Prior to the Flowers Foods
FLO annual shareholders meeting today, the company's board of
directors declared a three-for-two split of the company's stock by means of a
50% stock dividend and also increased the annual cash dividend by $.035. This
equates to a 5.5% increase over the previous dividend rate. Both the stock
split and the dividend are payable on June 19, 2013, to shareholders of record
on June 5, 2013.
Following the split, Flowers shareholders will own three shares for every two
shares they held on the record date and the quarterly dividend rate will be
$.1125 per share, or $.45 per share on an annualized basis.
The board is confident in the company's future performance, according to
George E. Deese, Executive Chairman. "The board believes Flowers Foods is in
an excellent position to reward our shareholders with an increased dividend,
allowing our investors to continue participating in the company's success over
the long term," he said. "In addition, the stock split will increase the
liquidity of our stock and attract new shareholders."
Allen L. Shiver, president and newly elected CEO, cited Flowers' operational
and marketplace performance as one of the reasons the leadership team has
confidence in the company's future. "Our long-term strategy of investing in
our bakeries, brands, products, and our team has created competitive
advantages that are helping us deliver record results," he said.
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