Black Box Corporation Declares Its Quarterly Cash Dividend and Announces Stock Repurchase
February 14 2017 - 9:04AM
Black Box Corporation (NASDAQ:BBOX), a leading technology solutions
provider, announced today that its Board of Directors has declared
a quarterly cash dividend of $0.12 per share of its Common Stock.
The $0.12 per share dividend was declared on all
outstanding shares of Black Box's Common Stock and will be payable
on April 14, 2017 to stockholders of record at the close of
business on March 31, 2017. Black Box will pay the dividend
through its transfer agent, American Stock Transfer & Trust
Company, LLC, 6201 15th Avenue, Brooklyn, NY 11219.
Black Box also announced that it intends to activate its common
stock repurchase program for the fourth quarter of its fiscal year
ending March 31, 2017. As of December 31, 2016,
1,305,067 shares were available under Board-approved repurchase
programs.
The timing and the amount of any repurchases of common stock
will be determined by Black Box management based on its evaluation
of market conditions and other factors, including the Company’s
cash flows, leverage and general market conditions. There can be no
assurance as to the timing or amount of such repurchases.
Under its Credit Agreement, the Company is permitted to
repurchase its common stock as long as no Event of Default or
Potential Default (as defined in the Credit Agreement) shall have
occurred and is continuing or shall occur as a result
thereof. In addition, no repurchase of common stock is
permitted, with certain exceptions, under the Credit Agreement if
the Company's consolidated leverage ratio (based on EBITDA) exceeds
3.00. At December 31, 2016, the Company's leverage ratio was
2.69.
About Black Box
Black Box is a leading digital solutions
provider dedicated to helping customers build, manage, optimize and
secure their IT infrastructure. Black Box delivers high-value
products and services through its global presence and more than
3,500 team members. To learn more, visit the Black Box Web site at
http://www.blackbox.com.
Black Box® and the Double Diamond logo are registered trademarks
of BB Technologies, Inc.
Any forward-looking statements contained in this release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and speak only as of the
date of this release. You can identify these forward-looking
statements by the fact that they use words such as "should,"
"anticipate," "estimate," "approximate," "expect," "target," "may,"
"will," "project," "intend," "plan," "believe" and other words of
similar meaning and expression in connection with any discussion of
future operating or financial performance. One can also identify
forward-looking statements by the fact that they do not relate
strictly to historical or current facts. Forward-looking statements
are inherently subject to a variety of risks and uncertainties that
could cause actual results to differ materially from those
projected. Although it is not possible to predict or identify all
risk factors, they may include, among others, levels of business
activity and operating expenses, expenses relating to compliance
requirements, cash flows, global economic and business conditions,
successful integration of acquisitions, the timing, benefits and
costs of restructuring programs and other initiatives, successful
marketing of the Company's product and services offerings,
successful implementation of the Company's integration initiatives,
successful implementation of the Company's government contracting
programs, competition, changes in foreign, political and economic
conditions, fluctuating foreign currencies compared to the U.S.
dollar, rapid changes in technologies, client preferences, the
Company's arrangements with suppliers of voice equipment and
technology, government budgetary constraints and various other
matters, many of which are beyond the Company's control. Additional
risk factors are included in this press release, our Annual Report
on Form 10-K for the fiscal year ended March 31, 2016 and our
previously filed quarterly reports on Form 10-Q for Fiscal 2017. We
can give no assurance that any goal, plan or target set forth in
forward-looking statements will be achieved and readers are
cautioned not to place undue reliance on such statements, which
speak only as of the date made. We undertake no obligation to
release publicly any revisions to forward-looking statements as a
result of future events or developments and caution you not to
unduly rely on any such forward-looking statements.
Contact:
Anthony J. Massetti
Senior Vice President, Chief Financial Officer and Treasurer
Phone: (724) 873-6788
Email: investors@blackbox.com
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