Wolverine World Wide, Inc. announces $200 million share repurchase program, declares quarterly dividend
Wolverine World Wide, Inc. (NYSE: WWW) announced that its Board of Directors approved a new share repurchase program at its regularly scheduled meeting February 11, 2010, authorizing up to $200 million in share repurchases. The share repurchases are to be made over a four-year period at times and amounts deemed appropriate by the Company, based on a variety of factors including price and market conditions. Over the last ten years, the Company has returned over $450 million to its shareholders through previously approved repurchase programs.
In addition, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on May 3, 2010 to stockholders of record on April 1, 2010.
“Our continued active stock buyback program and dividend payout underscore the confidence we have in our business model, which is based on a portfolio of vibrant and dynamic global lifestyle brands,” said Blake W. Krueger, Chairman and CEO. “Even in challenging economic conditions, we continue to consistently generate solid operating results and significant cash flow. This financial strength and flexibility permits the Company to invest in new business initiatives, such as the Cushe and Chaco brands that we acquired last year, while continuing periodic share repurchases and paying quarterly dividends to our shareholders. These announcements illustrate our confidence in the long-term growth prospects of the Company and our commitment to return capital to our shareholders.”