LOUISVILLE, Ky. (Nov. 27, 2012) — Brown-Forman Corp.’s Board of Directors has declared a special cash dividend of $4 per share on its Class A and Class B Common Stock that will be paid Dec. 27 to stockholders of record on Dec. 12, 2012. This special cash dividend is in addition to the 9.3 percent increase in the company’s regular cash dividend announced by the company Nov. 15.
“We believe this special dividend is the best utilization of the company’s strong balance sheet at this time,” said Brown-Forman CEO Paul Varga. “Along with our recently announced increase in the regular dividend, this return of cash to shareholders reinforces our belief in the health of our business and our commitment to deploy its strong cash generation in the most effective and efficient manner.”
Varga added, “The company chose to make this payment in calendar 2012 because of the uncertainty surrounding future dividend tax rates. Even after this special dividend, we retain ample capital capacity to make long-term investments in our business, such as the current expansion of the Jack Daniel’s Distillery and strategic acquisitions.”
Brown-Forman owns Woodford Reserve in Versailles, and Jack Daniel’s Tennessee Whiskey, Southern Comfort, Finlandia, Jack Daniel’s & Cola, Canadian Mist, Korbel, Gentleman Jack, el Jimador, Herradura, Sonoma-Cutrer, Chambord, New Mix and Tuaca, For more information, visit http://www.brown-forman.com/.