Worthington Industries Increases Dividend and Announces 10,000,000 Share Repurchase Authorization
June 25 2014 - 4:44PM
Marketwired
Worthington Industries Increases Dividend and Announces 10,000,000
Share Repurchase Authorization
COLUMBUS, OH--(Marketwired - Jun 25, 2014) - The board of
directors of Worthington Industries, Inc. (NYSE: WOR) has declared
a quarterly dividend of $0.18 per share. The dividend is
payable on September 29, 2014, to shareholders of record September
15, 2014. The $0.18 per share quarterly dividend represents a
20% increase from the previous $0.15 per share dividend and the
highest quarterly dividend in Company history. This marks the
187th consecutive quarter that Worthington has paid a dividend
since it became a public company in 1968.
The board of directors of Worthington Industries also authorized
the repurchase of up to an additional 10 million of its outstanding
common shares. A prior authorization to repurchase 10 million
shares dated June 29, 2011, has 1,722,332 shares remaining on it,
making the total authorized to be 11,722,332 shares, or
approximately 17% of the outstanding common shares. The
purchases may occur from time to time, on the open market or in
privately negotiated transactions, with consideration given to the
market price of the common shares, the nature of other investment
opportunities, cash flow from operations and general economic
conditions.
"We are pleased to raise the dividend to its highest level,"
Chairman and CEO John McConnell said. "The increased dividend
and the authorization of additional share repurchases reflects
confidence in our growth strategy and strong financial position,
while delivering on our commitment to shareholder value."
About Worthington Industries Worthington Industries is a leading
diversified metals manufacturing company with 2013 fiscal year
sales of $2.6 billion. The Columbus, Ohio based company is North
America's premier value-added steel processor and a leader in
manufactured metal products, such as propane, oxygen, refrigerant
and industrial cylinders, hand torches, camping cylinders, scuba
tanks, compressed natural gas storage cylinders, industrial
cryogenics tanks, helium balloon kits and exploration, recovery and
production tanks for global energy markets; custom-engineered open
and enclosed cabs and operator stations for heavy mobile equipment;
laser welded blanks; steel pallets and racks; and through joint
ventures, suspension grid systems for concealed and lay-in panel
ceilings, current and past model automotive service stampings and
light gauge steel framing for commercial and residential
construction. Worthington employs approximately 10,000 people and
operates 80 facilities in 10 countries.
Founded in 1955, the Company operates under a long-standing
corporate philosophy rooted in the golden rule. Earning money
for its shareholders is the first corporate goal. This
philosophy serves as an unwavering commitment to the customer,
supplier and shareholder, and it serves as the Company's foundation
for one of the strongest employee-employer partnerships in American
industry.
Safe Harbor Statement The company wishes to take advantage of
the Safe Harbor provisions included in the Private Securities
Litigation Reform Act of 1995 ("the Act"). Statements by the
company which are not historical information constitute "forward
looking statements" within the meaning of the Act. All
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ from those
projected. Factors that could cause actual results to differ
materially include risks described from time to time in the
company's filings with the Securities and Exchange Commission.
CONTACTS: Cathy M. Lyttle VP, Corporate Communications and
Investor Relations Phone: (614) 438-3077 E-mail: Email Contact
Sonya L. Higginbotham Director, Corporate Communications Phone:
(614) 438-7391 E-mail: Email Contact 200 Old Wilson Bridge Rd.
Columbus, Ohio 43085 WorthingtonIndustries.com
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