The General Mills Board of Directors yesterday approved a quarterly dividend at the prevailing rate of $.275 per share, payable Nov. 1, 2001, to shareholders of record on Oct. 10, 2001. General Mills and its predecessor company have now paid uninterrupted dividends without reduction for 103 years.
General Mills Chairman and Chief Executive Officer Steve Sanger told shareholders attending the company’s 73rd annual meeting, held today in Minneapolis, that “General Mills delivered strong performance in fiscal 2001, with superior sales growth and double-digit growth in earnings per share. That momentum is continuing for our current businesses in the new fiscal year. In addition, we expect to complete the Federal Trade Commission’s review of our Pillsbury transaction in October. We continue to believe this acquisition will enhance General Mills’ growth and create strong shareholder value in the years ahead.”
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In actions at the meeting, shareholders re-elected the 11 directors nominated, ratified the appointment of KPMG LLP as the company’s independent auditor, and approved the compensation plan for outside directors. A shareholder proposal concerning food biotechnology was not approved.
This press release contains forward-looking statements based on management’s current expectations and assumptions. Such statements are subject to certain risks and uncertainties that could cause actual results to differ. In particular, our predictions about the Pillsbury acquisition could be affected by regulatory approvals; integration problems; failure to achieve synergies; unanticipated liabilities; inexperience in new business lines; and changes in the competitive environment. In addition, our future results also could be affected by a variety of factors such as: competitive dynamics in the U.S. ready-to-eat cereal market, including pricing and promotional spending levels by competitors; the impact of competitive products and pricing; product development; actions of competitors other than as described above; acquisitions or disposals of business assets; changes in capital structure; changes in laws and regulations, including changes in accounting standards; customer demand; effectiveness of advertising and marketing spending or programs; consumer perception of health-related issues; economic conditions, including currency rate fluctuations. The company undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances.
