Flowers Foods Announces Three-for-Two Stock Split And Increases Annual Dividend Rate At Shareholders Meeting
THOMASVILLE, Ga., May 22, 2013 /PRNewswire/ -- Prior to the Flowers Foods (NYSE: FLO) annual shareholders meeting today, the company's board of directors declared a three-for-two split of the company's stock by means of a 50% stock dividend and also increased the annual cash dividend by $.035. This equates to a 5.5% increase over the previous dividend rate. Both the stock split and the dividend are payable on June 19, 2013, to shareholders of record on June 5, 2013.
Following the split, Flowers shareholders will own three shares for every two shares they held on the record date and the quarterly dividend rate will be $.1125 per share, or $.45 per share on an annualized basis.
The board is confident in the company's future performance, according to George E. Deese, Executive Chairman. "The board believes Flowers Foods is in an excellent position to reward our shareholders with an increased dividend, allowing our investors to continue participating in the company's success over the long term," he said. "In addition, the stock split will increase the liquidity of our stock and attract new shareholders."
Allen L. Shiver, president and newly elected CEO, cited Flowers' operational and marketplace performance as one of the reasons the leadership team has confidence in the company's future. "Our long-term strategy of investing in our bakeries, brands, products, and our team has created competitive advantages that are helping us deliver record results," he said.
During the shareholders meeting today, members of management will review the company's operating strategies and financial performance. The meeting is being broadcast live at 11:00 a.m. Eastern on www.flowersfoods.com and also will be archived on the website.
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of fresh packaged bakery foods in the United States with 2012 sales of $3.1 billion. Flowers operates 44 bakeries that produce a wide range of bakery products. Among the company's top brands are Nature's Own and Tastykake. Learn more at www.flowersfoods.com.
Forward Looking Statements
Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) competitive conditions in the baked foods industry, including promotional and price competition, (b) changes in consumer demand for our products, (c) the success of productivity improvements and new product introductions, (d) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (e) fluctuations in commodity pricing, (f) our ability to fully integrate recent acquisitions into our business, and (g) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value. In addition, our results may also be affected by general factors such as economic and business conditions (including the baked foods markets), interest and inflation rates and such other factors as are described in the company's filings with the Securities and Exchange Commission.
SOURCE Flowers Foods, Inc.