UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): November 21, 2003 (November 20, 2003)
Brown-Forman Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-123 61-0143150
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
850 Dixie Highway, Louisville, Kentucky 40210
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (502) 585-1100
Item 5. Other Events
On November 20, 2003, Brown-Forman Corporation issued a press release announcing
(i) its regular quarterly cash dividend, (ii) a solicitation of shareholder
consents to authorize additional shares and (iii) a 2-for-1 stock split. A copy
of Brown-Forman Corporation's press release of November 20, 2003 is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
99.1 Press Release, dated November 20, 2003
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Brown-Forman Corporation
(Registrant)
Date: November 21, 2003 By: /s/ Nelea A. Absher
Nelea A. Absher
Vice President, Senior Counsel
& Assistant Corporate Secretary
Exhibit 99.1
FOR IMMEDIATE RELEASE
BROWN-FORMAN PROPOSES 2-FOR-1 STOCK SPLIT & 13.3% INCREASE IN
THE COMMON STOCK DIVIDEND
Louisville, KY, September 25, 2003 - Directors of Brown-Forman Corporation today
approved a 2-for-1 stock split for all shares of Class A and Class B common
stock, to be paid in the form of a stock dividend. The Board of Directors will
seek the consent of the company's stockholders to authorize the additional
shares of both classes of stock necessary to carry out this stock split.
Following that approval, the company will distribute one additional share of
Brown-Forman common stock for each share of Class A and Class B common stock
outstanding. This distribution would be made to stockholders of record at the
close of business on the date the company's certificate of incorporation is
amended to reflect the increased number of shares, which is expected to be on or
about January 8, 2004.
The Board of Directors also approved a 13.3% increase in its regular quarterly
cash dividend, from 37.5 cents to 42.5 cents per share, before considering the
effect of the stock split. Stockholders of record on December 5, 2003 will
receive the 42.5 cent per share cash dividend on or about January 2, 2004.
Assuming the stockholders approve the 2-for-1 stock split, subsequent quarterly
cash dividend payments and earnings per share amounts will be restated to
reflect the stock split.
Owsley Brown, Chairman and Chief Executive Officer, stated, "We are pleased to
propose this stock split and significantly increase our quarterly dividend. Both
transactions indicate Brown-Forman's confidence in its ability to generate
sustainable growth in earnings and cash flow. The dividend increase reflects
both stronger company earnings per share and the reduction in tax rates on cash
dividends." Brown-Forman has paid regular quarterly cash dividends for 58
consecutive years.
Brown-Forman Corporation is a diversified producer and marketer of fine quality
consumer products, including Jack Daniel's, Southern Comfort, Finlandia Vodka,
Canadian Mist, Fetzer and Bolla Wines, Korbel California Champagnes, Lenox,
Dansk, and Gorham tableware and giftware and Hartmann Luggage.