Havertys – Special Cash Dividend and Quarterly Dividend Announced and New Authorization Under Stock Repurchase Program
November 16 2018 - 03:32PM
HAVERTYS (NYSE: HVT and HVT.A) announced today, that its board of
directors authorized a special cash dividend to be paid on the
outstanding shares of the two classes of $1 par value common stock
of the company at a rate of $1.00 per share on the common stock and
$0.95 per share on the Class A common stock. The board also
approved a quarterly cash dividend of $0.18 per share on the common
stock and $0.17 per share on the Class A common stock. The
special cash dividend and regular quarterly dividend will be paid
together on December 17, 2018 to stockholders of record at the
close of business on December 3, 2018. Havertys has paid a cash
dividend in each year since 1935.
The board also approved a new authorization
under its stock repurchase program that permits the company to
purchase up to $15.0 million of its common stock and Class A common
stock. The company has approximately $1.3 million remaining for
purchases under a previously approved authorization. Shares may be
repurchased, at the company’s discretion, from time-to-time in the
open market or in privately negotiated transactions.
“The decision of our board of directors to pay a
special dividend together with stock repurchases is part of our
balanced approach to provide returns to Havertys stockholders,”
Clarence Smith, chairman, president and CEO, said. “These
measures also evidence our confidence in generating sufficient cash
for growing Havertys’ business and increasing stockholder
value."
About Havertys
Havertys (NYSE: HVT and HVT.A), established in
1885, is a full-service home furnishings retailer with 120
showrooms in 16 states in the Southern and Midwestern regions
providing its customers with a wide selection of quality
merchandise in middle to upper-middle price ranges. Additional
information is available on the company’s website,
havertys.com.
Contact: Haverty Furniture Companies, Inc.,
404-443-2900 Jenny Hill Parker SVP, Finance, Secretary
and Treasurer
SOURCE:Havertys
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