Pinnacle Foods Inc. Announces 8.5% Increase in Quarterly Dividend
PARSIPPANY, NJ (September 16, 2015) - Pinnacle Foods Inc. (NYSE: PF) announced that its Board of Directors has approved an 8.5% increase in the Company’s quarterly cash dividend, from $0.235 per share to $0.255 per share, effective with the Company’s upcoming third quarter 2015 dividend. On an annualized basis, the new dividend increases to $1.02 per share, from the previous annualized rate of $0.94 per share.
The third quarter dividend is payable on October 9, 2015 to shareholders of record at the close of business on September 28, 2015.
Commenting on the announcement, Pinnacle Foods Chief Executive Officer Bob Gamgort stated, “This dividend increase, which marks the third rate increase we’ve taken since initiating our quarterly dividend program shortly after our IPO in March 2013, reflects the ongoing strength of our cash flow performance and our continued confidence in our business model. It also reflects our commitment to building value for shareholders.”
Senior Vice President, Investor Relations
About Pinnacle Foods Inc.
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is ranked on Fortune Magazine's 2015 Top 1000 companies list. 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 4,500 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 14 major categories in which they compete. Our Birds Eye Frozen segment manages brands such as Birds Eye®, gardein™, 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 entrees, Aunt Jemima® frozen breakfasts, Lender's® frozen and refrigerated bagels, and Celeste® frozen pizza. Our Duncan Hines Grocery segment 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 Specialty Foods segment 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 www.pinnaclefoods.com.