KBR Announces Share Repurchase Program and Declares Dividend
August 06 2008 - 4:15PM
Business Wire
KBR (NYSE:KBR) today announced that its Board of Directors
authorized a program to repurchase up to five percent of its
outstanding common stock. Additionally, its board of directors has
declared a quarterly cash dividend of five cents ($0.05) per share
on the company's common stock, payable October 15, 2008, to
shareholders of record at the close of business on September 15,
2008. �Providing value to our shareholders remains an objective for
KBR. Our financial strength affords us the opportunity to return
capital to our shareholders and achieve an efficient return on
capital,� said William P. Utt, KBR Chairman, President, and Chief
Executive Officer. �This share repurchase program underscores our
continued confidence in KBR�s prospects for long-term profitable
growth.� The shares may be repurchased from time to time in the
open market or through privately negotiated transactions at the
company�s discretion, subject to market conditions, and in
accordance with applicable regulatory requirements. The program
does not obligate the company to acquire any particular amount of
common stock and may be commenced, suspended or discontinued at any
time or from time to time without prior notice. The share
repurchase program will be funded through the company�s current
cash position. As of July 28, 2008, KBR has approximately 170
million shares outstanding. KBR is a global engineering,
construction and services company supporting the energy,
petrochemicals, government services and civil infrastructure
sectors. The company offers a wide range of services through its
Downstream, Government and Infrastructure, Services, Technology,
Upstream and Ventures business segments. For more information,
visit www.kbr.com. This news release contains �forward-looking
statements.� All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements.
Forward-looking statements include statements about the discussions
of KBR�s business strategies and KBR�s expectations concerning
future operations, profitability, liquidity, and capital resources.
You can generally identify forward-looking statements by
terminology such as �anticipate,� �believe,� �continue,� �could,�
�estimate,� �expect,� �forecast,� �goal,� �intend,� �may,�
�objective,� �plan,� �potential,� �predict,� �projection,� �should�
or other similar words. These statements relate to future events or
future financial performance and involve known and unknown risks,
uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to differ
materially from those in the future that are implied by these
forward-looking statements. Many of these factors cannot be
controlled or predicted. These risks and other factors include
those described under �Risk Factors� in KBR�s Annual Report on Form
10-K dated February 26, 2008, final prospectus for its exchange
offer dated March 27, 2007, subsequent Forms 10-Q, recent Current
Reports on Forms 8-K, and other Securities and Exchange Commission
filings. Those factors, among others, could cause KBR�s actual
results and performance to differ materially from the results and
performance projected in, or implied by, the forward-looking
statements. As you read and consider this news release, you should
carefully understand that the forward-looking statements are not
guarantees of performance or results. KBR cautions you that
assumptions, beliefs, expectations, intentions and projections
about future events may and often do vary materially from actual
results. Therefore, KBR cannot assure you that actual results will
not differ materially from those expressed or implied by
forward-looking statements. The forward-looking statements included
in this news release are made only as of the date of this document.
New risks and uncertainties arise from time to time, and KBR cannot
predict those events or their impact. KBR assumes no obligation to
update any forward-looking statements after the date of this news
release as a result of new information, future events or
developments, except as required by the federal securities laws.
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