Knight Transportation Announces Quarterly Dividend and Share Repurchase Authorization
May 19 2011 - 5:22PM
Business Wire
Knight Transportation, Inc. (NYSE: KNX) announced today that its
Board of Directors has declared the company’s quarterly cash
dividend of $0.06 per share of common stock. This quarterly
dividend is pursuant to a cash dividend policy approved by the
Board of Directors. The actual declaration of future cash
dividends, and the establishment of record and payment dates, is
subject to final determination by the Board of Directors each
quarter after its review of the company’s financial
performance.
The company’s dividend is payable to shareholders of record on
June 3, 2011 and is expected to be paid on June 24, 2011.
The company also announced that its Board of Directors
authorized the company to repurchase up to 10,000,000 shares of its
outstanding common stock. The company has substantially completed
its existing authorization. Repurchases are made pursuant to the
provisions of Rule 10b-18. In making repurchases the company
considers both its cash requirements and market conditions.
Repurchases will continue from time to time, as conditions permit,
until the total number of shares authorized to be repurchased have
been bought, or until the company’s authorization to repurchase is
terminated, whichever occurs first.
Knight Transportation, Inc. is a provider of multiple truckload
transportation services using a nationwide network of service
centers in the U.S. to serve customers throughout North America. In
addition to operating one of the country’s largest tractor fleets,
Knight also partners with third-party equipment providers to
provide a broad range of truckload solutions to its customers while
creating quality driving jobs for our driving associates and
successful business opportunities for owner operators.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, relating to our quarterly dividend. There can be no
assurance that future dividends will be declared. The declaration
of future dividends is also subject to approval of our Board of
Directors each quarter after its review of our financial
performance and cash needs. Declaration of future dividends is also
subject to various risks and uncertainties, including: our cash
flow and cash needs; compliance with applicable law; restriction on
the payment of dividends under existing or future financing
arrangements; changes in tax laws relating to corporate dividends;
the deterioration in our financial condition or results, and those
risks, uncertainties, and other factors identified from
time-to-time in our filings with the Securities and Exchange
Commission.
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