Pool Corporation Announces Additional Authorization Under Share Repurchase Program, an Increase in Its Quarterly Cash Dividen...
May 02 2019 - 1:11PM
Pool Corporation (NASDAQ/GSM:POOL) announced today that its Board
of Directors (the Board) has authorized an additional $200.0
million under its existing share repurchase program for the
purchase of the Company’s common stock in the open market at
prevailing market prices. This amount adds to the
$49.2 million remaining under its existing authorization as of
May 1, 2019, bringing its total authorization available to
$249.2 million.
The Company also announced that the Board has
declared a quarterly cash dividend of $0.55 per share, a 22%
increase over the previous quarterly dividend amount of $0.45 per
share. The dividend is payable on May 31, 2019 to
stockholders of record on May 17, 2019. As of
May 1, 2019, there were 39,772,682 shares of common stock
outstanding.
At POOLCORP’s Annual Meeting of Stockholders on
May 1, 2019, stockholders elected Andrew W. Code,
Timothy M. Graven, Debra S. Oler,
Manuel J. Perez de la Mesa,
Harlan F. Seymour, Robert C. Sledd, John E.
Stokely and David G. Whalen to serve as directors for the ensuing
year.
The voting results on the other proposals for
this year’s meeting are as follows:
- ratification of the retention of
Ernst & Young LLP as our independent registered
public accounting firm for fiscal 2019; and
- approval of the compensation of our
named executive officers as disclosed in our Proxy Statement (the
advisory say-on-pay vote).
At the annual meeting, Mr. Stokely, Chairman of
the Board, commented, “The Board is grateful for the trust and
confidence that the shareholders place in us. As we look
forward to the upcoming year, we are committed to working harder,
working smarter and working together to enhance shareholder value
and further Pool Corporation’s mission.”
Pool Corporation is the world’s largest
wholesale distributor of swimming pool and related backyard
products. POOLCORP operates approximately 370 sales centers
in North America, Europe, South America and Australia through which
it distributes more than 180,000 national brand and private label
products to roughly 120,000 wholesale customers. For more
information about POOLCORP, please visit www.poolcorp.com.
This news release may include “forward-looking”
statements that involve risk and uncertainties. The
forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Actual results may differ materially due to a
variety of factors, including the sensitivity of the swimming pool
supply business to weather conditions and other risks detailed in
POOLCORP’s 2018 Form 10-K filed with the Securities and Exchange
Commission.
CONTACT:
Curtis J. ScheelDirector of Investor
Relations985.801.5341curtis.scheel@poolcorp.com
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