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
October 1, 1997 (September 30, 1997)
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Date of Report (Date of earliest event reported)
FORTUNE BRANDS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-9076 13-3295276
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
l700 East Putnam Avenue, Old Greenwich, Connecticut 06870-0811
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 698-5000
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
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Registrant's press release dated September 30, 1997 is filed herewith as
Exhibit 20 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
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20. Press release of Registrant dated September 30, 1997.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this Current Report to be signed on its
behalf by the undersigned thereunto duly authorized.
FORTUNE BRANDS, INC.
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(Registrant)
By C. P. Omtvedt
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C. P. Omtvedt
Vice President and
Chief Accounting Officer
Date: October 1, 1997
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EXHIBIT INDEX
Sequentially
Exhibit Numbered Page
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20. Press release of Registrant dated
September 30, 1997.
EXHIBIT 20
NEWS RELEASE
NEWS RELEASE
Fortune Brands, Inc., 1700 East Putnam Avenue, Old Greenwich, CT 06870
NEWS RELEASE
Media Relations: Investor Relations:
Roger W. W. Baker Daniel A. Conforti
(203)698-5148 (203)698-5132
FORTUNE BRANDS ANNOUNCES 5% DIVIDEND INCREASE
Old Greenwich, CT, September 30, 1997 -- Fortune Brands, Inc.
(NYSE-FO), the international consumer products company, today
announced a 5% increase in the quarterly dividend on the Common
stock to 21 cents per share from 20 cents.
The dividend is payable on December 1 to stockholders of
record on November 12. The new indicated annual rate is 84 cents
per share, up from 80 cents.
"Today's action, which comes only four months after the spin-
off of Gallaher Group Plc, reflects our confidence in our
earnings growth prospects and continues the aggressive actions we
have been taking to deliver value to shareholders," noted
Chairman and Chief Executive Officer Thomas C. Hays.
"Our long-term growth goal is to generate E.P.S. growth in
the range of 13-15%, assuming a satisfactory economic and pricing
environment," Hays said. "We're on track to achieve that in
1997, and we're optimistic about 1998 and beyond." He also noted
that, "on a cash basis excluding about 60 cents per share of
goodwill amortization, Fortune Brands' earnings are substantially
higher than our reported earnings. The payout ratio based on
cash earnings is in the 40% range -- in line with other leading
consumer product companies.
"We have robust earnings, backed by a strong balance sheet
and, most fundamentally, by powerful, category-leading consumer
brands. We have also moved boldly and creatively to deliver
value to our shareholders," Hays added. "Four months ago, we
spun off Gallaher Group Plc to shareholders and launched Fortune
Brands as a premier consumer products company. Since the end of
1994, we have divested other operations with $4.4 billion in
sales and invested nearly $2 billion to reduce fully diluted
shares by 21%. This year, we have announced very significant
steps to reduce manufacturing costs, and we are investing
aggressively to enhance the value of our powerful brand
franchises."
Fortune Brands, Inc. is an international consumer products
company with headquarters in Old Greenwich, Connecticut. Its
operating companies have powerhouse brands and leading market
positions. Home and office products consist of hardware and home
improvement brands -- including Moen faucets, Master locks and
Aristokraft cabinets sold by units of MasterBrand Industries --
and office products brands -- including ACCO World Corporation's
Day-Timer and Swingline. Acushnet Company's golf brands include
Titleist, Cobra and Foot-Joy. Major distilled spirits brands
sold by units of JBB Worldwide, Inc. include Jim Beam and the
Small Batch Bourbons, DeKuyper cordials and Whyte & Mackay
Scotch.
* * *
This press release contains statements relating to future
results, which are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those projected as a
result of certain risks and uncertainties, including but not
limited to changes in general economic conditions, foreign exchange
rate fluctuations, competitive product and pricing pressures, the
impact of excise tax increases with respect to distilled spirits, regulatory
developments, the uncertainties of litigation, as well as other
risks and uncertainties detailed from time to time in the
Company's Securities and Exchange Commission filings.
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