HOUSTON, Nov. 8, 2016 /PRNewswire/ -- Service Corporation
International (NYSE: SCI), the largest provider of deathcare
products and services in North
America, today announced that its Board of Directors has
increased the authorized level of repurchases of its common stock
by approximately $313 million.
When combined with approximately $87
million of authority remaining under the existing program,
this represents a total of $400
million of current share repurchase authority effective
today.
The Company also announced that its Board of Directors has
approved a quarterly cash dividend of thirteen cents per share of common stock.
The quarterly cash dividend announced today is payable on
December 30, 2016 to shareholders of
record at the close of business on December
15, 2016. While the Company intends to pay regular
quarterly cash dividends for the foreseeable future, all subsequent
dividends, and the establishment of record and payment dates, are
subject to final determination by the Board of Directors each
quarter after its review of the Company's financial
performance.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical
facts are forward-looking statements. These forward-looking
statements have been made in reliance on the "safe harbor"
protections provided under the Private Securities Litigation Reform
Act of 1995. These statements may be accompanied by words
such as "believe," "estimate," "project," "expect," "anticipate,"
or "predict," that convey the uncertainty of future events or
outcomes. These statements are based on assumptions that we
believe are reasonable; however, many important factors could cause
our actual results in the future to differ materially from the
forward-looking statements made herein and in any other documents
or oral presentations made by, or on behalf of us. There can
be no assurance that we will buy any of our common stock under our
share repurchase programs. Important factors that could cause
us to discontinue our share repurchases include, among others,
unfavorable market conditions, the market price of our common
stock, the nature of other investment opportunities presented to us
from time to time, and the availability of funds necessary to
continue purchasing common stock. There can be no assurance
that future dividends will be declared. The actual
declaration of future dividends, and the establishment of record
and payment dates, is subject to final determination by our Board
of Directors each quarter after its review of our financial
performance. Important factors which could cause actual
results to differ materially from those in forward-looking
statements include, among others, restrictions on the payment of
dividends under existing or future credit agreements or other
financing arrangements; changes in tax laws relating to corporate
dividends; a determination by the Board of Directors that the
declaration of a dividend is not in the best interests of the
Company and its shareholders; an increase in our cash needs or a
decrease in available cash; or a deterioration in our financial
condition or results. For further information on these and
other risks and uncertainties, see our Securities and Exchange
Commission filings, including our 2015 Annual Report on Form
10-K. Copies of this document as well as other SEC filings
can be obtained from our website at http://www.sci-corp.com.
We assume no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by us, whether as a result of new information,
future events or otherwise.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in
Houston, Texas, is North America's leading provider of deathcare
products and services. At September 30, 2016, we owned and
operated 1,531 funeral homes and 471 cemeteries (of which 262 are
combination locations) in 45 states, eight Canadian provinces, the
District of Columbia, and
Puerto Rico. Through our
businesses, we market the Dignity Memorial® brand which offers
assurance of quality, value, caring service, and exceptional
customer satisfaction. For more information about Service
Corporation International, please visit our website at
www.sci-corp.com. For more information about Dignity Memorial®,
please visit www.dignitymemorial.com.
For additional
information contact:
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Investors:
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Debbie Young -
Director / Investor Relations
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(713)
525-9088
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Media:
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Jay Andrew - Managing
Director / Corporate Communications
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(713)
525-5235
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SOURCE Service Corporation International