UFPI Board of Directors Approves 3-for-1 Stock Split; 13 Percent Increase in Semiannual Dividend
October 18 2017 - 4:05PM
The Board of Directors of Universal Forest Products, Inc.
(Nasdaq:UFPI) approved a three-for-one stock split on October 17,
2017, to be effected in the form of a stock dividend of two
additional shares of common stock for each outstanding share of
common stock. The split will increase the number of outstanding
shares of the Company’s common stock from approximately 20.4
million to 61.2 million.
“The stock dividend demonstrates the Board of Directors’
confidence in the Company’s continued ability to grow sales and
profits and generate robust cash flow,” said William G. Currie,
chairman of the board. “By increasing the number of shares
outstanding, we hope to encourage more employee ownership and
perhaps see a positive impact on the liquidity of the stock.”
The stock dividend will be payable on November 14, 2017, to
stockholders of record as of the close of business on October 31,
2017. The Company’s stock will begin trading at the post-split
price on November 15, 2017. Any shares purchased between the
October 31, 2017, record date and the November 14, 2017, payment
date will come with a “due bill,” entitling the buyer to two
additional shares for each share purchased.
In addition, the Company’s Board of Directors approved a 13.3
percent increase in the semiannual cash dividend to $0.51 per
share, which equates to $0.17 per share after the stock split. The
dividend is payable on December 15, 2017, to shareholders of record
as of December 1, 2017.
UNIVERSAL FOREST PRODUCTS, INC. Universal
Forest Products, Inc. is a holding company whose subsidiaries
supply wood, wood composite and other products to three robust
markets: retail, construction and industrial. Founded in
1955, the Company is headquartered in Grand Rapids, Mich., with
affiliates throughout North America, Europe, Asia and Australia.
For more about Universal Forest Products, go to www.ufpi.com.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act, as
amended, that are based on management’s beliefs, assumptions,
current expectations, estimates and projections about the markets
we serve, the economy and the Company itself. Words like
“anticipates,” “believes,” “confident,” “estimates,” “expects,”
“forecasts,” “likely,” “plans,” “projects,” “should,” variations of
such words, and similar expressions identify such forward-looking
statements. These statements do not guarantee future performance
and involve certain risks, uncertainties and assumptions that are
difficult to predict with regard to timing, extent, likelihood and
degree of occurrence. The Company does not undertake to update
forward-looking statements to reflect facts, circumstances, events,
or assumptions that occur after the date the forward-looking
statements are made. Actual results could differ materially from
those included in such forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty. Among the factors that could cause actual results to
differ materially from forward-looking statements are the
following: fluctuations in the price of lumber; adverse or unusual
weather conditions; adverse economic conditions in the markets we
serve; government regulations, particularly involving environmental
and safety regulations; and our ability to make successful business
acquisitions. Certain of these risk factors as well as other risk
factors and additional information are included in the Company's
reports on Form 10-K and 10-Q on file with the Securities and
Exchange Commission.
---------------AT THE COMPANY---------------Lynn
AfendoulisDirector, Corporate Communications(616) 365-1502
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