Armanino Foods of Distinction, Inc. (OTCQX: AMNF) has declared a regular quarterly cash dividend of $0.0363 per share, marking its highest payout to date. This dividend will be payable to shareholders of record on January 8, 2025, with disbursement expected around January 27, 2025. This announcement signifies the company’s 98th consecutive quarterly dividend, complemented by eleven special dividends throughout its history.
Douglas R. Nichols, Chairman of the Board, emphasized the significance of maintaining this elevated dividend as a reflection of the company’s robust financial health and commitment to enhancing shareholder value. He stated, “This strategy represents our continued confidence in our financial position and our focus on providing shareholder value.” The recent upgrade to the OTCQX Market is anticipated to broaden investor exposure, further underscoring the company’s growth trajectory.
Nichols also highlighted that this transition to the OTCQX Market is a pivotal milestone in Armanino’s evolution as a company. He expressed optimism about management’s ability to deliver superior results both in the short and long term, citing the company’s strong operational performance as a foundation for this confidence.
In addition to announcing the dividend, Armanino Foods revealed a change in auditors, engaging MGO, LLC as its new auditing firm. This move is aligned with the company’s growth initiatives and reflects an ongoing commitment to operational excellence. While transitioning to MGO, Armanino will continue to collaborate with their existing auditor for support during the transition period.
Tim Anderson, President and CEO, reiterated the company’s focus on strengthening its financial position through market penetration and margin improvement. He noted that the company’s working capital has been steadily increasing due to strong operating performance. “This solid balance sheet enables us to provide increased value to our investors while maintaining financial flexibility,” Anderson stated.
The management team is also prioritizing investments in new capabilities and technologies aimed at enhancing operational performance and ensuring consistent product quality. This commitment aligns with their goal of meeting the evolving needs of both their diverse customer base and end consumers.
Armanino Foods specializes in manufacturing and marketing frozen Italian specialty food items across various markets including foodservice, retail, and industrial sectors. Their product lineup features a range of offerings such as classic Basil Pesto and other flavors like Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Chimichurri, Harissa, Bolognese, and Alfredo sauces. The company also provides an organic line that includes classic Basil Pesto along with cheese shakers, frozen pastas, and meatballs.
