This excerpt taken from the HRL 8-K filed Nov 20, 2007.
HORMEL FOODS INCREASES ANNUAL DIVIDEND
AUSTIN, Minn. (Nov. 20, 2007) The Board of Directors of Hormel Foods Corporation (NYSE:HRL), an Austin, Minn.-based multinational marketer of consumer-branded meat and food products, today announced its 42nd consecutive annual dividend increase.
The annual dividend rate on the common stock of the corporation was raised to $.74 per share from $.60 per share, representing a 23 percent increase.
A quarterly dividend on the common stock was authorized by the Board of Directors at the newly established rate of 18.5 cents a share. The quarterly dividend will be paid Feb. 15, 2008, to stockholders of record as of Jan. 19, 2008.
Todays announcement is the largest increase in our companys history, said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer, Hormel Foods. This more significant increase is based on our confidence to deliver improved cash flow in the future. Our consistent earnings history is similar to a packaged food company. Over time, we intend to move our dividend yield closer to a packaged food companys yield.
The Feb. 15 payment will be the 318th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.