TESSCO Technologies Incorporated (NASDAQ:TESS), a leading provider of the product and value chain solutions required to build, use and maintain wireless broadband systems, announced today that its Board of Directors has declared a special one-time cash dividend of $0.75 per share on its common stock payable on December 27, 2012 to shareholders of record on December 13, 2012.
The aggregate amount of the payment to be made in connection with the special, one-time cash dividend will be approximately $6 million. As of September 30, 2012, the company had cash and cash equivalents of $17 million.
“The declaration of a special, one-time cash dividend demonstrates TESSCO’s commitment to maximizing shareholder value, while maintaining our conservative capital structure,” stated Chairman and CEO Robert Barnhill. “Our strong balance sheet gives us the resources to provide our shareholders with an immediate enhanced return. We retain ample financial resources to leverage the many opportunities being created by the convergence of wireless and the Internet.”
Any future declaration of dividends, and the establishment of record and payment dates, is subject to further determinations of the Board of Directors
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for making wireless work. The convergence of wireless and the Internet is revolutionizing the way we live, work and play. New systems and applications are creating opportunities and challenges at an unprecedented rate. TESSCO is there, thinking in new ways for exceptional outcomes. TESSCO architects and delivers, with innovation, productivity and speed, the product and value chain solutions to organizations responsible for building, using and maintaining wireless broadband systems.
This press release contains forward-looking statements as to anticipated results and future prospects. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially. These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," "believes," "estimates," and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. Forward-looking statements involve a number of risks and uncertainties. Our actual results may differ materially from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission, under the heading “Risk Factors” and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject.