The J. M. Smucker Company Declares Dividend and Announces Annual Meeting Date and Share Repurchase Update
ORRVILLE, Ohio, April 11, 2014 /PRNewswire/ -- The Board of Directors of The J. M. Smucker Company (NYSE: SJM) declared a $0.58 per share dividend on the common shares of the Company to be paid on Monday, June 2, 2014, to shareholders of record at the close of business on Friday, May 16, 2014.
The Company also announced that its annual meeting of shareholders will be held on Wednesday, August 13, 2014. The meeting will be held at 11:00 a.m., Eastern Time, at the Fisher Auditorium, Ohio Agricultural Research and Development Center, 1680 Madison Avenue, Wooster, Ohio. Shareholders of record at the close of business on Monday, June 16, 2014, will be entitled to notice of the annual meeting and to vote on matters considered at the meeting.
During the fourth quarter of fiscal 2014, the Company completed the repurchase of 2,850,000 common shares under the Rule 10b5-1 trading plan entered into on February 19, 2014, and, as a result, has approximately 5,000 common shares remaining available for repurchase under its January 2013 Board authorization. In other actions, the Board increased the Company's share repurchase authorization by 5,000,000 common shares. Future share repurchases will occur at management's discretion, and there is no guarantee as to the exact number of shares that may be repurchased.
About The J. M. Smucker Company
For more than 115 years, The J. M. Smucker Company has been committed to offering consumers quality products that bring families together to share memorable meals and moments. Today, Smucker is a leading marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and natural foods products in North America. Its family of brands includes Smucker's®, Folgers®, Dunkin' Donuts®, Jif®, Crisco®, Pillsbury®, Eagle Brand®, R.W. Knudsen Family®, Hungry Jack®, Cafe Bustelo®, Cafe Pilon®, truRoots®, White Lily® and Martha White® in the United States, along with Robin Hood®, Five Roses®, Carnation® and Bick's® in Canada. The Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. For more information about the Company, visit www.jmsmucker.com.
The J. M. Smucker Company is the owner of all trademarks referenced herein, except for the following, which are used under license: Pillsbury® is a trademark of The Pillsbury Company, LLC; Carnation® is a trademark of Societe des Produits Nestle S.A.; and Dunkin' Donuts® is a registered trademark of DD IP Holder LLC.
Dunkin' Donuts® brand is licensed to The J. M. Smucker Company for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, and drug stores. This information does not pertain to Dunkin' Donuts® coffee or other products for sale in Dunkin' Donuts® restaurants.
The J. M. Smucker Company Forward-Looking Language
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by those forward-looking statements. Readers should understand that the risks, uncertainties, factors, and assumptions listed and discussed in this press release, including the following important factors and assumptions, could affect the future results of the Company and could cause actual results to differ materially from those expressed in the forward-looking statements:
- the ability of the Company to obtain any required financing;
- the timing and amount of capital expenditures, share repurchases, and restructuring costs;
- other factors affecting share prices and capital markets generally; and
- risks related to other factors described under "Risk Factors" in other reports and statements filed by the Company with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.
Readers are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when evaluating the information presented in this press release. The Company does not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.
SOURCE The J. M. Smucker Company