Black Box Corporation (NASDAQ:BBOX), a leading communications system integrator dedicated to designing, sourcing, implementing and maintaining today’s complex communications solutions, announced today that its Board of Directors approved an increase of 1 million shares under the existing share repurchase program and declared a quarterly cash dividend of $0.08 per share of its Common Stock.
With the increase in the share repurchase program, Black Box now has authorization to repurchase 1.2 million of its shares or approximately 8% of the current outstanding shares. The $0.08 per share dividend was declared on all outstanding shares of Black Box’s Common Stock and will be payable on January 11, 2013 to stockholders of record at the close of business on December 28, 2012. Black Box will pay the dividend through its transfer agent, American Stock Transfer & Trust Company, 59 Maiden Lane, New York, NY 10038.
Terry Blakemore, Chief Executive Officer said, “Through the first half of Fiscal 2013, we repurchased 1.1 million shares or 8% of the outstanding shares of Black Box Common Stock. The authorization of an additional 1 million shares is an indication of our confidence in future positive cash flow and provides management with the flexibility to return additional value to our shareholders.”
About Black BoxBlack Box is a leading communications system integrator dedicated to designing, sourcing, implementing and maintaining today’s complex communications solutions. Black Box services more than 175,000 clients in approximately 150 countries with approximately 200 offices throughout the world. To learn more, visit the Black Box Web site at http://www.blackbox.com.Black Box ® and the Double Diamond logo are registered trademarks of BB Technologies, Inc. Any forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. You can identify these forward-looking statements by the fact that they use words such as "should," "anticipate," "estimate," "approximate," "expect," "target," "may," "will," "project," "intend," "plan" and "believe" and other words of similar meaning and expression. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Although it is not possible to predict or identify all risk factors, such risks and uncertainties may include, among others, levels of business activity and operating expenses, expenses relating to corporate compliance requirements, cash flows, global economic and business conditions, successful integration of acquisitions, the timing and costs of restructuring programs, successful marketing of the Company's product and services offerings, successful implementation of the Company's M&A program including identifying appropriate targets, consummating transactions and successfully integrating the businesses, successful implementation of the Company's government contracting programs, competition, changes in foreign, political and economic conditions, fluctuating foreign currencies compared to the U.S. dollar, rapid changes in technologies, client preferences, the Company's arrangements with suppliers of voice equipment and technology, government budgetary constraints and various other matters, many of which are beyond the Company's control. Additional risk factors are included in the Company's Form 10-K for the fiscal year ended March 31, 2012. The Company expressly disclaims any obligation or undertaking to release publicly any revisions to forward-looking statements as a result of future events or developments. In addition, repurchases of the Company’s Common Stock may occur from time to time depending upon factors such as the Company's cash flows and general market conditions. While the Company expects to continue to repurchase shares of its Common Stock for the foreseeable future, there can be no assurance as to the timing or amount of such repurchases. There are certain limitations on the Company's ability to repurchase its Common Stock or issue dividends set forth in its new Credit Agreement which was filed with the Securities and Exchange Commission on March 26, 2012 in the Company’s Current Report on Form 8-K.