Pfeiffer commented, “In 2010, we reported our strongest year in the history of the company and we followed that with exceptional growth in the first half of 2011. As we look to the third quarter, we anticipate growth at a pace that is more in line with our long-term normalized growth rates. We continue to be optimistic about our future and the many new opportunities that are being identified by our market-focused organization. We remain committed to investing in research and development and in high-growth areas of our business, including the food, beverage and consumer healthcare markets, as well as expanding in developing regions of the world. Currently we expect third quarter diluted earnings per share to be in the range of $.70 to $.75 per share compared to our previous all-time high quarterly earnings per share of $.68.”
CASH DIVIDEND INCREASE AND SHARE REPURCHASE PROGRAM
The Board of Directors increased the quarterly dividend by 22% to $.22 per share, payable August 23, 2011 to shareholders of record as of August 2, 2011. The increase brings the annual dividend rate to $.88 per share, up from $.72 per share.During the quarter, the Company repurchased 600,000 shares of common stock for approximately $31.2 million leaving approximately 900,000 shares authorized for repurchase at the end of the second quarter. The Board today approved the repurchase of an additional 4 million shares. Pfeiffer commented, “Our excellent financial condition and our ability to generate strong cash flow allows us to return value to shareholders with increased dividends and additional share repurchases. With our strong balance sheet, we are in a good position to take advantage of strategic opportunities as they present themselves, while taking steps to improve shareholder value.” PETER PFEIFFER TO RETIRE Peter Pfeiffer has advised the Board of his decision to retire effective December 31, 2011. Mr. Pfeiffer intends to continue to serve as a director of AptarGroup. The Board has selected Stephen J. Hagge, AptarGroup’s Executive Vice President and Chief Operating Officer, to succeed Mr. Pfeiffer as President and CEO effective January 1, 2012. Mr. Hagge has been the Company’s Chief Operating Officer since January 1, 2008 and served as Chief Financial Officer from 1993 to 2008.