Performance Food Group (Nasdaq/NM: PFGC) yesterday announced that its Board of Directors has declared a 2-for-1 stock split to be effected as a 100% stock dividend. The stock dividend will have a record date of April 23, 2001 and will be distributed to shareholders on April 30, 2001. Performance Food Group currently has approximately 17.8 million shares outstanding.
Robert C. Sledd, Chairman and Chief Executive Officer, remarked, “We are pleased that the Company’s record of growth and investors’ endorsement of our future prospects have enabled the Board to take this action. We believe that the additional shares outstanding as a result of the stock split will benefit shareholders by increasing the trading activity and liquidity of Performance Food Group’s shares.”
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Sledd said, “This year has started on a strong note, and we expect to meet the published estimates for earnings of $0.33 per share diluted for the first quarter. That would represent a 22% gain compared with earnings of $0.27 per share diluted in the first quarter of 2000. At this time, we also expect to be in the upper end of the current range of published estimates for the full year of $2.10-$2.22 per share diluted versus $1.82 per share diluted for 2000. Our growth is being driven by ongoing internal gains as well as by strategic acquisitions of complementary foodservice operations. Our vision for the Company’s continued progress is delivering consistently superior customer service, while building the market presence of our signature brands of foodservice items and driving costs out of our distribution system.
“The foodservice industry has become not only one of the major segments of the nation’s economy but also one of the most vibrant. Demand for meals prepared outside the home has been expanding steadily for several decades, and this trend shows no signs of slowing. Foodservice distributors play an essential role in helping meet this demand, and our successful record of growth distinguishes Performance Food Group as one of the leaders in this business.”
Performance Food Group will be releasing its financial results for the first quarter as scheduled on May 1, 2001.
Performance Food Group markets and distributes more than 31,000 national and private label food and food-related products to approximately 27,000 restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions. For more information on Performance Food Group, visit www.pfgc.com.
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By GlobalDataCertain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on current expectations and management’s estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include, but are not limited to, the relatively low margins and economic sensitivity of the foodservice business, the Company’s reliance on major customers, the ability to identify and successfully complete acquisitions of other foodservice distributors and management of the Company’s planned growth, all as detailed from time to time in the reports filed by the Company with the Securities and Exchange Commission.
