Armanino Foods of Distinction, Inc. Announces Departure of CEO, Tim Anderson
Mr. Douglas Nichols, Armanino's Chairman, stated, "Tim has been instrumental in leading Armanino through the pandemic and into a period of rapid and profitable growth. We credit him with many important strategic contributions that have placed the Company in a strong financial position and in an enviable position in the marketplace. I express our appreciation for Tim's work and commitment to the Company. We wish him the best in his future endeavors."
Mr. Nichols continued, "We have asked director James Ford to head a search committee of the board so we can identify a leader who can build on the strong foundation that Tim will be leaving us. That search will begin immediately. In the meantime, we are confident in Mr. Estonina's abilities to serve again in a transitional role as we search for Tim's replacement."
Tim Anderson, in his farewell message to the board stated, "I am tremendously proud of the team we have built at Armanino and the results we have delivered to shareholders. It was a very difficult decision to leave behind the people and the many opportunities that lie ahead for the Company."
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino's organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Cautionary Statements Regarding Forward-Looking Information
The declaration of cash dividends in the future, pursuant to the Company's dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company's financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.
Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are "forward-looking statements" as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128761920/en/
Contacts
Edgar EstoninaCOO/CFO(510) 441-9300amnf@armaninofoods.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Richard Smith nominated to FedEx board, opening succession path to CEO
Richard Smith, an executive at FedEx and son of the company's late founder, Fred Smith, has been nominated for the company's board of directors, setting the stage for Richard to follow in his father's footsteps as CEO. FedEx Corp. (NYSE: FDX) Chairman Brad Martin announced Richard Smith's nomination in a letter to stockholders. The company will hold its annual shareholder's meeting on Sept. 29. Richard Smith, 47, is currently chief operating officer for FedEx Express International and airline operations. He began his career at FedEx 20 years ago. He has held several high-level executive positions, including president and chief executive officer of Federal Express, regional president The Americas, and head of FedEx Logistics. Satish Jindel, a parcel industry veteran and president of ShipMatrix, said he believes the nomination is the first domino in a succession plan for Richard Smith to become CEO. Under his scenario, when Martin leaves FedEx Express in June 2026, as previously announced, to be chairman of a new publicly traded company created by the planned spin-off of FedEx Freight, current CEO Raj Subramaniam will also become chairman. At the same time, Richard Smith will become president and chief operating officer of FedEx Express for the U.S. and Canada, replacing John Smith (unrelated), who has been named to be CEO of FedEx Freight, the nation's largest less-than-truckload carrier. 'With freight gone and Richard having operating experience, he is being groomed' to eventually lead the company, Jindel told FreightWaves. 'He's got eight or nine months to produce some results in his current position, and once he's head of FedEx Express in two, three, or four years, he can become CEO like his father was.' Subramaniam, 59, has been CEO of FedEx Corp. since June 2022. He took over from Fred Smith, who stayed on as executive chairman until his death in June. Jindel has a track record of making correct predictions about FedEx. After John Smith was installed as head of FedEx Ground in early 2021, Jindel predicted that Richard Smith would be named CEO of FedEx Express. When Richard Smith took the job in March 2022, Jindel posted online that Subramaniam would become CEO and that Fred Smith would become executive chairman. 'There's a 12-year gap' between Richard Smith and Subramaniam. 'So there's plenty of time for Raj to stay as CEO and for Richard to become the chief operating officer and president, produce good results, and then move into that position,' said Jindel. 'This allows for Fred's legacy to continue,' which was the stated intention of many speakers at his ceremony celebrating his life on Aug. 11 at the FedEx Forum in Memphis, Tennessee, said Jindel. FedEx last year merged FedEx Ground into FedEx Express at the corporate level and is now in the process of integrating the two networks into a single, unified system to achieve greater efficiency. FedEx's revenue in fiscal year 2025, ended June 30, remained flat year over year at $87.9 billion. Operating income dipped $100 million to $6.1 billion. The company has seen volumes soften this year with the proliferation of U.S. tariffs and retaliation by other countries. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@ RELATED READING: FedEx fills out Freight executive team ahead of spinoff Fred Smith, FedEx founder and parcel industry pioneer, dies at 80 How Fred Smith built FedEx into the world's largest cargo airline The post Richard Smith nominated to FedEx board, opening succession path to CEO appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
20 minutes ago
- Business Wire
AM Best Affirms Credit Ratings of Saudi Arabian Insurance Company B.S.C. (c)
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of Saudi Arabian Insurance Company B.S.C. (c) (Damana) (Bahrain). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Damana's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The ratings also factor in the neutral impact from Damana's ultimate parent, Mawarid Holding Company. Damana's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was at the very strong level as at year-end 2023, as measured by Best's Capital Adequacy Ratio (BCAR). AM Best expects BCAR scores to have recovered substantially to the strongest level in 2024, and year-to-date 2025, following the disposal of a large equity holding. Damana's investment portfolio is now largely conservative and consists mostly of cash and deposits. An offsetting factor to the assessment is the company's reliance on reinsurance for high-value risks, which is a common trait in the region; however, credit risk is minimised by a panel of sound credit quality. Damana's operating performance is assessed as marginal. The company has struggled with negative underwriting results for several years due to high expenses arising from its operating model and substantially reduced business scale. Loss ratios have also been affected by material events, such as the COVID-19 pandemic and the 2024 Dubai floods. Year-on-year improvements in the expense ratio have led to reductions in combined ratios from their peak of 148% in 2021, though underwriting operations remain unprofitable. Over the medium term and as the business continues to grow into its expense base, underwriting results are expected to trend towards profitability. Investment returns supplement performance, with Damana generating solid returns from its conservatively invested portfolio. Damana has seen business volumes steadily increase year-on-year since it suffered a reduction of revenues in 2021, following regulatory restrictions imposed by the Central Bank of Bahrain on the company's operations within that country. AM Best expects this trend in revenue growth to continue into the next few years, supported by Damana's renewed focus on new lines of business beyond its core lines of motor and medical. This strategy does expose Damana to execution risk given the challenging and competitive conditions in its core markets of Bahrain, the United Arab Emirates, Oman and Kuwait. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Business Wire
20 minutes ago
- Business Wire
Nordson EFD Completes Eighth Job Shadowing Program with Polaris MEP
EAST PROVIDENCE, R.I.--(BUSINESS WIRE)-- Nordson EFD, a Nordson company (NASDAQ: NDSN), announced today it has completed its eighth year of support for the "Fast Track to Advanced Manufacturing" job shadowing program. Hosted by Polaris MEP and the Community College of Rhode Island (CCRI), this is a community-based program in its second year of support for the Jane Addams Resource Corporation (JARC-RI) training center in Providence, RI. The initiative aims to prepare individuals for careers in advanced manufacturing, with job shadowing being a key component of the hands-on experience in workforce training. Nordson EFD has been involved in local internships, facility tours, and hiring local Rhode Island students with the required technical skills for machining and other production jobs. The company partners with Fortune 500 companies and start-ups to solve the many challenges in assembly production with engineered dispensing technology. Polaris-CCRI Internship at Nordson EFD provides job shadowing opportunities and hands-on experience in workforce training. Share According to Polaris MEP, the Rhode Island manufacturing industry is experiencing a skills gap that translates to more available jobs than there are qualified workers. They estimate 3.5 million new skilled manufacturing jobs will be created in the next decade. "Fast Track to CNC Manufacturing" is a full-time 19-week program that introduces the fundamentals of manufacturing, safety, precision measurement and blueprint reading. Nordson EFD hosted 2 trainees from the last cohort as job shadow interns for three days a week, which adds a valuable applied learning component to the students' classroom and workshop education. Nordson EFD's precision fluid dispensing systems are manufactured at its East Providence, RI facility and utilized by various industries including medical device, electronics, and more. "My job shadow experience at Nordson EFD was a pleasant one,' stated Kudirat Aiyedun. 'I worked with engaging employees on the manufacturing floor who were all helpful and friendly. Some employees also helped me with ideas and training for my final project, which was Solid Works - ENGR 1030. I was instructed on how to read blueprints and operation sheets, as well as the use of a height gage, a micrometer and calipers. I was also taught how to set up a CNC milling machine during my internship. I enjoyed my time at Nordson EFD." "Nordson EFD has been an important employer partner since the inception of the program. They've opened their doors to our trainees, giving them hands on experience through job-shadowing opportunities,' states Aarin B. Clemons, Workforce Manager at Polaris MEP. 'We were among the first companies in Rhode Island to sign up with Polaris MEP to host and hire students participating in this mentorship program that prepares individuals for entry-level positions such as machinists/toolmakers and CNC operators,' states Scott Menko, Director of Operations, Nordson EFD. 'Job shadowing with industry professionals builds skills through practical learning, as students observe how tasks are performed in a real-world manufacturing environment. The networking aspect of the experience gives employers the opportunity to meet and nurture fresh talent with the potential to be hired after graduation.' About Nordson EFD Nordson EFD designs and manufactures precision fluid dispensing systems for benchtop assembly processes and automated assembly lines. By enabling manufacturers to accurately and consistently apply the same amount of assembly fluid to every part, EFD helps customers improve process control and throughput. In addition to producing high-quality fluid packaging syringe and cartridge systems, the company is also a leading formulator of specialty solder pastes for dispensing and printing applications. Nordson EFD is at the forefront of introducing Industry 4.0 efficiencies to the micro-dispensing marketplace, adding a new level of control and connectivity to its micro-dispensing solutions. Serving a wide variety of industries for more than 60 years, Nordson EFD has offices, application laboratories and technical support staff in 30 countries worldwide. To learn more, visit and follow us at About Nordson Corporation Nordson engineers, manufactures, and markets differentiated products and systems used for dispensing and processing adhesives, coatings, polymers, sealants and biomaterials; and for managing fluids, testing and inspecting for quality, treating surfaces and curing. These products are supported with extensive application expertise and direct global sales and service. We serve a wide variety of consumer non-durable, consumer durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, building and construction, and general product assembly and finishing. Founded in 1954 and headquartered in Westlake, Ohio, the company has operations and support offices in more than 30 countries. Visit Nordson on the web at
