Armanino Foods of Distinction, Inc. Maintains Its Regular Quarterly Dividend of $.033 Per Share

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 October 6, 2023, and will be disbursed on or about October 31, 2023. This is the Company’s 93rd consecutive quarterly dividend. In addition, the Company has had ten special dividends.

Douglas R. Nichols, Chairman of the Board stated, “The Board is confident in management’s ability to continue to outpace industry norms for strategic positioning, operational efficiency, and financial results. As a result, we remain committed to continue 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 anticipating that third quarter and year to date sales and profits will continue to exceed prior year’s record results. Significant progress has been made toward strategically strengthening our core business while simultaneously investing in new products and markets to meet evolving consumer needs. Armanino Foods is well-positioned to continue investing in diversified channels to capitalize on industry growth trends 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 including the reduction of COGS to help mitigate future economic headwinds.”

Anderson concluded, “Given the strength of our balance sheet, 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.