HAYWARD, Calif.–(BUSINESS WIRE)–Armanino Foods of Distinction, Inc. (Nasdaq:ARMF – news) announced today that its board of directors has declared a special cash dividend of $0.15 per share together with its regular quarterly dividend of $0.025 per share payable to shareholders of record on December 26, 2001. The dividends, totaling $0.175, will be payable on or about January 21, 2002.
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William J. Armanino, President and CEO, stated “We are pleased to announce that our board has approved a special cash dividend in addition to our regular cash dividend. The board’s decision is another reflection of the continued strength of our balance sheet and our confidence in our future earnings and cash flow potential as we focus on expanding our core business and developing our meat products’ and pasta products’ business. Armanino added, ”These dividends will use only about 20% of the Company’s liquid resources allowing us to maintain our healthy balance sheet. We believe that approving these dividends will allow our shareholders to continue to share directly in our success and strong financial position.“
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, cooked meat and poultry products and foccacia to the retail, food service, club stores, and institutional food industry segments.
SOURCE: Armanino Foods of Distinction
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