Armanino Foods of Distinction, Inc. (Nasdaq:ARMF) announced Friday (21 September) that its board of directors has declared its regular quarterly cash dividend of 0.025 cents per share payable to shareholders of record October 5, 2001. The dividend will be disbursed on or about November 2, 2001. In addition, the Company announced that its Board of Directors has authorized up to $250,000 for the repurchase of shares of the Company’s common stock in the open market depending on market conditions. Any repurchases will be made at the discretion of management from time to time in compliance with Rule 10b-18 under the Securities Exchange Act of 1934.
William J. Armanino, President and CEO of Armanino Foods stated, “Although the economy is generally soft, and the recent world events have rattled the financial markets, we are confident in our Company’s continued ability to generate earnings sufficient to pay our regular quarterly dividend and maintain a strong balance sheet. Our board’s approval of a stock buy-back program also shows the board’s belief that the Company’s common stock is undervalued,” Armanino continued, “We will monitor market conditions closely and use our cash resources prudently under conditions we feel will be in the best interests of the Company and its shareholders.”
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.