Armanino Foods of Distinction Inc. (AMNF.PK)
Company increased their dividend so our penny stock now yields 6%. They are also buying back more shares. To date they have bought back 6.25% of their outstanding shares. Their new buy back announcement today for $2M when completed would represent the purchase of 7.25% of outstanding shares.
ARMANINO FOODS OF DISTINCTION, INC., UPS REGULAR QUARTERLY DIVIDEND BY 20% AND CONTINUES STOCK BUY BACK PROGRAM
Sep 22, 2011
OTC Disclosure & News Service
Hayward, CA -
Armanino Foods of Distinction, Inc. (Pink Sheets: AMNF) today declared an increased regular quarterly dividend of $0.012 per share. This new level is an increase of 20% from the prior regular quarterly dividend amount of $0.01. The dividend will be payable on or about October 28, 2011 to shareholders of record October 3, 2011. This dividend will be the Company’s 45th consecutive quarterly dividend. In addition, the Company has had nine special dividends.
Douglas R. Nichols, Chairman of the Board stated, “We are having an exceptional year and think we should reward our shareholders accordingly. Our balance sheet remains very strong.”
In addition, Mr. Nichols stated that the Company has continued its stock repurchases in the open market and that it has recently repurchased 300,000 shares of its common stock in a private block trade transaction from an unrelated non-affiliate stockholder. To date, since the inception of its stock repurchase program in September 2010, the Company has repurchased 2,064,742 shares of its common stock for an aggregate purchase price of $1,552,936. The Company has utilized its available line of credit to consummate these repurchases. After the shares acquired in the block trade transaction and other repurchase transactions previously conducted in the open market have been retired, the Company will have 33,053,038 shares outstanding. The Company’s board of directors has established $2,000,000 as the aggregate purchase authorization for the program. 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.
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 and Roasted Garlic. Armanino’s Light Basil Pesto and Armanino’s Organic line includes classic Basil Pesto. Frozen Pastas, Sauces, Meatballs and Focaccia are also offered by Armanino Foods.
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Company continues to grow, is selling just a bit more than a 10 PE and continues to pay a 6% dividend with their announcement today.
EKS |
