ARMANINO FOODS OF DISTINCTION, INC. ANNOUNCES REGULAR QUARTERLY DIVIDEND AND INCREASE OF AMOUNT AVAILABLE TO REPURCHASE ITS COMMON STOCK
Dec 09, 2011
OTC Disclosure News Service
Hayward, CA –
Armanino Foods of Distinction, Inc. (Pink Sheets Symbol: AMNF) announced today that its board of directors has declared its regular quarterly cash dividend of $0.012 per share payable to shareholders of record January 3, 2012. The dividend will be disbursed on or about January 27, 2012. This dividend will be the Company’s 46th consecutive regular quarterly dividend. This dividend reflects the increased regular quarterly dividend amount that was raised from $0.01 to $0.012 in October 2011.
In addition the Company’s board of directors has authorized up to an additional $500,000 for the repurchase of shares of the Company’s common stock, making the Company’s aggregate authorization $2,500,000. Through November 30, 2011, the Company has repurchased 2,265,599 shares of its common stock for an aggregate purchase price of $1,711,391. The repurchase program will continue to be carried out in the open market through block trades or otherwise, or in privately negotiated transactions off the market, subject to 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. The repurchase program does not require the Company to acquire a specific number of shares and may be suspended from time-to-time or discontinued at any time. It is anticipated that the cost of any shares that are repurchased will be funded from the approximately $150,000 remaining amount available under the Company’s $2,000,000 credit facility or from cash reserves.
Douglas Nichols, Chairman of Armanino Foods stated, “The Company’s financial performance and condition continues to be strong. The board’s views regarding the various options for deploying our cash reserves and borrowing capacity have not changed. We will continue to manage our resources in a manner that we believe will maximize long term shareholder value.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pesto 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. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces, meatballs and Focaccia are also offered by Armanino Foods.
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