News Column

Brown-Forman Shareholders Celebrate Record Results in Fiscal 2014

July 24, 2014



Directors Elected; Executive Compensation Approved; Dividend Declared

LOUISVILLE, Ky.--(BUSINESS WIRE)-- Brown-Forman Corporationís (NYSE:BFA) (NYSE:BFB) shareholders met today at the regularly scheduled annual meeting of shareholders and celebrated fiscal 2014ís record results, one of the companyís most successful years in its 144-year history. During the meeting, shareholders elected the following individuals to serve on the companyís Board of Directors for the coming year: Joan C. Lordi Amble; Patrick Bousquet-Chavanne; Geo. Garvin Brown IV; Martin S. Brown, Jr.; Bruce L. Byrnes; John D. Cook; Sandra A. Frazier; Michael J. Roney; Dace Brown Stubbs; Michael A. Todman; Paul C. Varga; and James S. Welch, Jr.

Garvin Brown, chairman of the Board of Directors, chaired the annual meeting. He thanked the companyís shareholders for their continued support and congratulated Paul Varga, his leadership team, and all other Brown-Forman employees for their contributions to another year of outstanding results in fiscal 2014.

Brown also welcomed two new members to the Board of Directors: Michael Todman, who was nominated to serve on the Board in June of 2014; and Michael Roney, who joined the Board in March of 2014 and attended his first annual shareholders meeting today.

In a nonbinding advisory vote, shareholders approved the compensation of the companyís Named Executive Officers named in the proxy statement.

Paul Varga, chairman and CEO, discussed the companyís strong performance in fiscal 2014 and over the last decade, noting that Brown-Formanís underlying operating income growth far exceeded the rate of growth of its industry and other relevant benchmarks, and that the companyís 22% Return on Invested Capital was also at the top of the distilled spirits industry. ďThese consistently strong results were led by the remarkable Jack Danielís trademark, our portfolio skew to premium North American whiskey, and the continued globalization of our company.Ē

Varga continued, ďWe delivered yet another strong year of returns for our shareholders in fiscal 2014, which helped drive total shareholder return of 17% per year over the last decade, more than twice the S&P 500.Ē He paid tribute to Brown-Formanís 4,200 employees worldwide in producing these stellar results.

In a subsequent meeting, the Board of Directors approved a regular quarterly cash dividend of 29 cents per share on Class A and Class B Common Stock. Stockholders of record on†September 8, 2014, will receive the cash dividend on October 1, 2014. With this dividend, Brown-Forman will have paid regular quarterly cash dividends for 69 consecutive years. The company has also increased the regular cash dividend for 30 consecutive years.

For more than 140 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Danielís Tennessee Whiskey, Jack Danielís Tennessee Honey, Southern Comfort, Finlandia, Jack Danielís & Cola, Canadian Mist, Korbel, Gentleman Jack, el Jimador, Herradura, Sonoma-Cutrer, Chambord, New Mix, Tuaca, and Woodford Reserve. Brown-Formanís brands are supported by nearly 4,200 employees and sold in more than 160 countries worldwide. For more information about the company, please visit http://www.brown-forman.com/.



Brown-Forman Corporation

Phil Lynch, 502-774-7928

Vice President

Director Corporate Communications and Public Relations

or

Jay Koval, 502-774-6903

Vice President

Director Investor Relations

Source: Brown-Forman Corporation


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters