Black And Decker Builds Dividend

TOWSON, Md., Feb. 8 /PRNewswire-FirstCall/ — The Black & Decker Corporation (NYSE: BDK) announced that its Board of Directors declared a quarterly cash dividend of $0.42 per share of the Corporation’s outstanding common stock payable March 30, 2007, to stockholders of record at the close of business on March 16, 2007. This represents an 11% increase over the $0.38 quarterly dividend paid by the Corporation in 2006. In addition, its Board of Directors increased the Corporation’s authorization under its
stock repurchase program by 3.0 million shares, leaving approximately 5.2 million shares authorized for repurchase.

Nolan D. Archibald, Chairman and Chief Executive Officer, commented, “Black & Decker has generated record free cash flow for five consecutive years and has used that cash very effectively. During this period, we invested $1.2 billion in financially compelling acquisitions, repurchased 21 million shares of our stock, and more than tripled our dividend. Today, we increased the dividend for the fourth time in four years and increased our share repurchase authorization for the third time in eight months.
Disciplined stewardship of capital is a key element of our strategy, and we intend to continue building shareholder value through acquisitions, share repurchases, and dividends.”

Leave a Reply

Your email address will not be published. Required fields are marked *