Pro-Fac Announces Dividend
03 7월 2009 - 3:00AM
PR Newswire (US)
FAIRPORT, N.Y., July 2 /PRNewswire-FirstCall/ -- Pro-Fac
Cooperative, Inc. (NASDAQ:PFACP), an agricultural cooperative,
today announced a $0.20 per share dividend, payable July 31, 2009,
to shareholders of record of its Class A cumulative preferred stock
at the close of business on July 15, 2009. Pro-Fac announced on
April 3, 2009 its intention to reduce the quarterly dividend, if
declared, from the full quarterly dividend of $0.43 per share.
Since the dividend is cumulative, the $0.23 per share which is not
paid cumulates and must be paid in the future before the payment of
dividends on any other Pro-Fac equity and before the redemption of
any Pro-Fac equity. The lower $0.20 rate is expected to continue
indefinitely and will preserve approximately $1.2 million in cash
for Pro-Fac on an annual basis. "The Pro-Fac Board understands the
importance of conserving operating funds in order to maintain a
viable enterprise," said General Manager and CEO Stephen R. Wright.
"A quarterly dividend of $0.20 per share represents an annual yield
of over 3%, which is still competitive in today's market." ABOUT
PRO-FAC: Pro-Fac Cooperative is an agricultural cooperative that
markets crops grown by its member-growers, including fruits
(cherries, apples, blueberries and peaches), vegetables (snap
beans, beets, peas, sweet corn, carrots, cabbage, squash, asparagus
and potatoes) and popcorn. These commodities are marketed through
Birds Eye Foods, of which Pro-Fac is a significant minority owner,
and several other food processing and marketing companies. Only
growers of crops marketed through Pro-Fac (or associations of such
growers) can become members of Pro-Fac. Pro-Fac's Class A
cumulative preferred stock is listed on The NASDAQ Capital Market
under the stock symbol, "PFACP." More information about Pro-Fac can
be found on its web site at http://www.profaccoop.com/. FORWARD
LOOKING STATEMENTS: This release contains "forward-looking
statements" -- that is, statements related to future events. The
following factors, among others, could cause actual results to
differ from those set forth in forward-looking statements: the
value of its investment in Birds Eye Holdings, LLC, its principal
asset; the availability of cash, capital surplus and future
earnings; and the collection of accounts receivable from the sale
of crops. Reference is made to Pro-Fac's filings with the SEC for
further discussion of risks and uncertainties regarding its
business. DATASOURCE: Pro-Fac Cooperative, Inc. CONTACT: Kevin
Murphy for Pro-Fac Cooperative, Inc., +1-585-218-4210 Web Site:
http://www.profaccoop.com/
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