Armanino Foods of Distinction, Inc. Announces Regular Quarterly Dividend
HAYWARD, Calif.--(BUSINESS WIRE)--Dec 19, 2022--
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 January 3, 2022 and will be disbursed on or about January 23, 2023. This is the Company’s 90th consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the Board stated, “The Company continues to outperform expectations and industry norms. Overall, we remain confident in Management’s ability to continue to perform at a high level and navigate through industry-wide economic headwinds. As a result, the Company’s Board of Directors will provide our shareholders with a regular quarterly dividend at the previous quarterly rate.”
Tim Anderson, President, and CEO commented, “We are projecting the highest total year revenue and profits on record and expect sales to significantly outpace prior year results. However, the impacts of sustained inflationary pressures are expected to continue to negatively impact our cost of goods sold (COGS). We expect, though, to offset the higher COGS to some degree by additional reductions in some of our controllable expenses. Overall, we are pleased with our total year results thus far.”
Anderson concluded, “We remain committed to making appropriate investments in our efforts to grow sales profitably with a focus on new products, new markets, operational efficiencies, 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.
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 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 the COVID-19 pandemic; 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.
The best source of information on the company is the OTC Markets website ( http://www.otcmarkets.com/stock/AMNF/company-info ).
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CONTACT: Edgar Estonina
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Armanino Foods of Distinction, Inc.
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PUB: 12/19/2022 08:00 AM/DISC: 12/19/2022 08:02 AM