Heinz Declares Quarterly Dividend
March 13 2013 - 9:42AM
Business Wire
The H.J. Heinz Company (NYSE:HNZ) announced today that its Board
of Directors declared a quarterly dividend on the common stock.
DIVIDEND DECLARATION
The Heinz Board declared the following dividend:
Common Stock
51.5 cents per share on the Company’s 25 cent par value Common
Stock payable April 10, 2013 to shareholders of record at the close
of business on March 25, 2013.
Preferred Stock
As announced on March 6, 2013, the Company will be redeeming all
of the outstanding shares of its Third Cumulative Preferred Stock,
$1.70 First Series, in connection with the previously announced
acquisition of Heinz by an investment consortium comprised of
Berkshire Hathaway and 3G Capital. Accrued and unpaid dividends are
included in the redemption price. The Redemption Date is April 8,
2013.
Please click here to see the associated press release on
www.heinz.com.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS:
This press release and our other public pronouncements contain
forward-looking statements within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are generally identified by the words
“will,” “expects,” “anticipates,” “believes,” “estimates” or
similar expressions and include our expectations as to future
revenue growth, earnings, capital expenditures and other spending,
dividend policy, and planned credit rating, as well as anticipated
reductions in spending. These forward-looking statements reflect
management’s view of future events and financial performance. These
statements are subject to risks, uncertainties, assumptions and
other important factors, many of which may be beyond Heinz’s
control, and could cause actual results to differ materially from
those expressed or implied in these forward-looking statements.
Factors that could cause actual results to differ from such
statements include, but are not limited to:
- the occurrence of any event, change or
other circumstances that could give rise to the termination of the
merger agreement with an entity formed by Berkshire Hathaway and 3G
Capital,
- the failure to receive, on a timely
basis or otherwise, the required approvals by Heinz’s shareholders
and government or regulatory agencies with regard to the merger
agreement,
- the risk that a closing condition to
the merger agreement may not be satisfied,
- the failure of the buyer to obtain the
necessary financing in connection with the merger agreement,
- the ability of Heinz to retain and hire
key personnel and maintain relationships with customers, suppliers
and other business partners pending the consummation of the
proposed merger agreement,
- sales, volume, earnings, or cash flow
growth,
- general economic, political, and
industry conditions, including those that could impact consumer
spending,
- competitive conditions, which affect,
among other things, customer preferences and the pricing of
products, production, and energy costs,
- competition from lower-priced private
label brands,
- increases in the cost and restrictions
on the availability of raw materials, including agricultural
commodities and packaging materials, the ability to increase
product prices in response, and the impact on profitability,
- the ability to identify and anticipate
and respond through innovation to consumer trends,
- the need for product recalls,
- the ability to maintain favorable
supplier and customer relationships, and the financial viability of
those suppliers and customers,
- currency valuations and devaluations
and interest rate fluctuations,
- changes in credit ratings, leverage,
and economic conditions and the impact of these factors on our cost
of borrowing and access to capital markets,
- our ability to effectuate our strategy,
including our continued evaluation of potential opportunities, such
as strategic acquisitions, joint ventures, divestitures, and other
initiatives, our ability to identify, finance, and complete these
transactions and other initiatives, and our ability to realize
anticipated benefits from them,
- the ability to successfully complete
cost reduction programs and increase productivity,
- the ability to effectively integrate
acquired businesses,
- new products, packaging innovations,
and product mix,
- the effectiveness of advertising,
marketing, and promotional programs,
- supply chain efficiency,
- cash flow initiatives,
- risks inherent in litigation, including
tax litigation,
- the ability to further penetrate and
grow and the risk of doing business in international markets,
particularly our emerging markets; economic or political
instability in those markets, strikes, nationalization, and the
performance of business in hyperinflationary environments, in each
case such as Venezuela; and the uncertain global macroeconomic
environment and sovereign debt issues, particularly in Europe,
- changes in estimates in critical
accounting judgments and changes in laws and regulations, including
tax laws,
- the success of tax planning
strategies,
- the possibility of increased pension
expense and contributions and other people-related costs,
- the potential adverse impact of natural
disasters, such as flooding and crop failures, and the potential
impact of climate change,
- the ability to implement new
information systems, potential disruptions due to failures in
information technology systems, and risks associated with social
media,
- with regard to dividends, dividends
must be declared by the Board of Directors and will be subject to
certain legal requirements being met at the time of declaration, as
well as our Board’s view of our anticipated cash needs, and
- other factors described in “Risk
Factors” and “Cautionary Statement Relevant to Forward-Looking
Information” in Heinz’s Annual Report on Form 10-K for the fiscal
year ended April 29, 2012 and reports on Forms 10-Q
thereafter.
The forward-looking statements are based on management’s then
current views and assumptions regarding future events and speak
only as of their dates. Heinz undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by the securities laws.
ABOUT HEINZ: H.J. Heinz Company, offering “Good Food Every Day”™
is one of the world’s leading marketers and producers of healthy,
convenient and affordable foods specializing in ketchup, sauces,
meals, soups, snacks and infant nutrition. Heinz provides superior
quality, taste and nutrition for all eating occasions whether in
the home, restaurants, the office or “on-the-go.” Heinz is a global
family of leading branded products, including Heinz® Ketchup,
sauces, soups, beans, pasta and infant foods (representing over one
third of Heinz’s total sales), Ore-Ida® potato products, Weight
Watchers® Smart Ones® entrées, T.G.I. Friday’s® snacks, and Plasmon
infant nutrition. Heinz is famous for its iconic brands on six
continents, showcased by Heinz® Ketchup, The World’s Favorite
Ketchup®.
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