PARSIPPANY, N.J., Aug. 7, 2014 /PRNewswire/ -- Pinnacle Foods Inc. (NYSE: PF) announced today that its Board of Directors has approved an 11.9% increase in the Company's quarterly cash dividend, from $0.21 per share to $0.235 per share, effective with the Company's upcoming third quarter 2014 dividend. On an annualized basis, the new dividend increases to $0.94 per share, from the previous annualized rate of $0.84 per share.
The third quarter dividend is payable on October 7, 2014 to shareholders of record at the close of business on August 29, 2014.
Commenting on the announcement, Pinnacle Foods Chief Executive Officer Bob Gamgort stated, "The dividend increase announced today reflects our continuing strong cash flow performance and ongoing confidence in our business model. With this dividend increase, we have achieved the objective we established at the time of our IPO in March 2013 to maintain a dividend payout ratio of approximately 50% of net earnings."
About Pinnacle Foods
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is ranked on Fortune Magazine's 2014 Top 1000 companies list. We are a leading producer, marketer and distributor of high-quality branded food products, which have been trusted household names for decades. Headquartered in Parsippany, NJ, our business employs an average of 4,400 employees. We are a leader in the shelf-stable and frozen foods segments and our brands hold the #1 or #2 market position in 10 of the 13 major categories in which they compete. Our Duncan Hines Grocery Division manages brands such as Duncan Hines® baking mixes and frostings, Vlasic® and Vlasic Farmer's Garden® shelf-stable pickles, Wish-Bone® and Western® salad dressings, Mrs. Butterworth's® and Log Cabin® table syrups, Armour® canned meats, Brooks® and Nalley® chili and chili ingredients, Duncan Hines® Comstock® and Wilderness® pie and pastry fruit fillings and Open Pit® barbecue sauces. Our Birds Eye Frozen Division manages brands such as Birds Eye®, Birds Eye Steamfresh®, C&W®, McKenzie's®, and Freshlike® frozen vegetables, Birds Eye Voila!® complete bagged frozen meals, Van de Kamp's® and Mrs. Paul's® frozen prepared seafood, Hungry-Man® frozen dinners and entrees, Aunt Jemima® frozen breakfasts, Lender's® frozen and refrigerated bagels, and Celeste® frozen pizza. Our Specialty Foods Division manages Tim's Cascade Snacks®, Hawaiian® kettle style potato chips, Erin's® popcorn, Snyder of Berlin® and Husman's® snacks in addition to our food service and private label businesses. Further information is available at http://www.pinnaclefoods.com.
SOURCE Pinnacle Foods Inc.