Board of Directors of B&G Foods Authorizes Extension of Stock Repurchase Program to March 2022
March 10 2021 - 8:30AM
Business Wire
B&G Foods, Inc. (NYSE: BGS) announced today that its Board
of Directors has authorized an extension of the Company’s stock
repurchase program through March 15, 2022. Under the authorization,
the Company may purchase up to $50 million of shares of the
Company’s common stock 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 stock repurchases under the program, if
any, will be at the discretion of management, and will depend on a
variety of factors, including price, available cash, general
business and market conditions and other investment opportunities.
Therefore, there can be no assurance as to the number or aggregate
dollar amount of shares, if any, that will be repurchased under the
program. The Company may discontinue the program at any time. Any
shares repurchased pursuant to the program will be retired. The
Company currently has 64,724,058 shares of common stock
outstanding.
About B&G Foods, Inc.
Based in Parsippany, New Jersey, B&G Foods and its
subsidiaries manufacture, sell and distribute high-quality, branded
shelf-stable and frozen foods across the United States, Canada and
Puerto Rico. With B&G Foods’ diverse portfolio of more than 50
brands you know and love, including Back to Nature, B&G,
B&M, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le
Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega,
Polaner, Spice Islands and Victoria, there’s a little something for
everyone. For more information about B&G Foods and its brands,
please visit www.bgfoods.com.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
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,” “projects,” “intends,” “anticipates,” “assumes,”
“could,” “should,” “estimates,” “potential,” “seek,” “predict,”
“may,” “will” or “plans” and similar references to future periods
to be uncertain and forward-looking. Factors that may affect actual
results include, without limitation: the impact of the COVID-19
pandemic on the Company’s business, including, without limitation,
the ability of the Company and its supply chain partners to
continue to operate manufacturing facilities, distribution centers
and other work locations without material disruption; whether and
when the Company will be able to realize the expected financial
results and accretive effect of the recently completed Crisco
acquisition, and how customers, competitors, suppliers and
employees will react to the acquisition; the Company’s substantial
leverage; the effects of rising costs for the Company’s raw
materials, packaging and ingredients; crude oil prices and their
impact on distribution, packaging and energy costs; the Company’s
ability to successfully implement sales price increases and cost
saving measures to offset any cost increases; intense competition,
changes in consumer preferences, demand for the Company’s products
and local economic and market conditions; the Company’s continued
ability to promote brand equity successfully, to anticipate and
respond to new consumer trends, to develop new products and
markets, to broaden brand portfolios in order to compete
effectively with lower priced products and in markets that are
consolidating at the retail and manufacturing levels and to improve
productivity; the risks associated with the expansion of the
Company’s business; the Company’s possible inability to identify
new acquisitions or to integrate recent or future acquisitions or
the Company’s failure to realize anticipated revenue enhancements,
cost savings or other synergies from recent or future acquisitions;
the Company’s ability to successfully complete the integration of
recent or future acquisitions into the Company’s enterprise
resource planning (ERP) system; tax reform and legislation,
including the effects of the U.S. Tax Cuts and Jobs Act and the
U.S. CARES Act; the Company’s ability to access the credit markets
and the Company’s borrowing costs and credit ratings, which may be
influenced by credit markets generally and the credit ratings of
the Company’s competitors; unanticipated expenses, including,
without limitation, litigation or legal settlement expenses; the
effects of currency movements of the Canadian dollar and the
Mexican peso as compared to the U.S. dollar; the effects of
international trade disputes, tariffs, quotas, and other import or
export restrictions on the Company’s international procurement,
sales and operations; future impairments of the Company’s goodwill
and intangible assets; the Company’s ability to protect information
systems against, or effectively respond to, a cybersecurity
incident or other disruption; the Company’s sustainability
initiatives and changes to environmental laws and regulations; and
other factors that affect the food industry generally. 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 the
Company’s most recent Annual Report on Form 10-K and in its
subsequent reports on Forms 10-Q and 8‑K. Investors are cautioned
not to place undue reliance on any such forward-looking statements,
which speak only as of the date they are made. B&G Foods
undertakes 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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version on businesswire.com: https://www.businesswire.com/news/home/20210310005320/en/
Investor Relations: ICR, Inc. Dara Dierks 866.211.8151
Media Relations: ICR, Inc. Matt Lindberg 203.682.8214
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