B&G Foods (NYSE:BGF)
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B&G Foods, Inc., a manufacturer and distributor of high quality,
shelf-stable foods, today explained the tax treatment of its 2007 cash
payments on its separately traded Class A common stock (NYSE: BGS) and
Enhanced Income Securities (EISs) (NYSE: BGF). Holders of the Class A
common stock and EISs are urged to check their 2007 tax statements
received from brokerage firms in order to ensure that the cash
distribution information reported on such statements conforms to the
information reported herein.
Additional information concerning the tax treatment of 2007
distributions is posted to the Investor Relations section of B&G Foods’
website, www.bgfoods.com, under the
heading “Investor FAQ.”
Holders of Class A common stock and EISs are also urged to consult their
own tax advisors to determine their individual tax treatment.
2007 Cash Distribution Tax Reporting
Information per Share of Separately Traded Class A Common Stock (NYSE:
BGS)
In 2007, B&G Foods distributed $0.4240 per share of separately traded
Class A common stock (CUSIP # 05508R 10 6). Based on U.S. federal income
tax laws, B&G Foods has determined that of such distributions, 8.6% (or
$0.0364 per share) will be treated as a taxable dividend and 91.4% (or
$0.3876 per share) will be treated as a return of capital. Generally,
the portion of the distribution on the Class A common stock that is
treated as a return of capital should reduce the tax basis in the shares
of Class A common stock.
The table below summarizes the tax treatment of the 2007 distributions
on the separately traded Class A common stock.
Declaration
Date
Record
Date
Payment
Date
Total Per Share
Distribution
2007 Taxable
Dividend
2007 Return of
Capital
5/8/2007
6/30/2007
7/30/2007
$0.2120
$0.0182
$0.1938
8/7/2007
9/30/2007
10/30/2007
$0.2120
$0.0182
$0.1938
2007 Totals
$0.4240
$0.0364
$0.3876
2007 Cash Distribution Tax Reporting
Information per EIS (NYSE: BGF)
Each EIS (CUSIP # 05508R 20 5) is comprised of one share of Class A
common stock and $7.15 principal amount of 12% senior subordinated notes
due 2016. In 2007, B&G Foods distributed $0.8480 per EIS as a
distribution on the Class A common stock represented thereby and $0.8580
per EIS as a distribution of interest on the principal amount of senior
subordinated notes represented thereby.
Based on U.S. federal income tax laws, B&G Foods has determined that of
the portion of the 2007 EIS distributions attributable to the Class A
common stock, 8.6% (or $0.0728 per EIS) will be treated as a taxable
dividend on the Class A common stock and 91.4% (or $0.7752 per EIS) will
be treated as a return of capital on the Class A common stock.
Generally, the portion of the distribution on the Class A common stock
that is treated as a return of capital should reduce the tax basis in
the shares of Class A common stock represented by the EISs.
The tables below summarize the tax treatment of the 2007 EIS cash
distributions attributable to the Class A common stock and the senior
subordinated notes represented thereby.
Class A Common Stock Portion of Each EIS
Declaration
Date
Record
Date
Payment
Date
Total Per Share
Distribution
2007 Taxable
Dividend
2007 Return of
Capital
11/9/2006
12/31/2006
1/30/2007
$0.2120
$0.0182
$0.1938
3/6/2007
3/31/2007
4/30/2007
$0.2120
$0.0182
$0.1938
5/8/2007
6/30/2007
7/30/2007
$0.2120
$0.0182
$0.1938
8/7/2007
9/30/2007
10/30/2007
$0.2120
$0.0182
$0.1938
2007 Totals
$0.8480
$0.0728
$0.7752
12% Senior Subordinated Notes due 2016
Portion of Each EIS
Record
Date
Payment
Date
Total Interest
Distribution per $7.15
Principal Amount
2007
Interest Income
12/31/2006
1/30/2007
$0.2145
$0.2145
3/31/2007
4/30/2007
$0.2145
$0.2145
6/30/2007
7/30/2007
$0.2145
$0.2145
9/30/2007
10/30/2007
$0.2145
$0.2145
2007 Totals
$0.8580
$0.8580
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and distribute a
diversified portfolio of high-quality, shelf-stable foods across the
United States, Canada and Puerto Rico. B&G Foods’
products include hot cereals, fruit spreads, canned meats and beans,
spices, seasonings, marinades, hot sauces, wine vinegar, maple syrup,
molasses, salad dressings, Mexican-style sauces, taco shells and kits,
salsas, pickles, peppers and other specialty food products. B&G Foods
competes in the retail grocery, food service, specialty, private label,
club and mass merchandiser channels of distribution. Based in
Parsippany, New Jersey, B&G Foods’
products are marketed under many recognized brands, including Ac’cent,
B&G, B&M, Brer Rabbit, Cream of Rice, Cream of Wheat, Emeril’s,
Grandma’s Molasses, Joan of Arc, Las Palmas,
Maple Grove Farms of Vermont, Ortega, Polaner, Red Devil, Regina, Sa-són,
Trappey’s, Underwood, Vermont Maid and
Wright’s.
IRS Circular 230 Disclosure
The discussion contained in this press release as to tax matters is
not intended or written to be used, and cannot be used, for the purpose
of avoiding United States federal income tax penalties. Such
discussion is written to support the promotion or marketing of the
transactions or matters addressed in this press release. Each
taxpayer should seek advice based on the taxpayer’s
particular circumstances from an independent tax advisor.