Wolverine Worldwide Declares Quarterly Dividend; Announces Authorization Of $200 Million Share Repurchase Program
ROCKFORD, Mich., Feb. 12, 2014 /PRNewswire/ -- The Directors of Wolverine Worldwide (NYSE: WWW) today declared a quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on May 1, 2014 to stockholders of record on April 1, 2014. The dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.24 per share.
The Company's Board of Directors also approved a new share repurchase program authorizing up to $200 million in share repurchases, which replaces the Company's 2010 Share Repurchase Authorization that just expired. The share repurchases are authorized to be made over a four-year period at times and amounts deemed appropriate by the Company, based on factors including price, market conditions, and restrictions contained within the Company's credit agreements.
"Our priorities for cash are focused on aggressively paying down debt, returning cash to our shareholders via a steady cash dividend, and investing in key brand initiatives for organic growth," said Blake W. Krueger, Chairman and Chief Executive Officer. "Our business model delivers excellent financial results in a variety of economic climates and is very cash flow generative. These announcements today are a clear indication of our confidence in the business and our desire to have maximum flexibility regarding future cash flow deployment."
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. The Company's portfolio of highly recognized brands includes: Merrell®, Sperry Top-Sider®, Hush Puppies®, Saucony ®, Wolverine®, Keds ®, Stride Rite®, Sebago®, Cushe®, Chaco®, Bates®, HYTEST®, and Soft Style®. The Company also is the global footwear licensee of popular brands including Cat (CAT) ®,Harley-Davidson® and Patagonia®. The Company's products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories. For additional information, please visit our website, www.wolverineworldwide.com.
This press release contains forward-looking statements, including statements regarding priorities for use of cash, the performance of the Company's global business model and ability to deliver excellent financial results and generate cash flow. In addition, words such as "estimates," "anticipates," "believes," "forecasts," "plans," "predicts," "projects," "is likely," "expects," "intends," "should," "will," variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions ("Risk Factors") that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: the Company's ability to continue to integrate and realize the benefits of the PLG Acquisition on a timely basis or at all; the Company's ability to successfully develop its brands and businesses; changes in interest rates, tax laws, duty structures, tariffs, quotas, or applicable assessments in countries of import and export including anti-dumping measures and trade defense actions; changes in consumer preferences, spending patterns, buying patterns, or price sensitivity; changes in future pension funding requirements and pension expenses; the ability to secure and protect owned intellectual property or use licensed intellectual property; cancellation of orders for future delivery, or the failure of the Department of Defense to exercise future purchase options or award new contracts, or the cancellation of existing contracts by the Department of Defense or other military purchasers; changes in planned customer demand, re-orders, or at-once orders; changes in relationships with, including the loss of, significant customers; the availability and pricing of footwear manufacturing capacity; reliance on foreign sourcing; failure of international licensees and distributors to meet sales goals or to make timely payments on amounts owed; disruption of technology systems; regulatory or other changes affecting the supply or price of materials used in manufacturing; the impact of regulatory or legal proceedings and legal compliance risks; the availability of power, labor, and resources in key foreign sourcing countries, including China; the cost, availability, and management of raw materials, inventories, services, and labor for owned and contract manufacturers; the impact of competition and pricing; the impact of changes in the value of foreign currencies; the development of new initiatives; the risks of doing business in developing countries and politically or economically volatile areas; retail buying patterns; consolidation in the retail sector; changes in economic and market conditions; acts and effects of war and terrorism; seasonality and weather; problems affecting the Company's distribution system, including service interruptions at shipping and receiving ports; the failure to maintain the security of personally identifiable and other information of customers, stockholders, and employees; and additional factors discussed in the Company's reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements.
SOURCE Wolverine Worldwide