Pinnacle Foods Inc. Announces 17% Increase in Quarterly Dividend
PARSIPPANY, NJ (November 18, 2013) – Pinnacle Foods Inc. (NYSE: PF) announced today that its Board of Directors has approved a 16.7% increase in the Company's quarterly cash dividend, from $0.18 per share to $0.21 per share, effective with the upcoming fourth quarter 2013 dividend. On an annualized basis, the new dividend increases to $0.84 per share, from the previous $0.72 per share.
The fourth quarter dividend is payable on January 10, 2014 to shareholders of record at the close of business on December 2, 2013.
Commenting on the announcement, Pinnacle Chief Executive Officer Bob Gamgort stated, "The recent completion of our acquisition of Wish-Bone, which we expect to be highly accretive, has prompted us to review our quarterly dividend payment. The increase we are announcing today reflects the expected benefit of Wish-Bone and our strong operating cash flow performance since going public earlier this year. Our significant free cash flow generated from our business model enables us to create shareholder value through dividends, debt reduction and business reinvestment."
About Pinnacle Foods Inc.
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is a Top 1000 Company as ranked by Fortune Magazine. 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 12 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 entrées, 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 Group Inc.
Maria Sceppaguercio, Senior Vice President, Investor Relations, Pinnacle Foods Inc., 973-541-8629