Flowers Foods Increases Dividend
THOMASVILLE, Ga., May 21, 2014
THOMASVILLE, Ga., May 21, 2014 /PRNewswire/ --Prior to the Flowers Foods
(NYSE: FLO) annual shareholders meeting today, the company's board of
directors announced a quarterly dividend of $.12 per share, which represents
an increase of 6.7% over the dividend paid previously. The dividend is payable
on June 18, 2014, to shareholders of record on June 4, 2014. This action
increases the annualized dividend rate to $.48 per share.
Allen L. Shiver, Flowers Foods' president and CEO, said the board has
confidence in Flowers Foods' future performance and in the company's ability
to generate cash flow to pay dividends, reduce debt, and fund the company's
needs. "In the first quarter of 2014, we again generated strong cash flow from
operations, which allowed us to pay down $81.2 million in debt, pay $24
million in dividends to shareholders, invest $23.6 million in capital
improvements, and acquire $9.5 million of FLO common stock as part of the
stock repurchase plan. The board believes the dividend is an appropriate way
to allow our investors to participate in the company's success," he said.
During the shareholders meeting today, members of management will review the
company's operating strategies and financial performance. The meeting is being
webcast 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
2013 sales of $3.75 billion. Flowers operates bakeries across the country 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.
Statements contained in this press release that are not historical facts are
forward-looking statements. Forward-looking statements relate to current
expectations regarding our future financial condition, performance and results
of operations, planned capital expenditures, long-term objectives of
management, supply and demand, pricing trends and market forces, and
integration plans and expected benefits of transactions and are often
identified by the use of words and phrases such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will," "would," "is likely to," "is expected to" or
"will continue," or the negative of these terms or other comparable
terminology. 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, including
changes in consumer behavior, trends and preferences, including health and
whole grain trends, and the movement toward more inexpensive store-branded
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) energy and raw
material costs and availability and hedging and counterparty risk, (g) our
ability to fully integrate recent acquisitions into our business, (h) our
ability to achieve cash flow from capital expenditures and acquisitions and
the availability of new acquisitions that build shareholder value; (i)
consolidation within the baking industry and related industries; and (j) the
failure of our information technology systems to perform adequately, including
any interruptions, intrusions or security breaches of such systems. The
foregoing list of important factors does not include all such factors, nor
necessarily present them in order of importance. In addition, you should
consult other disclosures made by the company, including the risk factors
included in our most recently filed Annual Report on Form 10-K filed with the
Securities and Exchange Commission ("SEC") and disclosures made in other
filings with the SEC and company press releases, for other factors that may
cause actual results to differ materially from those projected by the
company. We caution you not to place undue reliance on forward-looking
statements, as they speak only as of the date made and are inherently
uncertain. The company undertakes no obligation to publicly revise or update
such statements, except as required by law.
SOURCE Flowers Foods
Contact: Investor Contact: Marta Jones Turner (229) 227-2348; Media Contact:
Mary Krier (229) 227-2333
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