Food

Del Monte Foods Company Increases Quarterly Dividend 25% to $0.05 Per Share

  2009 JUL 9 - (VerticalNews.com) -- Del Monte Foods Company (NYSE: DLM) announced that its Board of Directors has approved a 25% increase in the quarterly dividend from $0.04 to $0.05 per common share. The dividend is payable on August 6, 2009 to stockholders of record as of the close of business on July 23, 2009.

  "We are pleased to announce an increase in our quarterly dividend which reflects our confidence in our ability to execute our Accelerated Growth Plan to deliver long-term sustainable EPS growth, as well as strong cash flow," said Richard G. Wolford, Chairman and CEO of Del Monte Foods. "Solid cash flow generation in fiscal 2009, from both the Company's operations as well as the divestiture of StarKist seafood, allowed Del Monte to reduce leverage to the low end of our targets resulting in increased financial flexibility and the opportunity to return more value to our shareholders. Increasing our dividend demonstrates our confidence in Del Monte's long-term growth opportunities as well as a strong commitment to continuing to create shareholder value."

  The Company expects quarterly dividends to continue to be paid during the first week of February, May, August and November and anticipates a total annual dividend of $0.20 per common share. However, the actual declaration of future cash dividends, and the establishment of record and payment dates, will be subject to final determination by the Board of Directors each quarter after its review of our then-current strategy, applicable debt covenants and financial performance and position, among other things. About Del Monte Foods Del Monte Foods is one of the country's largest and most well-known producers, distributors and marketers of premium quality, branded food and pet products for the U.S. retail market, generating approximately $3.6 billion in net sales in fiscal 2009. With a powerful portfolio of brands including Del Monte®, S&W®, Contadina®, College Inn®, Meow Mix®, Kibbles 'n Bits®, 9Lives®, Milk-Bone®, Pup-Peroni®, Meaty Bone®, Snausages® and Pounce®, Del Monte products are found in eight out of ten U.S. households. The Company also produces, distributes and markets private label food and pet products. For more information on Del Monte Foods Company (NYSE: DLM) visit the Company's website at www.delmonte.com.

  Keywords: Del Monte Foods Company, Retail, Food and Beverage, Food, Finance, Financial, Investing, Investment.

  This article was prepared by VerticalNews Food editors from staff and other reports. Copyright 2009, VerticalNews Food via VerticalNews.com.