THOMASVILLE, Ga., May 21, 2020 /PRNewswire/ -- Flowers Foods,
Inc. (NYSE: FLO), producer of Nature's Own, Dave's Killer
Bread, Wonder, Tastykake, and other bakery foods,
today announced that its board of directors has declared a
quarterly dividend of $0.20 per share, an increase of 5.3%
over the same quarter last year. This is the 71st consecutive
quarterly dividend paid by the company and is payable on
June 19, 2020 to shareholders of
record on June 5, 2020. This action
increases the annualized dividend rate to $0.80 per share from $0.76 per share at this time last year.
"This dividend increase reflects the board's conviction in
Flowers' ability to generate consistent results over time and
throughout the business cycle," said Ryals McMullian, Flowers Foods
president and CEO. "We will continue to allocate cash flow with a
focus on maximizing return on invested capital and growing
shareholder value. The dividend represents one piece of our capital
allocation strategy, which also includes reinvesting in our
business, share repurchases, and strategic acquisitions."
Flowers' virtual annual shareholders meeting will be held today
at 2:00 p.m. Eastern. Shareholders of
record at the close of business on March 19,
2020 are eligible to attend the webcast and vote at
www.virtualshareholdermeeting.com/FLO2020. To attend, shareholders
must enter the 16-digit control number found on their proxy card,
voting instruction form, or notice of internet availability of
proxy materials previously received.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE:
FLO) is one of the largest producers of packaged bakery foods in
the United States with 2019 sales
of $4.1 billion. Flowers operates
bakeries across the country that produce a wide range of bakery
products. Among the company's top brands are Nature's Own,
Dave's Killer Bread, Wonder, and Tastykake.
Learn more at www.flowersfoods.com.
FLO-DIV FLO-CORP
Forward-Looking Statements
Statements contained in
this press release that are not historical facts are
forward-looking statements. Forward-looking statements relate to
current expectations regarding our future financial condition,
performance and results of operations and the ultimate impact of
the novel strain of coronavirus (COVID-19) pandemic on our
business, results of operations and financial condition, planned
capital expenditures, long-term objectives of management, supply
and demand, pricing trends and market forces, and integration plans
and expected benefits of transactions and are often identified by
the use of words and phrases such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "should," "will," "would," "is likely to,"
"is expected to" or "will continue," or the negative of these terms
or other comparable terminology. All forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ from those projected. Other factors that may cause actual
results to differ from the forward-looking statements contained in
this release and that may affect the company's prospects in general
include, but are not limited to, (a) the ultimate impact of the
COVID-19 outbreak and measures taken in response thereto on our
business, results of operations and financial condition, which are
highly uncertain and are difficult to predict, (b) general economic
and business conditions and the competitive conditions in the baked
foods industry, including promotional and price competition, (c)
changes in consumer demand for our products, including changes in
consumer behavior, trends and preferences, including health and
whole grain trends, and the movement toward more inexpensive
store-branded products, (d) the success of productivity
improvements and new product introductions, (e) a significant
reduction in business with any of our major customers including a
reduction from adverse developments in any of our customer's
business, (f) fluctuations in commodity pricing, (g) energy and raw
material costs and availability and hedging and counterparty risk,
(h) our ability to fully integrate recent acquisitions into our
business, (i) our ability to achieve cash flow from capital
expenditures and acquisitions and the availability of new
acquisitions that build shareholder value, (j) our ability to
successfully implement our business strategies, including those
strategies the company has initiated under Project Centennial,
which may involve, among other things, the integration of recent
acquisitions or the acquisition or disposition of assets at
presently targeted values, the deployment of new systems and
technology and an enhanced organizational structure, (k)
consolidation within the baking industry and related industries,
(l) disruptions in our direct-store delivery system, including
litigation or an adverse ruling from a court or regulatory or
government body that could affect the independent contractor
classification of our independent distributors, (m) increasing
legal complexity and legal proceedings that we are or may become
subject to, (n) product recalls or safety concerns related to our
products, and (o) the failure of our information technology systems
to perform adequately, including any interruptions, intrusions or
security breaches of such systems. The foregoing list of important
factors does not include all such factors, nor necessarily present
them in order of importance. In addition, you should consult other
public disclosures made by the company, including the risk factors
included in our most recently filed Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission ("SEC") and disclosures made in other filings
with the SEC and company press releases, for other factors that may
cause actual results to differ materially from those projected by
the company. We caution you not to place undue reliance on
forward-looking statements, as they speak only as of the date made
and are inherently uncertain. The company undertakes no obligation
to publicly revise or update such statements, except as required by
law.
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SOURCE Flowers Foods, Inc.