Tennant Company Board Authorizes 5 Percent Quarterly Dividend Increase and Repurchase of Additional One Million Shares
October 31 2016 - 5:00PM
Business Wire
Directors of Tennant Company (NYSE: TNC) today authorized a 5
percent increase in the company’s quarterly cash dividend to 21
cents per share. The increased dividend is payable December 15,
2016, to shareholders of record at the close of business on
November 30, 2016. As a result, 2016 marks the 45th consecutive
year that the company has increased its annual cash dividend
payout.
The Tennant board of directors also authorized a new share
repurchase program of up to one million shares of the company’s
common stock. This is in addition to approximately 395,000 shares
remaining under its current repurchase program. Share repurchases
under these programs may be made through open market and privately
negotiated transactions from time to time and in amounts that
management deems appropriate. The timing of share repurchases to
enhance shareholder value will depend upon market conditions and
other corporate considerations. Tennant has approximately
17,600,000 shares outstanding.
Commenting on the new authorizations, Chris Killingstad, Tennant
Company’s president and chief executive officer, said, “We remain
committed to investing for growth, with disciplined spending, as we
strive to reach our goal of $1 billion in organic sales and a 12
percent operating profit margin. These new authorizations reflect
the board’s confidence in our business and the strength of our
capital position.”
Company
ProfileMinneapolis-based Tennant Company (TNC) is a
world leader in designing, manufacturing and marketing solutions
that empower customers to achieve quality cleaning performance,
significantly reduce their environmental impact and help create a
cleaner, safer, healthier world. Its products include equipment for
maintaining surfaces in industrial, commercial and outdoor
environments; detergent-free and other sustainable cleaning
technologies; and coatings for protecting, repairing and upgrading
surfaces. Tennant's global field service network is the most
extensive in the industry. Tennant has manufacturing operations in
Minneapolis, MN; Holland, MI; Louisville, KY; Chicago, IL; Uden,
The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells
products directly in 15 countries and through distributors in more
than 80 countries. For more information, visit www.tennantco.com.
The Tennant Company logo and other trademarks designated with
the symbol “®” are trademarks of Tennant Company registered in the
United States and/or other countries.
Forward-Looking
StatementsCertain statements contained in this document,
as well as other written and oral statements made by us from time
to time, are considered “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act. These
statements do not relate to strictly historical or current facts
and provide current expectations or forecasts of future events. Any
such expectations or forecasts of future events are subject to a
variety of factors. These include factors that affect all
businesses operating in a global market as well as matters specific
to us and the markets we serve. Particular risks and uncertainties
presently facing us include: geopolitical and economic uncertainty
throughout the world; the competition in our business; foreign
currency exchange rate fluctuations, particularly the relative
strength of the U.S. dollar against other major currencies; our
ability to attract and retain key personnel; our ability to
successfully upgrade, evolve and protect our information technology
systems; fluctuations in the cost, quality, or availability of raw
materials and purchased components; our ability to effectively
manage organizational changes; our ability to develop and
commercialize new innovative products and services; unforeseen
product liability claims or product quality issues; the occurrence
of a disruption to the value chain process, such as sourcing,
distribution, logistics or customer support; the occurrence of a
significant business interruption; and our ability to comply with
laws and regulations.
We caution that forward-looking statements must be considered
carefully and that actual results may differ in material ways due
to risks and uncertainties both known and unknown. Shareholders,
potential investors and other readers are urged to consider these
factors in evaluating forward-looking statements and are cautioned
not to place undue reliance on such forward-looking statements. For
additional information about factors that could materially affect
Tennant's results, please see our other Securities and Exchange
Commission filings, including disclosures under “Risk Factors.”
We do not undertake to update any forward-looking statement, and
investors are advised to consult any further disclosures by us on
this matter in our filings with the Securities and Exchange
Commission and in other written statements we make from time to
time. It is not possible to anticipate or foresee all risk factors,
and investors should not consider any list of such factors to be an
exhaustive or complete list of all risks or uncertainties.
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version on businesswire.com: http://www.businesswire.com/news/home/20161031006183/en/
Tennant CompanyInvestor Contact:Tom Paulson, 763-540-1204Senior
Vice President and Chief Financial
Officertom.paulson@tennantco.comorMedia Contact:Kathryn Lovik,
763-540-1212Global Communications
Directorkathryn.lovik@tennantco.com
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