The Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) Board of
Directors approved a two-for-one stock split for all shares of
Class A and Class B common stock to be paid in the form of a stock
dividend.
Paul Varga, the company’s Chief Executive Officer commented,
“The recommended two-for-one stock split reflects the company’s
confidence in our ability to sustainably grow our sales, earnings,
and cash flow over the long term, and marks the seventh split in 35
years.”
Implementation of the stock split is subject to approval by
holders of Class A common stock at the company’s annual meeting of
stockholders scheduled to be held on July 28, 2016. Class A
stockholders will be asked to approve an increase in the number of
authorized shares of the company’s Class A common stock from 85
million to 170 million. The number of authorized shares of Class B
common stock does not need to be increased in order to effectuate
the stock split.
If approved, the record date for the stock split is anticipated
to be on or about August 8, 2016. Each stockholder of record of
Class A common stock on the close of business on the record date
will receive one additional share of Class A common stock for each
share of Class A common stock they hold. Likewise, each stockholder
of record of Class B common stock on the close of business on the
record date will receive one additional share of Class B common
stock for each share of Class B common stock they hold. The new
shares are expected to be distributed on or about August 18, 2016.
Additional details of the annual meeting and the proposed stock
split will be included in the company’s proxy statement, which is
expected to be filed in June.
Brown-Forman’s common stock began trading in 1933 following the
repeal of Prohibition, and has split twelve times since the
original listing. Assuming there had been no splits over that time
period, one share of Class B stock would be worth approximately
$134,000 today.
Brown-Forman’s Board of Directors also approved a regular
quarterly cash dividend of 34 cents per share on its Class A and
Class B common stock. Stockholders of record on June 6, 2016, will
receive the cash dividend on July 1, 2016. With this dividend,
Brown-Forman will have paid regular quarterly cash dividends for 70
consecutive years and increased the dividend for 32 consecutive
years.
For more than 145 years, Brown-Forman Corporation has enriched
the experience of life by responsibly building fine quality
beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey,
Jack Daniel’s & Cola, Jack Daniel’s Tennessee Honey, Gentleman
Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador,
Woodford Reserve, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer,
Early Times, and Chambord. Brown-Forman’s brands are supported by
nearly 4,400 employees and sold in approximately 160 countries
worldwide. For more information about the company, please visit
http://www.brown-forman.com.
Important Information on Forward-Looking Statements:
This press release contains statements, estimates, and
projections that are “forward-looking statements” as defined under
U.S. federal securities laws. Words such as “aim,” “anticipate,”
“aspire,” “believe,” “continue,” “could,” “envision,” “estimate,”
“expect,” “expectation,” “intend,” “may,” “plan,” “potential,”
“project,” “pursue,” “see,” “seek,” “should,” “will,” and similar
words identify forward-looking statements, which speak only as of
the date we make them. Except as required by law, we do not intend
to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise. By their
nature, forward-looking statements involve risks, uncertainties and
other factors (many beyond our control) that could cause our actual
results to differ materially from our historical experience or from
our current expectations or projections. These risks and
uncertainties include, but are not limited to:
• Unfavorable global or regional economic conditions, and
related low consumer confidence, high unemployment, weak credit or
capital markets, budget deficits, burdensome government debt,
austerity measures, higher interest rates, higher taxes, political
instability, higher inflation, deflation, lower returns on pension
assets, or lower discount rates for pension obligations
• Risks associated with being a U.S.-based company with global
operations, including commercial, political and financial risks;
local labor policies and conditions; protectionist trade policies
or economic or trade sanctions; compliance with local trade
practices and other regulations, including anti-corruption laws;
terrorism; and health pandemics
• Fluctuations in foreign currency exchange rates, particularly
a stronger U.S. dollar
• Changes in laws, regulations, or policies - especially those
that affect the production, importation, marketing, labeling,
pricing, distribution, sale, or consumption of our beverage alcohol
products
• Tax rate changes (including excise, sales, VAT, tariffs,
duties, corporate, individual income, dividends, capital gains) or
changes in related reserves, changes in tax rules (for example,
LIFO, foreign income deferral, U.S. manufacturing and other
deductions) or accounting standards, and the unpredictability and
suddenness with which they can occur
• Dependence upon the continued growth of the Jack Daniel’s
family of brands
• Changes in consumer preferences, consumption or purchase
patterns - particularly away from larger producers in favor of
smaller distilleries or local producers, or away from brown
spirits, our premium products, or spirits generally, and our
ability to anticipate or react to them; bar, restaurant, travel or
other on-premise declines; shifts in demographic trends;
unfavorable consumer reaction to new products, line extensions,
package changes, product reformulations, or other product
innovation
• Decline in the social acceptability of beverage alcohol
products in significant markets
• Production facility, aging warehouse or supply chain
disruption
• Imprecision in supply/demand forecasting
• Higher costs, lower quality or unavailability of energy,
water, raw materials, product ingredients, labor or finished
goods
• Route-to-consumer changes that affect the timing of our sales,
temporarily disrupt the marketing or sale of our products, or
result in higher implementation-related or fixed costs
• Inventory fluctuations in our products by distributors,
wholesalers, or retailers
• Competitors’ consolidation or other competitive activities,
such as pricing actions (including price reductions, promotions,
discounting, couponing or free goods), marketing, category
expansion, product introductions, or entry or expansion in our
geographic markets or distribution networks
• Risks associated with acquisitions, dispositions, business
partnerships or investments - such as acquisition integration, or
termination difficulties or costs, or impairment in recorded
value
• Inadequate protection of our intellectual property rights
• Product recalls or other product liability claims; product
counterfeiting, tampering, contamination, or product quality
issues
• Significant legal disputes and proceedings; government
investigations (particularly of industry or company business, trade
or marketing practices)
• Failure or breach of key information technology systems
• Negative publicity related to our company, brands, marketing,
personnel, operations, business performance or prospects
• Failure to attract or retain key executive or employee
talent
• Our status as a family “controlled company” under New York
Stock Exchange rules
For further information on these and other risks, please refer
to the
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version on businesswire.com: http://www.businesswire.com/news/home/20160526006446/en/
Brown-Forman CorporationPhil Lynch, 502-774-7928Vice
PresidentDirector Corporate Communications and Public
RelationsorJay Koval, 502-774-6903Vice PresidentDirector Investor
Relations
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