Armanino Foods of Distinction, Inc. announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.0363 per share. The dividend will be payable to shareholders of record on July 5, 2024, with distribution scheduled for on or about July 26, 2024. This marks the Company’s 96th consecutive quarterly dividend, supplemented by eleven special dividends.
Furthermore, the Board has authorized an increase in the Company’s dormant stock buyback program, allowing for the purchase of up to $7 million in additional shares of common stock through open market transactions, block trades, or private agreements, subject to applicable legal requirements. The program is flexible, permitting adjustments or termination at the Board’s discretion. Since its inception in 2010, the program has led to the repurchase and retirement of 3,102,135 shares at a total cost of $2,394,294.
Douglas R. Nichols, Chairman of the Board, affirmed, “We’re committed to maximizing shareholder value by maintaining our highest-ever per-share quarterly dividend and expanding our stock buyback program. These actions reflect our confidence in management’s ability to sustain strong operational performance.”
Tim Anderson, President and CEO, added, “Our strategic efforts to enhance core business capabilities, improve margins, and explore new markets are progressing well. With a robust financial position, we’re poised to pursue growth through organic initiatives and strategic acquisitions.”
Anderson concluded, “Our solid financial footing enables us to deliver ongoing value to shareholders while supporting our customers and consumers.”
Disclaimer: This announcement contains forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially. For more detailed information, visit the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
