BGFV » Topics » Dividend Policy

These excerpts taken from the BGFV 10-K filed Feb 27, 2009.
Dividend Policy
 
Dividends are paid at the discretion of the Board of Directors. The Company’s Board of Directors authorized dividends at an annual rate of $0.36 per share of outstanding common stock and quarterly dividend payments of $0.09 per share were paid in fiscal 2007 and 2008. Due to the nearly unprecedented downturn in the economy, the


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Company’s Board of Directors has reduced the Company’s quarterly cash dividend to $0.05 per share of outstanding common stock, for an annual rate of $0.20 per share. This decision is consistent with the Company’s objective to utilize its capital to maintain a healthy financial condition during these challenging economic times. The quarterly cash dividend of $0.05 per share of outstanding common stock will be paid on March 20, 2009 to stockholders of record as of March 6, 2009.
 
The financing agreement governing our revolving credit facility imposes restrictions on our ability to make dividend payments. For example, our ability to pay cash dividends on our common stock will depend upon, among other things, our level of indebtedness at the time of the proposed dividend or distribution, whether we are in default under the financing agreement and the amount of dividends or distributions made in the past. Our future dividend policy will also depend on the requirements of any future financing agreements to which we may be a party and other factors considered relevant by our Board of Directors, including the General Corporation Law of the State of Delaware, which provides that dividends are only payable out of surplus or current net profits.
 
Issuer Repurchases
 
The following tabular summary reflects the Company’s share repurchase activity during the quarter ended December 28, 2008:
 
Dividend
Policy



 



Dividends are paid at the discretion of the Board of Directors.
The Company’s Board of Directors authorized dividends at an
annual rate of $0.36 per share of outstanding common stock and
quarterly dividend payments of $0.09 per share were paid in
fiscal 2007 and 2008. Due to the nearly unprecedented downturn
in the economy, the





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Table of Contents






Company’s Board of Directors has reduced the Company’s
quarterly cash dividend to $0.05 per share of outstanding common
stock, for an annual rate of $0.20 per share. This decision is
consistent with the Company’s objective to utilize its
capital to maintain a healthy financial condition during these
challenging economic times. The quarterly cash dividend of $0.05
per share of outstanding common stock will be paid on
March 20, 2009 to stockholders of record as of
March 6, 2009.


 



The financing agreement governing our revolving credit facility
imposes restrictions on our ability to make dividend payments.
For example, our ability to pay cash dividends on our common
stock will depend upon, among other things, our level of
indebtedness at the time of the proposed dividend or
distribution, whether we are in default under the financing
agreement and the amount of dividends or distributions made in
the past. Our future dividend policy will also depend on the
requirements of any future financing agreements to which we may
be a party and other factors considered relevant by our Board of
Directors, including the General Corporation Law of the State of
Delaware, which provides that dividends are only payable out of
surplus or current net profits.


 



Issuer Repurchases


 



The following tabular summary reflects the Company’s share
repurchase activity during the quarter ended December 28,
2008:


 




These excerpts taken from the BGFV 10-K filed Mar 10, 2008.
Dividend Policy
 
Quarterly dividend payments of $0.07 per share were paid during fiscal 2005 and the first quarter of fiscal 2006. Beginning in the second quarter of fiscal 2006, the Company’s Board of Directors authorized an increase of the dividend to an annual rate of $0.36 per share of outstanding common stock. Quarterly dividend payments of $0.09 per share were paid for the remainder of fiscal 2006 and during fiscal 2007. In the first quarter of fiscal 2008,


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the Company’s Board of Directors declared a quarterly cash dividend of $0.09 per share of outstanding common stock, which will be paid on March 14, 2008 to stockholders of record as of February 29, 2008.
 
The financing agreement governing our revolving credit facility imposes restrictions on our ability to make dividend payments. For example, our ability to pay cash dividends on our common stock will depend upon, among other things, our level of indebtedness at the time of the proposed dividend or distribution, whether we are in default under the financing agreement and the amount of dividends or distributions made in the past. Our future dividend policy will also depend on the requirements of any future financing agreements to which we may be a party and other factors considered relevant by our Board of Directors, including the General Corporation Law of the State of Delaware, which provides that dividends are only payable out of surplus or current net profits.
 
Dividend
Policy



 



Quarterly dividend payments of $0.07 per share were paid during
fiscal 2005 and the first quarter of fiscal 2006. Beginning in
the second quarter of fiscal 2006, the Company’s Board of
Directors authorized an increase of the dividend to an annual
rate of $0.36 per share of outstanding common stock. Quarterly
dividend payments of $0.09 per share were paid for the remainder
of fiscal 2006 and during fiscal 2007. In the first quarter of
fiscal 2008,





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the Company’s Board of Directors declared a quarterly cash
dividend of $0.09 per share of outstanding common stock, which
will be paid on March 14, 2008 to stockholders of record as
of February 29, 2008.


 



The financing agreement governing our revolving credit facility
imposes restrictions on our ability to make dividend payments.
For example, our ability to pay cash dividends on our common
stock will depend upon, among other things, our level of
indebtedness at the time of the proposed dividend or
distribution, whether we are in default under the financing
agreement and the amount of dividends or distributions made in
the past. Our future dividend policy will also depend on the
requirements of any future financing agreements to which we may
be a party and other factors considered relevant by our Board of
Directors, including the General Corporation Law of the State of
Delaware, which provides that dividends are only payable out of
surplus or current net profits.


 




This excerpt taken from the BGFV 10-K filed Mar 16, 2006.
Dividend Policy
 
In the fourth quarter of fiscal 2004 we declared our first ever cash dividend, at an annual rate of $0.28 per share of outstanding common stock. The first quarterly payment, of $0.07 per share, was paid on December 15, 2004, to stockholders of record as of December 1, 2004. Quarterly payments of $0.07 per share were paid on March 15, 2005, June 15, 2005, September 15, 2005 and December 15, 2005 to stockholders of record as of March 1, 2005, June 1, 2005, September 1, 2005 and December 1, 2005, respectively. An additional quarterly cash dividend was declared and paid on March 15, 2006 to stockholders of record as of March 1, 2006.
 
The financing agreement governing our term loan and revolving credit facility imposes restrictions on our ability to make dividend payments. For example, our ability to pay cash dividends on our common stock, will depend upon, among other things, our level of indebtedness at the time of the proposed dividend or distribution,


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whether we are in default under the financing agreement and the amount of dividends or distributions made in the past. Our future dividend policy will also depend on the requirements of any future financing agreements to which we may be a party and other factors considered relevant by our board of directors, including the General Corporation Law of the State of Delaware, which provides that dividends are only payable out of surplus or current net profits.
 
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