Flowers Foods Declares Dividend for Third Quarter 2003 THOMASVILLE, Ga., Nov. 14 /PRNewswire-FirstCall/ -- Flowers Foods' board of directors today declared a dividend of $.10 per share for the third quarter of 2003. The dividend is payable on December 12, 2003, to shareholders of record on November 28, 2003. This dividend rate represents $.40 per share on an annualized basis. Amos R. McMullian, Flowers Foods' chairman of the board and chief executive officer, said, "Our business is generating substantial cash flow, our balance sheet is strong, and our operating strengths are evident. The board believes the dividend is an appropriate way to allow our investors to participate in the company's success without having to sell their shares. The changes earlier this year in the legislation regarding the taxing of dividends also make dividends a more favorable way to reward shareholders," McMullian continued. "The board action today is a renewal of the dividend rate announced in August 2003. We will not establish a pattern of increasing the dividend on a quarterly basis as our company did in the past. Any decision regarding future dividends or changes in the dividend rate will be made, as always, following careful consideration of the best uses for the free cash flow generated by the company. Our company has no bank debt, we are generating record levels of cash, and that cash flow is unencumbered. Going forward, our board will give equal importance to internal growth, dividends, stock buybacks, and acquisitions as they consider appropriate uses of the company's cash," McMullian said. Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's leading producers and marketers of packaged bakery foods for retail and foodservice customers. Flowers operates 33 bakeries that produce a wide range of bakery products marketed through the Sun Belt states via an extensive direct-store-delivery network and nationwide through other delivery systems. Among the company's top brands are Nature's Own, Cobblestone Mill, BlueBird, Mrs. Freshley's, and European Bakers. For more information on the company, visit http://www.flowersfoods.com/ . Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) competitive conditions in the baked foods industry, including promotional and price competition, (b) changes in consumer demand for our products, (c) the success of productivity improvements and new product introductions, (d) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (e) fluctuations in commodity pricing and (f) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value. In addition, our results may also be affected by general factors such as economic and business conditions (including the baked foods markets), interest and inflation rates and such other factors as are described in the company's filings with the Securities and Exchange Commission. DATASOURCE: Flowers Foods CONTACT: Mary A. Krier, Director of Corporate Communications of Flowers Foods, +1-229-227-2333 Web site: http://www.flowersfoods.com/

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