Armanino Foods of Distinction, Inc. (NASDAQ Small Cap Symbol: ARMF) announced today that its board of directors has declared a cash dividend of 5 cents per share payable to shareholders of record September 30, 2000. The dividend will be disbursed on or about October 31, 2000. The board further announced that this dividend initiates a quarterly dividend program for the company which the board expects to continue each quarter for the foreseeable future.
William J. Armanino, President and CEO of Armanino Foods stated, “We have had six straight quarters in which our earnings have exceeded the comparable quarters of the prior year. We are confident that earnings sufficient to fund a dividend program will continue. In addition, our strong cash position coupled with no debt puts us in a very secure financial position.”
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Armanino continued, “Our current plant has the potential capacity to handle our near and long range growth plan so we are not anticipating heavy capital expenditures in the near future. Based on our current cash position and our state of the art manufacturing plant, we feel it is time to establish a quarterly dividend program so that our shareholders can share in the company’s success. We do not believe that establishing this program will prevent the company from reinvesting in itself or taking advantage of other strategic investment opportunities which may present themselves and which fit our focused business plan.”
Armanino Foods of Distinction, Inc. is an international authentic Italian food company that manufactures and markets an array of frozen pestos and sauces, filled pasta products, sauced entrees, meatballs and foccacia to the retail, food service, club stores, and institutional food industry segments.
This press release contains forward looking statements within the meaning of U.S. securities laws, including statements regarding the Company’s goals and growth prospects. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures on existing products, and the timing and market acceptance of new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current pricing, and the risk factors listed from time-to-time in the Company’s annual and quarterly SEC reports. The Company assumes no obligation to update the information included in this press release.
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