Tyson Shareholders Learn About Firms 2013 Outlook

At Tyson Foods Inc.’s 50th annual shareholders meeting Feb. 1, chief financial officer Dennis Leatherby said the company’s operating cash flow in fiscal 2012 topped $1 billion for third straight year, at $1.2 billion.

Leatherby also told shareholders, who met at the Northwest Arkansas Convention Center in Springdale, priorities for excess cash in 2013 include additional capital spending to improve and grow existing businesses, acquisitions to fulfill growth strategies and returning cash to shareholders through share repurchases and dividends.

Jim Lochner, the Springdale-based meat processor’s chief operating officer, said prepared food will continue to be a key driver of the company’s growth strategy this year. He mentioned several new products introduced in recent months, including chicken luncheon meat and franks, sliced beef briskets, Wright Brand fully cooked ribs and new flavors of Wright Brand bacon.

In the business portion of the meeting, shareholders re-elected nine board members. They are Kathleen Bader, Gaurdie E. Banister Jr., Jim Kever, Kevin McNamara, Brad T. Sauer, Robert Thurber, Barbara Tyson, John Tyson and Albert C. Zapanta.

Shareholders also reaffirmed PricewaterhouseCoopers LLP as the company’s registered public accountant, and adopted amendments to its stock incentive and employee stock purchase plans.

The day before the meeting, the company’s board of directors declared a quarterly dividend of 5 cents per share on Class A common stock and 4.5 cents per share on Class B common stock to shareholders of record on May 31. The dividend will be payable June 14.