Black Box Corporation Announces Increase in Share Repurchase Program and Declares a 14% Increase to Its Quarterly Cash Dividend
May 10 2012 - 4:00PM
Business Wire
Black Box Corporation (NASDAQ:BBOX), a leading communications
system integrator dedicated to designing, sourcing, implementing
and maintaining today’s complex communications solutions, announced
today that its Board of Directors approved an increase of 1 million
shares under the existing share repurchase program and declared a
14% increase to its quarterly cash dividend resulting in a payout
of $0.08 per share of its Common Stock.
With the increase in the share repurchase program, Black Box now
has authorization to repurchase 1.3 million of its shares or
approximately 8% of the current outstanding shares. The $0.08 per
share dividend was declared on all outstanding shares of Black
Box’s Common Stock and will be payable on July 13, 2012 to
stockholders of record at the close of business on June 29, 2012.
Black Box will pay the dividend through its transfer agent,
American Stock Transfer & Trust Company, 59 Maiden Lane, New
York, NY 10038.
Terry Blakemore, President and Chief Executive Officer said,
“The increases to the share repurchase program and quarterly cash
dividend display confidence in our ability to continue to generate
significant cash flows for the foreseeable future and our
commitment to take actions to increase value for our
shareholders.”
About Black Box
Black Box is a leading communications system integrator
dedicated to designing, sourcing, implementing and maintaining
today’s complex communications solutions. Black Box services more
than 175,000 clients in approximately 150 countries with
approximately 200 offices throughout the world. 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" and "believe" and other words
of similar meaning and expression. 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, such risks and uncertainties may include, among
others, levels of business activity and operating expenses,
expenses relating to corporate compliance requirements, cash flows,
global economic and business conditions, successful integration of
acquisitions, the timing and costs of restructuring programs,
successful marketing of the Company's product and services
offerings, successful implementation of the Company's M&A
program including identifying appropriate targets, consummating
transactions and successfully integrating the businesses,
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 the Company's Form 10-K for the
fiscal year ended March 31, 2011 and its Quarterly Report on
Form 10-Q for the period ended July 2, 2011. The Company
expressly disclaims any obligation or undertaking to release
publicly any revisions to forward-looking statements as a result of
future events or developments. In addition, repurchases of the
Company’s Common Stock may occur from time to time depending upon
factors such as the Company's cash flows and general market
conditions. While the Company expects to continue to repurchase
shares of its Common Stock for the foreseeable future, there can be
no assurance as to the timing or amount of such repurchases. There
are certain limitations on the Company's ability to repurchase its
Common Stock or issue dividends set forth in its new Credit
Agreement which was filed with the Securities and Exchange
Commission on March 26, 2012 in the Company’s Current Report
on Form 8-K.
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