B&G Foods Increases Quarterly Dividend by 7.4 Percent
PARSIPPANY, N.J.--(BUSINESS WIRE)-- B&G Foods, Inc. (BGS) announced today that its Board of Directors has increased the Companys quarterly cash dividend rate by 7.4% from $0.27 per share of common stock to $0.29 per share of common stock. On an annualized basis, the dividend increases from $1.08 per share to $1.16 per share. The quarterly dividend declared today is payable on January 30, 2013 to shareholders of record as of December 31, 2012.
At the closing market price of the common stock on October 16, 2012, the new dividend represents an annualized yield of 4.1%.
This is the 33rd consecutive quarterly dividend declared by the Board of Directors since B&G Foods initial public offering in October 2004.
Our business continues to generate strong cash flows in line with projections for the base business and the Culver Specialty Brands we acquired last year, stated David L. Wenner, President and Chief Executive Officer of B&G Foods. Returning cash to our shareholders in the form of dividends is a key component of B&G Foods total shareholder return.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, shelf-stable foods across the United States, Canada and Puerto Rico. B&G Foods products include hot cereals, fruit spreads, canned meats and beans, spices, seasonings, marinades, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, Mexican-style sauces, taco shells and kits, salsas, pickles, peppers and other specialty food products. B&G Foods competes in the retail grocery, food service, specialty, private label, club and mass merchandiser channels of distribution. Based in Parsippany, New Jersey, B&G Foods products are marketed under many recognized brands, including Accent, B&G, B&M, Bakers Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Don Pepino, Emerils, Grandmas Molasses, Joan of Arc, Las Palmas, Maple Grove Farms of Vermont, Molly McButter, Mrs. Dash, Ortega, Polaner, Red Devil, Regina, Sa-són, Sclafani, Sugar Twin, Trappeys, Underwood, Vermont Maid and Wrights. B&G Foods also sells and distributes two branded household products, Static Guard and Kleen Guard.
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Source: B&G Foods, Inc.Copyright Business Wire 2012