Utz Brands, Inc. Declares Quarterly Cash Dividend

Rhea-AI Summary

Utz Brands, a leading U.S. manufacturer of branded salty snacks, announced a quarterly cash dividend of approximately $0.059 per share on its Class A Common Stock. The payment will be made on July 3, 2024, to shareholders recorded by June 17, 2024. The dividend includes an additional cash distribution totaling around $1.7 million, or approximately $0.0210 per share, funded from excess tax distributions. Future dividends will depend on the company's operations, financial health, and other relevant factors as determined by the Board of Directors. Utz may also declare additional dividends from excess tax distributions in future quarters.

Positive

• Quarterly cash dividend declared: $0.059 per share.
• Additional cash dividend: $1.7 million, approximately $0.0210 per share.
• Payment date set for July 3, 2024; record date June 17, 2024.
• Funded by excess tax distributions from Utz Brands Holdings.

Negative

• Future dividends are not guaranteed and depend on various factors.
• The additional dividend depends on excess tax distributions, which may not always occur.

HANOVER, Pa.--(BUSINESS WIRE)-- Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks, today announced that its Board of Directors has declared a regular quarterly cash dividend of approximately $0.059 per share on the Company’s Class A Common Stock. Payment is expected to be made by the Company on July 3, 2024, to stockholders of record at the close of business on June 17, 2024.

The cash dividend will be funded by cash distributions made by Utz Brands Holdings, LLC (“Utz Brands Holdings”) to Utz and the other holders of Utz Brands Holdings’ common units on a pro-rata basis.

The cash dividend includes a regular quarterly cash dividend of $0.059 per share and an additional cash dividend in the aggregate amount of approximately $1.7 million, which is approximately $0.0210 per share. This additional cash dividend will be funded from a portion of the tax distribution paid or to be paid by Utz Brands Holdings to Utz that is in excess of corporate taxes payable by the Company.

Future declarations of quarterly or other dividends are subject to the determination and discretion of Utz’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition and other factors that the Board may deem relevant. In future quarters, in addition to potentially declaring and paying regular quarterly dividends, Utz may continue to declare and pay additional cash dividends to the holders of Utz Class A Common Stock out of all or a portion of any excess tax distributions it receives from Utz Brands Holdings.

About Utz Brands, Inc.

Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of savory snacks through popular brands including Utz®, On The Border® Chips & Dips, Golden Flake®, Zapp’s®, Boulder Canyon®, Hawaiian® Brand, and TORTIYAHS!®, among others.

After a century with strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz’s products are distributed nationally through grocery, mass merchandisers, club, convenience, drug, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities located across the U.S. to serve our growing customer base. For more information, please visit www.utzsnacks.com or call 1‐800‐FOR‐SNAX.

Forward-Looking Statements

Certain statements made herein are not historical facts but are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. The forward-looking statements generally are accompanied by or include, without limitation, statements such as “will”, “expect”, “intends”, “goal” or other similar words, phrases or expressions. These statements are based on the current expectations of the Company’s management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties and the Company’s business and actual results may differ materially.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240606801798/en/

UTZ Brands, Inc.:

Investor

Kevin Powers

kpowers@utzsnacks.com

Media

Kevin Brick

kbrick@utzsnacks.com

Source: Utz Brands, Inc.

FAQ

What is the dividend amount declared by Utz Brands for July 2024?

Utz Brands declared a regular quarterly cash dividend of approximately $0.059 per share.

When will Utz Brands pay the declared dividend?

The dividend will be paid on July 3, 2024.

What is the record date for Utz Brands' dividend payment?

The record date for the dividend payment is June 17, 2024.

What is the additional cash dividend announced by Utz Brands?

Utz Brands announced an additional cash dividend amounting to approximately $1.7 million, or $0.0210 per share.

How will Utz Brands fund the additional cash dividend?

The additional cash dividend will be funded from excess tax distributions made by Utz Brands Holdings.

Are future dividends guaranteed by Utz Brands?

No, future declarations of dividends are subject to the Board's discretion based on the company's results of operations, financial condition, and other relevant factors.