B&G Foods Declares Quarterly Dividend

  
    
  
  
    
      B&G Foods, Inc. (NYSE: BGS, BGF), a manufacturer and distributor of high 
      quality, shelf-stable foods, announced today that its Board of Directors 
      has declared a quarterly cash dividend of $0.17 per share of Class A 
      common stock, payable on January 30, 2009 to holders of record as of 
      December 31, 2008.
    
    
      Cash payments to holders of the Company’s 
      Enhanced Income Securities (EISs), which will include the quarterly cash 
      dividend payment of $0.17 per share on the underlying Class A common 
      stock and an interest payment of $0.2145 per EIS on the underlying 
      12% senior subordinated notes to holders of record as of December 31, 
      2008, will aggregate $0.3845 per EIS.
    
    
      David L. Wenner, President and Chief Executive Officer of B&G Foods, 
      stated, “Due to widespread speculation in the 
      market regarding our next quarterly dividend, our Board of Directors has 
      decided to declare the dividend a few weeks ahead of our normal 
      quarterly declaration date. The $0.17 per share dividend that the Board 
      of Directors declared today is approximately 20% lower than our prior 
      dividend rate. The prior dividend rate resulted in substantially all of 
      our excess cash being paid out in dividends. The new dividend rate, 
      while still paying out the greater majority of our excess cash to 
      stockholders, provides for a portion of our excess cash to be retained 
      in our business for working capital, acquisitions and other business 
      needs that may arise.”
    
    
      Mr. Wenner continued, “We hope that our 
      stockholders will view the new dividend rate as sustainable in the long 
      term, and consistent with the Company’s desire 
      to provide stockholders with an attractive and reliable return on their 
      investment.”
    
    
      Although the Board of Directors has reduced the dividend rate under the 
      Company’s dividend policy, the Board of 
      Directors has reaffirmed the policy itself. The Company’s 
      dividend policy reflects a basic judgment that its stockholders would be 
      better served if the Company distributes a substantial portion of its 
      cash available to pay dividends to them instead of retaining it in the 
      business. Under this policy, a substantial portion of the cash generated 
      by the Company in excess of operating needs, interest and principal 
      payments on indebtedness, capital expenditures sufficient to maintain 
      its properties and other assets is in general distributed as regular 
      quarterly cash dividends (up to the intended dividend rate as determined 
      by the Board of Directors) to the holders of the Class A common stock 
      and not retained by the Company. With today’s 
      action, the new intended dividend rate for the Class A common stock is 
      $0.68 per share per annum.
    
    
      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.
    
    
      Forward-Looking Statements
    
    
      Statements in this press release that are not statements of 
      historical or current fact constitute “forward-looking 
      statements.” The forward-looking 
      statements contained in this press release include without limitation 
      statements related to our beliefs as to the sustainability of the 
      dividend. Such forward-looking statements involve known and 
      unknown risks, uncertainties and other unknown factors that could cause 
      the actual results of B&G Foods to be materially different from the 
      historical results or from any future results expressed or implied by 
      such forward-looking statements. In addition to statements that 
      explicitly describe such risks and uncertainties readers are urged to 
      consider statements labeled with the terms “believes,” 
      “belief,” “expects,” 
      “intends,” “anticipates” 
      or “plans” to be 
      uncertain and forward-looking. The forward-looking statements contained 
      herein are also subject generally to other risks and uncertainties that 
      are described from time to time in B&G Foods’ 
      filings with the Securities and Exchange Commission, including under 
      Item 1A, “Risk Factors” 
      in our Annual Report on Form 10-K for fiscal 2007 filed on March 6, 2008. 
      We undertake no obligation to publicly update or revise any 
      forward-looking statement, whether as a result of new information, 
      future events or otherwise.