Brown-Forman Increases Dividend 5.7%
LOUISVILLE, KY, November 20, 2008– Brown-Forman announced today that its Board of Directors declared a quarterly cash dividend of $0.2875 per share on its Class A and Class B Common Stock, a 5.7% increase over the prior quarter’s $0.272 dividend which was paid on each class. As a result, the indicated annual cash dividend will rise from $1.088 to $1.15 per share.
Stockholders of record on December 8, 2008 will receive the cash dividend on January 2, 2009. This marks Brown-Forman’s 63rd consecutive year of quarterly dividends and the company will have increased its annual dividend for the past 25 consecutive years.
Paul Varga, Chief Executive Officer, stated, “We are pleased to increase our dividend reflecting the strength of our cash flows, the health of our balance sheet, and our confidence in the long-term growth prospects for the company.”