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AUSTIN EDITION Hormel to pay dividend of 9.75 cents a share

Hormel Foods Corp. will pay a regular quarterly dividend on Aug. 15 at the current rate of 9.75 cents per common share, the company announced.

The dividend, declared Friday by company directors, will go to investors holding shares by close of business on July 20.

Earlier this month, the company reported earnings of 23 cents a common share, down from 30 cents a year earlier. The decline was due largely to a Russian government ban on imports of poultry, which increased competition and depressed prices for pork and other protein-rich foods, Hormel officials said.

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