Constellation Brands Announces Initiation of Quarterly Dividend
2015年4月9日 - 8:15PM
VICTOR, N.Y., APRIL 9, 2015 -
Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading
beverage alcohol company, announced today that its board of
directors has approved the initiation of a dividend program under
which the company intends to pay a regular quarterly cash dividend
to stockholders of its common stock. "The decision by
Constellation's board of directors to initiate a dividend
represents a significant milestone in the company's history and
demonstrates confidence in our growth prospects, free cash flow
generation and financial outlook over the long-term," said Rob
Sands, president and chief executive officer, Constellation Brands.
"This dividend program reinforces our commitment to delivering
value to our shareholders, while continuing to invest in our
business and maintaining our targeted leverage range."
Constellation's board of directors declared an
initial quarterly cash dividend of $0.31 per share of Class A
Common Stock and $0.28 per share of Class B Common Stock, payable
on May 22, 2015 to stockholders of record as of the close of
business on May 8, 2015.
Bob Ryder, chief financial officer, Constellation
Brands stated, "Both our beer and wine and spirits businesses have
strong, consistent, cash generation capabilities and produce solid
returns on invested capital. The beer business acquisition and our
organic growth focus across our businesses have strengthened our
financial profile and created significant capital allocation
flexibility and shareholder return opportunities. We are
initially targeting a dividend payout ratio of 25% - 30% of our
comparable basis net income. Going forward, we will evaluate
opportunities to increase our dividend based on the growth of our
net income and free cash flow."
Future declarations of quarterly dividends are
subject to the determination and discretion of Constellation's
board of directors.
About Constellation
Brands
Constellation Brands (NYSE: STZ and STZ.B) is a
leading international producer and marketer of beer, wine and
spirits with operations in the U.S., Canada, Mexico, New Zealand
and Italy. In 2014, Constellation was one of the top performing
stocks in the S&P 500 Consumer Staples Index. Constellation is
the number three beer company in the U.S. with high-end, iconic
imported brands including Corona Extra, Corona Light, Modelo
Especial, Negra Modelo and Pacifico. Constellation is also the
world's leader in premium wine selling great brands that people
love including Robert Mondavi, Clos du Bois, Kim Crawford, Rex
Goliath, Mark West, Franciscan Estate, Ruffino and Jackson-Triggs.
The company's premium spirits brands include SVEDKA Vodka and Black
Velvet Canadian Whisky.
Based in Victor, N.Y., the company believes that
industry leadership involves a commitment to brand-building, our
trade partners, the environment, our investors and to consumers
around the world who choose our products when celebrating big
moments or enjoying quiet ones. Founded in 1945, Constellation has
grown to become a significant player in the beverage alcohol
industry with more than 100 brands in its portfolio, sales in
approximately 100 countries, about 40 facilities and approximately
7,200 talented employees. We express our company vision: to elevate life with every glass raised. To learn more,
visit www.cbrands.com.
Forward-Looking
Statements
This news release contains forward-looking
statements. All statements other than statements of historical fact
are forward-looking statements. The words "will" and "intends" and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. All forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those set forth in, or implied by, such
forward-looking statements. All forward-looking statements speak
only as of the date of this news release and Constellation Brands
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements are based on
management's current expectations and should not be construed in
any manner as a guarantee that such targets or results will in fact
occur or that additional cash dividends will be declared and paid
in the future.
In addition to the risks and uncertainties of
ordinary business operations, the forward-looking statements of
Constellation Brands contained in this news release, including but
not limited to the amount and timing of future dividends, are
subject to a number of risks and uncertainties, including that its
ability to use cash flow to fund dividends could be affected by
unanticipated increases in net total debt, its inability to
generate cash flow at the levels anticipated, and its failure to
generate expected earnings, and other factors and uncertainties
disclosed from time-to-time in Constellation Brands, Inc.'s filings
with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended Feb. 28, 2014, which
could cause future performance to differ from current
expectations.
CONTACTS
Media
Cheryl Gossin: 585-678-7191
Amy Martin: 585-678-7141
Investor Relations
Patty Yahn-Urlaub: 585-678-7483
Bob Czudak: 585-678-7170
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Constellation Brands Inc via Globenewswire
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