Flowers declares dividend, amends repurchase plan
February 08, 2008
by Eric Schroeder
THOMASVILLE, GA. — The board of directors of Flowers Foods, Inc. has announced a quarterly dividend of 12.5c per share, payable March 7 to shareholders as of record on Feb. 22. The action renews the annual dividend rate of 50c. Flowers Foods’ quarterly dividend has been set at 12.5c per share since June 2007, when the company declared a three-for-two split of its stock by means of a 50% stock dividend.
In addition to the dividend announcement, Flowers Foods’ board of directors approved an increase in the number of shares the company is authorized to repurchase under its share repurchase plan. With the increase of 7.1 million shares, the company is authorized to repurchase up to 30 million shares of its common stock. Previously, the share repurchase plan allowed for up to 22.9 million shares to be repurchased.
Through the fourth quarter of 2007, Flowers Foods has acquired approximately 19.1 million shares for $280.4 million, an average of $14.65 per share. Flowers Foods currently has approximately 91.9 million shares of common stock outstanding.