DALLAS, March 3, 2016 /PRNewswire/ — Dean Foods Company (“Dean Foods”) (NYSE: DF) announced today that its Board of Directors declared an increased quarterly dividend of $0.09 per share of common stock, up 29 percent from the $0.07 per share quarterly dividend paid each quarter in 2014 and 2015. The dividend is payable on March 23, 2016 to stockholders of record at the close of business on March 14, 2016. Dean Foods currently expects that the aggregate annual cash dividend for 2016 will be $0.36 per share of common stock, up $0.08 per share from $0.28 per share during 2015.
“We are pleased with the performance of our business, giving us the confidence to increase our quarterly dividend and underscoring our commitment to enhancing value for our stockholders,” said Gregg A. Tanner, Chief Executive Officer. “Going forward, we will maintain a balanced approach to capital deployment that returns capital to stockholders and prudently invests in our business strategy.”
About Dean Foods
Dean Foods® is a leading food and beverage company and the largest processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. Headquartered in Dallas, Texas, the Dean Foods portfolio includes DairyPure®, the country’s first and largest fresh, white milk national brand, and TruMoo®, the leading national flavored milk brand, along with well-known regional dairy brands such as Alta Dena®, Berkeley Farms®, Country Fresh®, Dean’s®, Garelick Farms®, LAND O LAKES®* milk and cultured products*, Lehigh Valley Dairy Farms®, Mayfield®, McArthur®, Meadow Gold®, Oak Farms®, PET®**, T.G. Lee®, Tuscan® and more. In all, Dean Foods has more than 50 local and regional dairy brands and private labels. Dean Foods also makes and distributes ice cream, cultured products, juices, teas, and bottled water. Almost 17,000 employees across the country work every day to make Dean Foods the most admired and trusted provider of wholesome, great-tasting dairy products at every occasion. For more information about Dean Foods and its brands, visit www.deanfoods.com.
*The LAND O LAKES brand is owned by Land O’Lakes, Inc. and is used by license.
**PET is a trademark of The J.M. Smucker Company and is used by license.
Some of the statements made in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to Dean Foods’ dividend policy. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in this press release. The declaration and payment of cash dividends under Dean Foods’ dividend policy remains at the sole discretion of the Board of Directors or a committee thereof and will depend upon its financial results, cash requirements, future prospects, restrictions in its credit agreement and debt covenant compliance, applicable law and other factors that may be deemed relevant by the Board of Directors or such committee. All forward-looking statements in this press release speak only as of the date of this press release. Dean Foods expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based except as required by law.
CONTACT: Corporate Communications, Jamaison Schuler, +1-214-721-7766; or Investor Relations, Sherri Baker, +1-214-303-3438
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SOURCE Dean Foods Company