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 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.