Armanino Foods of Distinction, Inc. Increases Its Regular Quarterly Dividend by Approximately 22% to $0.0275 Per Share

HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today announced that its Board of Directors has declared a quarterly cash dividend of $0.0275 per share, representing an increase of approximately 22% from its prior quarter dividend. The dividend will be payable to shareholders of record on July 8, 2021, and will be disbursed on or about July 28, 2021. This is the Company’s 84^th consecutive quarterly dividend. In addition, the Company has had ten special dividends.

Douglas R. Nichols, Chairman of the Board, stated, “Based on our current financial metrics, we remain confident in the resilience of our Company. As a result, we are pleased to announce that we are increasing our dividend by 22%. This is the second consecutive quarter that we have increased the Company’s dividend, which is now back to its pre-pandemic level.”

Tim Anderson, President and CEO, commented, “Sales and profits continue to improve since the beginning of the pandemic driven by the opening of the economy and progress in executing against our key growth strategies. We anticipate that our quarter over quarter sales and profits will reflect growth for a fourth quarter in a row since Q2’20. In addition, we continue to control our overall costs and expenses across all functions with significant declines in promotional expenses.”

Anderson continued, “We will continue to make investments to reposition the Company for recovery and sustained future growth with an eye towards new products, new markets, and potential acquisitions. Given our financial resources, the strength of our brand, and proven track record of management excellence, we remain confident in our ability to achieve our long‐term vision for the Company.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures, and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.

The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).