B&G Foods Declares Regular Quarterly Dividend
May 06 2009 - 8:30AM
Business Wire
B&G Foods, Inc. (NYSE: BGS, BGF), a manufacturer and
distributor of high quality, shelf-stable foods, announced today
that its Board of Directors has declared a regular quarterly cash
dividend of $0.17 per share of Class A common stock, payable on
July 30, 2009 to holders of record as of June 30, 2009.
Cash payments to holders of the Company�s Enhanced Income
Securities (EISs), which will include the quarterly cash dividend
payment of $0.17 per share on the underlying Class A common stock
and an interest payment of $0.2145 per EIS on the underlying
12%�senior subordinated notes to holders of record as of June 30,
2009, will aggregate $0.3845 per EIS.
The Company also announced that its Board of Directors has
approved an increase to B&G Foods� previously authorized stock
and debt repurchase program. The terms of the expanded program
permits B&G Foods to repurchase up to an aggregate of $25.0
million of the Company�s Class A common stock and/or 8% senior
notes through May 3, 2010. The Company�s existing stock and debt
repurchase program had previously authorized the repurchase of up
to $10.0 million of the Company�s Class A common stock and/or 8%
senior notes. Since the program�s inception in October 2008, the
Company has repurchased 763,931 shares of Class A common stock at
an aggregate price of $3.5 million.
David L. Wenner, President and Chief Executive Officer of
B&G Foods, stated, �The declaration of a 19th consecutive
quarterly dividend and the increase to our stock and debt
repurchase program emphasizes the confidence that management and
the Board of Directors has in the Company�s prospects for the
future and our continued ability to generate strong cash flows. We
continue to believe that at current market prices, repurchasing our
Class A common stock and/or senior notes represents an attractive
investment opportunity and is an excellent use of our excess cash
from operations to increase stockholder value.�
Under the authorization, the Company may purchase shares of
Class A common stock and/or senior notes from time to time in the
open market or in privately negotiated transactions in compliance
with the applicable rules and regulations of the Securities and
Exchange Commission. The timing and amount of such repurchases, if
any, will be at the discretion of management, and will depend on
available cash, market conditions and other considerations.
Therefore, there can be no assurance as to the number of shares
that will be repurchased under the stock and debt repurchase
program, or the aggregate dollar amount of the shares or principal
amount of senior notes, if any, repurchased. The Company may
suspend or discontinue the program at any time without prior
notice. Any shares repurchased pursuant to the program will be
retired. Likewise, any senior notes repurchased will be
cancelled.
As of May 1, 2009, the Company currently has 36,033,057 shares
of Class A common stock outstanding, 18,118,944 of which trade
separately and 17,914,113 of which trade as part of EISs. The
Company currently has $240.0 million of senior notes outstanding.
In general, the Company�s credit agreement prohibits the Company
from repurchasing its 12% senior subordinated notes.
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 Ac�cent, B&G, B&M, Brer Rabbit, Cream of Rice,
Cream of Wheat, Emeril�s, Grandma�s Molasses, Joan of Arc, Las
Palmas, Maple Grove Farms of Vermont, Ortega, Polaner, Red Devil,
Regina, Sa-s�n, Trappey�s, Underwood, Vermont�Maid and
Wright�s.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute �forward-looking statements.�
The forward-looking statements contained in this press release
include without limitation statements related to the Company�s
ability to generate sufficient cash flow to continue paying
dividends, the Company�s belief that the stock and debt repurchase
program is an excellent use of the Company�s excess cash from
operations to increase stockholder value, the Company�s plan to
repurchase shares of Class A common stock and/or senior notes, and
the future prospects of the Company. Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause the actual results of B&G
Foods to be materially different from the historical results or
from any future results expressed or implied by such
forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties readers are urged
to consider statements labeled with the terms �believes,� �belief,�
�expects,� �intends,� �anticipates� or �plans� to be uncertain and
forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in B&G Foods� filings with the
Securities and Exchange Commission, including under Item 1A, �Risk
Factors� in our Annual Report on Form 10-K for fiscal 2008 filed on
March 5, 2009. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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