Exponent Declares Regular Quarterly Dividend
July 30 2020 - 04:05PM
Exponent, Inc. (Nasdaq:EXPO) today announced that its Board of
Directors has declared a quarterly cash dividend of $0.19 per share
of common stock. The Company also announced that the Board of
Directors has authorized an additional $45 million for stock
repurchases.
The quarterly cash dividend of $0.19 per share of common stock
is to be paid on September 25, 2020 to all common stockholders of
record as of September 11, 2020. Exponent has paid, and expects to
continue to pay, quarterly dividends each year in March, June,
September and December. Future declarations of quarterly dividends
and the establishment of future record and payment dates are
subject to the final determination of Exponent's Board of
Directors.
Exponent’s Board of Directors approved an additional $45 million
in share repurchases, adding to the Company’s existing $30 million
available under the current authorization for repurchase. In total,
the Company now has approximately $75 million available to
repurchase shares. This plan authorizes Exponent to purchase its
common stock in the open market or privately negotiated
transactions in compliance with the Securities and Exchange
Commission’s Rule 10b-18.
“We are pleased to declare a quarterly cash dividend payment and
increase in our share repurchase authorization. We remain focused
on delivering on our commitment to return value to our shareholders
through our regular quarterly cash dividend and active share
repurchase program, while maintaining a strong balance sheet. We
are confident in the long-term viability of our business model,”
commented Dr. Catherine Corrigan, President and Chief Executive
Officer.
About Exponent
Exponent is an engineering and scientific consulting firm
providing solutions to complex problems. Exponent's
interdisciplinary organization of scientists, physicians,
engineers, and business consultants draws from more than 90
technical disciplines to solve the most pressing and complicated
challenges facing stakeholders today. The firm leverages over 50
years of experience in analyzing accidents and failures to advise
clients as they innovate their technologically complex products and
processes, ensure the safety and health of their users, and address
the challenges of sustainability.
Exponent may be reached at (888) 656-EXPO, info@exponent.com, or
www.exponent.com.
Forward Looking Statements
This news release contains, and incorporates by reference,
certain "forward-looking" statements (as such term is defined in
the Private Securities Litigation Reform Act of 1995, and the rules
promulgated pursuant to the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended) that are based on
the beliefs of the Company's management, as well as assumptions
made by and information currently available to the Company's
management. When used in this document and in the documents
incorporated herein by reference, the words “intend,” "anticipate,"
"believe," "estimate," "expect" and similar expressions, as they
relate to the Company or its management, identify such
forward-looking statements. Such statements reflect the current
views of the Company or its management with respect to future
events and are subject to certain risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, the
Company's actual results, performance, or achievements could differ
materially from those expressed in, or implied by, any such
forward-looking statements. Factors that could cause or contribute
to such material differences include the COVID-19 pandemic
(including factors relating to measures implemented by governmental
authorities or by us to promote the safety of our employees,
vendors and clients; other direct and indirect impacts on our
business and the businesses of our clients, vendors and other
partners; impacts which may, among other things, adversely affect
our clients’ ability to utilize our services at the levels they
have previously; disruptions of access to our facilities or those
of our clients or third parties; and increased and potentially
significant economic uncertainty and volatility, including credit
and collectability risks and potential disruptions of capital and
credit markets), the possibility that the demand for our services
may decline as a result of changes in generally applicable and
industry-specific economic conditions, the timing of engagements
for our services, the effects of competitive services and pricing,
the absence of backlog related to our business, our ability to
attract and retain key employees, the effect of tort reform and
government regulation on our business, and liabilities resulting
from claims made against us. Additional risks and uncertainties are
discussed in our Annual Report on Form 10-K under the heading "Risk
Factors" and elsewhere in the report. The inclusion of such
forward-looking information should not be regarded as a
representation by the Company or any other person that the future
events, plans, or expectations contemplated by the Company will be
achieved. The Company undertakes no obligation to release publicly
any updates or revisions to any such forward-looking
statements.
Source: Exponent, Inc.
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