Armanino Foods of Distinction Inc. (AMNF) will hike its quarterly dividend by 28.6 percent to $0.225 per share in 2021. Last year the food company cut its quarterly dividend by 36.4 percent to $0.0175 per share. Earlier in 2020 the Italian food products company had raised its quarterly dividend by 10.0 percent $0.0275 per share, marking the 15th consecutive year of dividend increases.
The dividend will be payable to shareholders of record on April 6, 2021 and will be disbursed on or about April 28, 2021. This is the Company’s 83rd consecutive quarterly dividend. In addition, the Company has had ten special dividends. The new annual dividend rate yields 3.0% at a stock price of $2.98.
Douglas R. Nichols, Chairman of the board stated, “The strength and resilience of our Company continues to be proven as we emerge from the ongoing macroeconomic situation. As a result, we are pleased to announce that we are increasing our dividend by 29% versus the previous three quarters. Despite the obstacles presented by the COVID-19 pandemic, the Company has been able to successfully weather this storm. By implementing tactics which have kept the Company profitable, the Company has paid down its debt ahead of schedule and grown its cash position. However, rather than returning to our pre-pandemic dividend rate of $0.0275 per share, we will continue to pay down our line of credit with the $160,000 in savings from the dividend reduction just as we have done in the past three quarters.”
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, Bolognese and Alfredo sauce. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas and meatballs.