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McCormick Declares $0.34 Quarterly Dividend And Announces New Share Repurchase Authorization

Stock quotes in this article: MKC

SPARKS, Md., April 3, 2013 /PRNewswire/ -- The Board of Directors of McCormick & Company, Incorporated (NYSE: MKC) today declared a quarterly dividend of $0.34 per share on its common stock payable April 29, 2013 to shareholders of record on April 15, 2013.  This is the 89 th year of consecutive dividend payments by the Company.

The Board of Directors also authorized a new share repurchase program. Under the new program, McCormick is authorized to purchase up to $400 million of its outstanding shares. In 2013, the company expects to complete the current $400 million share repurchase program which was authorized in June 2010.

Alan D. Wilson, Chairman, President & CEO said: "In the past five years, we have returned nearly $1 billion of cash to our shareholders through dividends and share repurchases.  Today's announcement reflects our outlook for continued profit growth and our commitment to deliver value to McCormick shareholders."

Forward-looking Information

Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, earnings, cost savings, acquisitions and brand marketing support, are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934.  These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "believe" and "plan."  These statements may relate to: the expected results of operations of businesses acquired by us, the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, the expected productivity and working capital improvements, expected trends in net sales and earnings performance and other financial measures, the expectations of pension and postretirement plan contributions, the holding period and market risks associated with financial instruments, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, our ability to issue additional debt or equity securities and our expectations regarding purchasing shares of our common stock under the existing authorizations.

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