarterly dividend of $0.033 per share which represents the highest dividend payout on a per-share basis in our Company’s history.”

Tim Anderson, President, and CEO commented, “We are confident in our ability to continue delivering industry-leading operating and financial results. We have made significant progress in strategically strengthening our core business, penetrating new markets, and meeting and exceeding the evolving needs of our customers. Armanino Foods continues to be financially well-positioned to continue investing in diversified channels to capitalize on industry growth trends through organic growth initiatives and to pursue financially accretive opportunities in adjacent markets. In addition, we are confident that our current capital expenditure project will continue to improve our manufacturing processes and increase cost efficiencies.”

Anderson concluded, “Finally, the strength of our balance sheet provides us the ability to invest for the long-term in order to grow sales profitability, focus on new product development, explore new markets, and pursue potential acquisition opportunities.”

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 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.

Cautionary Statements Regarding Forward-Looking Information

The declaration of cash dividends in the future, pursuant to the Company’s dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.

Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are “forward-looking statements” as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with customers and group purchasing organizations; the Company’s ability to increase or maintain the highest margin portions of the Company’s business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.

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