DUBLIN, Ohio, Feb. 15, 2018 /PRNewswire/ -- The Wendy's Company (WEN) announced today that its Board of Directors has authorized a 21 percent increase in the quarterly cash dividend rate from 7 cents to 8.5 cents per share. The increase will be effective with the next quarterly dividend payment, which is payable March 15, 2018, to shareholders of record as of March 1, 2018. The approximate number of common shares outstanding as of February 13, 2018 was 239.5 million.
The Company also announced today that its Board of Directors approved a new share repurchase program for up to $175 million of the Company's common stock through March 3, 2019. The Company intends to repurchase shares with existing cash on its balance sheet and cash flow from operations.
"We are pleased to announce a 21 percent increase in our quarterly dividend and a new share repurchase program as returning cash to shareholders remains a key priority for us," President and Chief Executive Officer Todd Penegor said. "This is now the 6th consecutive year that we have increased our dividend, which is a testament to the strong cash flow generation from our sustainable and predictable business model."
About The Wendy's Company
The Wendy's Company is the world's third-largest quick-service hamburger company. The Wendy's® system includes approximately 6,600 franchise and Company-operated restaurants in the United States and 30 countries and U.S. territories worldwide. For more information, visit www.aboutwendys.com.
Notes: There can be no assurance that any additional regular quarterly cash dividends will be declared or paid after the date hereof, or of the amount or timing of such dividends, if any. Future dividend payments, if any, are subject to applicable law, will be made at the discretion of the Board of Directors and will be based on such factors as The Wendy's Company's earnings, financial condition and cash requirements and other factors.
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SOURCE The Wendy's Company