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Brown-Forman Increases Cash Dividend 9.3%

  Brown-Forman Increases Cash Dividend 9.3%

Business Wire

LOUISVILLE, Ky. -- November 15, 2012

Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) announced today that its
Board of Directors increased its quarterly cash dividend on its Class A and
Class B Common Stock by 9.3% to 25½ cents per share from the prior quarter’s
23⅓ cents per share. As a result, the indicated annual cash dividend will rise
from 93⅓ cents per share to $1.02 per share.

Stockholders of record on December 5, 2012 will receive their quarterly cash
dividend on December 26, 2012.

This marks Brown-Forman’s 67^th consecutive year of quarterly dividends and
the 29^th consecutive year it has increased the annualized dividend.
Brown-Forman is part of the prestigious Standard & Poor’s 500 Dividend
Aristocrats Index which is comprised of an elite list of only 51 companies
that have consistently increased their cash dividend every year for over 25
years.

Paul Varga, Chief Executive Officer said, “This dividend increase reflects our
focus on providing superior returns to our shareholders over time and is
indicative of the excellent health of our company and our continuing prospects
for growth.”

For more than 140 years, Brown-Forman Corporation has enriched the experience
of life by responsibly building fine quality beverage alcohol brands,
including Jack Daniel’s Tennessee Whiskey, Southern Comfort, Finlandia, Jack
Daniel’s & Cola, Canadian Mist, Korbel, Gentleman Jack, el Jimador, Herradura,
Sonoma-Cutrer, Chambord, New Mix, Tuaca, and Woodford Reserve. Brown-Forman’s
brands are supported by nearly 4,000 employees and sold in approximately 160
countries worldwide. For more information about the Company, please visit
http://www.brown-forman.com/.

Important Information on Forward-Looking Statements:

This report contains statements, estimates, and projections that are
"forward-looking statements" as defined under U.S. federal securities laws.
Words such as “aim,” “anticipate,” “aspire,” “believe,” “envision,”
“estimate,” “expect,” “expectation,” “intend,” “may,” “plan,” “potential,”
“project,” “pursue,” “see,” “will,” “will continue,” and similar words
identify forward-looking statements, which speak only as of the date we make
them. Except as required by law, we do not intend to update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise. By their nature, forward-looking statements involve
risks, uncertainties and other factors (many beyond our control) that could
cause our actual results to differ materially from our historical experience
or from our current expectations or projections. These risks and other factors
include, but are not limited to:

  *declining or depressed global or regional economic conditions,
    particularly in the Euro zone; political, financial, or credit or capital
    market instability; supplier, customer or consumer credit or other
    financial problems; bank failures or governmental debt defaults
  *failure to develop or implement effective business, portfolio and brand
    strategies, including the increased U.S. penetration and international
    expansion of Jack Daniel’s Tennessee Honey, innovation, marketing and
    promotional activity, and route-to-consumer
  *unfavorable trade or consumer reaction to our new products, product line
    extensions, price changes, marketing, or changes in formulation, flavor or
    packaging
  *inventory fluctuations in our products by distributors, wholesalers, or
    retailers
  *competitors’ consolidation or other competitive activities such as pricing
    actions (including price reductions, promotions, discounting, couponing or
    free goods), marketing, category expansion, product introductions, entry
    or expansion in our geographic markets
  *declines in consumer confidence or spending, whether related to the
    economy (such as austerity measures, tax increases, high fuel costs, or
    higher unemployment), wars, natural or other disasters, weather,
    pandemics, security concerns, terrorist attacks or other factors
  *changes in tax rates (including excise, sales, VAT, tariffs, duties,
    corporate, individual income, dividends, capital gains) or in related
    reserves, changes in tax rules (e.g., LIFO, foreign income deferral, U.S.
    manufacturing and other deductions) or accounting standards, and the
    unpredictability and suddenness with which they can occur
  *governmental or other restrictions on our ability to produce, import,
    sell, price, or market our products, including advertising and promotion
    in either traditional or new media; regulatory compliance costs
  *business disruption, decline or costs related to organizational changes,
    reductions in workforce or other cost-cutting measures
  *lower returns or discount rates related to pension assets, interest rate
    fluctuations, inflation or deflation
  *fluctuations in the U.S. dollar against foreign currencies, especially the
    euro, British pound, Australian dollar, Polish zloty or Mexican peso
  *changes in consumer behavior or preferences and our ability to anticipate
    and respond to them, including societal attitudes or cultural trends that
    result in reduced consumption of our products; reduction of bar,
    restaurant, hotel or other on-premise business or travel
  *consumer shifts away from spirits or premium-priced spirits products;
    shifts to discount store purchases or other price-sensitive consumer
    behavior
  *distribution and other route-to-consumer decisions or changes that affect
    the timing of our sales, temporarily disrupt the marketing or sale of our
    products, or result in implementation-related or higher fixed costs
  *effects of acquisitions, dispositions, joint ventures, business
    partnerships or investments, or their termination, including acquisition,
    integration or termination costs, disruption or other difficulties, or
    impairment in the recorded value of assets (e.g. receivables, inventory,
    fixed assets, goodwill, trademarks and other intangibles)
  *lower profits, due to factors such as fewer or less profitable used barrel
    sales, lower production volumes, decreased demand or inability to meet
    consumer demand for products we sell, sales mix shift toward lower priced
    or lower margin SKUs, or cost increases in energy or raw materials, such
    as grain, agave, wood, glass, plastic, or closures
  *natural disasters, climate change, agricultural uncertainties,
    environmental or other catastrophes, or other factors that affect the
    availability, price, or quality of agave, grain, glass, energy, closures,
    plastic, water, or wood, or that cause supply chain disruption or
    disruption at our production facilities or aging warehouses
  *negative publicity related to our company, brands, marketing, personnel,
    operations, business performance or prospects
  *product counterfeiting, tampering, contamination, or recalls and resulting
    negative effects on our sales, brand equity, or corporate reputation
  *significant costs or other adverse developments stemming from class
    action, intellectual property, governmental, or other major litigation; or
    governmental investigations of beverage alcohol industry business, trade,
    or marketing practices by us, our importers, distributors, or retailers

For further information regarding these risks, please refer to the “Risk
Factors” and “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of our annual report on Form 10-K and
quarterly reports on Form 10-Q filed with the SEC.

Contact:

Phil Lynch, 502-774-7928
Vice President
Director Corporate Communications
and Public Relations
or
Jay Koval, 502-774-6903
Vice President
Director Investor Relations
 
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