Del Monte Foods Company Declares Dividend of $0.09 Per Share
December 17 2010 - 8:30AM
Business Wire
Del Monte Foods Company (NYSE: DLM) today announced that its
Board of Directors has declared a cash dividend on its common stock
of $0.09 per share. The dividend is payable on February 3, 2011 to
stockholders of record as of the close of business on January 20,
2011.
About Del Monte Foods
Del Monte Foods is one of the country's largest and most
well-known producers, distributors and marketers of premium
quality, branded pet products and food products for the U.S. retail
market, generating approximately $3.7 billion in net sales in
fiscal 2010. With a powerful portfolio of brands, Del Monte
products are found in eight out of ten U.S. households. Pet food
and pet snacks brands include Meow Mix®, Kibbles 'n Bits® ,
Milk-Bone®, 9Lives®, Pup-Peroni®, Gravy Train® , Nature's Recipe®,
Canine Carry-Outs® and other brand names. Food product brands
include Del Monte®, Contadina®, S&W®, College Inn® and other
brand names. The Company also produces and distributes private
label pet products and food products. For more information on Del
Monte Foods Company (NYSE: DLM) visit the Company's website at
www.delmonte.com.
Del Monte. Nourishing Families. Enriching Lives. Every Day.™
There can be no assurance that dividends will be declared or
paid in the future. The actual declaration and payment of future
dividends and the establishment of record and payment dates, if
any, are subject to the determination by the Company’s Board of
Directors each quarter after its review of the Company’s
then-current strategy, applicable debt covenants and financial
performance and position, among other things. The Company’s
declaration and payment of future dividends is subject to risks and
uncertainties, including: deterioration of the Company’ financial
performance or position; inability to declare a dividend in
compliance with applicable laws or debt covenants; an increase in
the Company’s cash needs or decrease in available cash; and the
business judgment of the Board of Directors that a declaration of a
dividend is not in Del Monte Foods Company’s best interests, as
well as other risks that may be detailed, from time to time, in the
Company’s filings with the Securities and Exchange Commission. The
agreement relating to the potential transaction with a consortium
of private equity funds affiliated with Kohlberg Kravis Roberts
& Co. L.P., Vestar Capital Partners, and Centerview Partners
announced on November 25, 2010 also contains restrictions regarding
the payment of dividends (other than ordinary quarterly cash
dividends in an amount not to exceed $0.09 per share with record
dates consistent with the record dates for comparable quarterly
periods of 2010). Factors that could affect the Company’s financial
performance or position, compliance with applicable debt covenants,
or cash flow include those risks and uncertainties detailed, from
time to time, in Del Monte Foods Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 10-K and quarterly reports on Form 10-Q.
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