SYSCO BOARD INCREASES QUARTERLY DIVIDEND; SHAREHOLDERS RE-ELECT SIX DIRECTORS AT ANNUAL MEETING
SYSCO BOARD INCREASES QUARTERLY DIVIDEND;
SHAREHOLDERS RE-ELECT SIX DIRECTORS AT ANNUAL MEETING
HOUSTON, Nov. 8 /PRNewswire/ -- SYSCO Corporation (NYSE: SYY) announced today at the company's annual shareholders' meeting that its board of directors voted to increase the quarterly cash dividend to $.10 per share from $.07 per share.
The new rate represents the 19th increase approved during the past 16 years and is payable Feb. 14, 1992, to shareholders of record Jan. 31, 1992.
During the meeting, shareholders re-elected six directors for three- year terms of office. John F. Woodhouse, chairman and chief executive officer of SYSCO, said the six directors include John F. Baugh, Charles H. Cotros, Jonathan Golden, Herbert Irving, James A. Schlindwein and Thomas B. Walker, Jr.
In discussing the dividend increase, Woodhouse commented, "The company is in excellent financial health, gaining additional market share despite sluggish economic and industry conditions. We continue to expand our warehouses and upgrade our systems as technologies improve, thereby providing both sufficient capacity and proficiency for future growth. We anticipate further reductions in debt as cash flow continues to increase. In view of these factors, and our optimistic outlook for both the foodservice market and SYSCO's leadership position in the industry, the board considered this increase to be an appropriate indication of the company's ability to achieve its growth objectives."
SYSCO is the nation's largest foodservice marketing and distribution organization. The company provides its products and services to approximately 230,000 customers located across the United States and western Canada. The SYSCO distribution network currently covers virtually the entire continental United States, including all of its 150 largest cities.
/CONTACT: E. James Lowrey, executive vice president-finance & administration of SYSCO, 713-584-1390/
(SYY) CO: SYSCO Corporation ST: Texas IN: FOD SU: DIV PER JT-CK -- NY031 -- 2587 11/08/91 12:12 EST