PARSIPPANY, N.J., Aug. 16, 2016 (GLOBE NEWSWIRE) -- Pinnacle Foods Inc. (NYSE:PF) announced today that its Board of Directors has approved an increase of approximately 12% in the Company’s quarterly cash dividend, from $0.255 per share to $0.285 per share, effective with the Company’s upcoming third quarter 2016 dividend. The upcoming dividend is payable on October 10, 2016 to shareholders of record at the close of business on August 30, 2016. On an annualized basis, the new dividend increases to $1.14 per share, from the previous annualized rate of $1.02 per share.
Commenting on the announcement, Pinnacle Foods Chief Executive Officer Mark Clouse stated, “The dividend increase announced today reflects our continued confidence in our business and the strong cash flow it generates. It is also consistent with our target of maintaining a dividend payout ratio of approximately 50% of net earnings.”
About Pinnacle Foods Inc.
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is ranked on Fortune Magazine's 2015 Top 1000 companies list. We are a leading producer, marketer and distributor of high-quality branded food products, which have been trusted household names for decades. Headquartered in Parsippany, NJ, our business employs an average of 5400 employees. Our Duncan Hines Grocery segment manages brands such as Duncan Hines® baking mixes and frostings, Vlasic® and Vlasic Farmer's Garden® shelf-stable pickles, Wish-Bone® and Western® salad dressings, Mrs. Butterworth's® and Log Cabin® table syrups, Armour® canned meats, Brooks® and Nalley® chili and chili ingredients, Duncan Hines® Comstock® and Wilderness® pie and pastry fruit fillings and Open Pit® barbecue sauces. Our Birds Eye Frozen segment manages brands such as Birds Eye®, gardein™, Birds Eye Steamfresh®, C&W®, McKenzie's®, and Freshlike® frozen vegetables, Birds Eye Voila!® complete bagged frozen meals, Van de Kamp's® and Mrs. Paul's® frozen prepared seafood, Hungry-Man® frozen dinners and entrees, Aunt Jemima® frozen breakfasts, Lender's® frozen and refrigerated bagels, and Celeste® frozen pizza. Our Specialty Foods segment manages Tim's Cascade Snacks®, Hawaiian® kettle style potato chips, Erin's® popcorn, Snyder of Berlin® and Husman's® snacks in addition to our food service and private label businesses. The acquisition of Boulder Brands adds well-known brands such as Glutino®, Udi's Gluten Free®, Earth Balance®, EVOL® foods, and Smart Balance® to the Pinnacle Foods portfolio. Further information is available at www.pinnaclefoods.com.