Armanino Foods of Distinction, Inc. to Increase Its Regular Quarterly Dividend by 10% to $.0363, as Well as Issue a Special Dividend of $.10 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 $0.0363 per share, an increase of 10%, plus a special dividend of $0.10 per share. The dividends will be payable to shareholders of record on April 5, 2024 and will be disbursed on or about April 29, 2024. This is the Company’s 95th consecutive quarterly dividend. In addition, the Company has had eleven special dividends.

Douglas R. Nichols, Chairman of the Board stated, “We continue to be committed to increasing investor value so our Board is pleased to announce a special $0.10 per share dividend as well as a 10% increase in our quarterly dividend. Our quarterly dividend now represents the highest payout in our history on a per share basis. Both these decisions underscore our confidence in management’s ability to continue to operate at high levels and produce strong results for the long-term.”

Tim Anderson, President, and CEO commented, “We continue to make significant progress in strategically strengthening our core business, penetrating new markets, and meeting and exceeding the evolving needs of our customers. Our financial position is strong and affords us the opportunity to enhance our investments in diversified channels through organic growth initiatives and to pursue financially accretive opportunities in adjacent markets. In addition, we continue to review potential acquisition opportunities to strengthen our existing capabilities and grow in new categories.”

Anderson concluded, “Our strong cash position provides us the ability to directly share our success with our investors without materially impacting our financial flexibility to continue to meet the evolving needs of our customers and ultimately, the consumers of our products.”

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.