This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Sotheby's Announces Review Of Capital Allocation And Financial Policies

Stock quotes in this article: BID

NEW YORK, Sept. 11, 2013 (GLOBE NEWSWIRE) -- Sotheby's (NYSE:BID) today announced that the Board of Directors is conducting a thorough review of its capital allocation and financial policies as part of the Company's ongoing commitment to deliver exceptional shareholder value. The results are expected to be presented to investors in early 2014.

During the past several years, Sotheby's prudent management and strong financial performance has generated meaningful capital, which the Company has used to invest in strategic initiatives, strengthen the balance sheet, and build adequate liquidity to pursue transaction opportunities such as lending and auction guarantees. This strong performance and stewardship has also driven a share price increase exceeding the Standard & Poor's Midcap index over the one, five and ten year periods.

A robust capital allocation review is the natural next step of the Company's ongoing efforts to optimize the balance sheet, improve the cost of capital and manage financial policies in a way that supports Sotheby's strategy and delivers outstanding value to shareholders.

Bill Ruprecht, Chairman and Chief Executive Officer, commented, "As a practice, management and the Board have consistently focused on building long-lasting value for our shareholders and a platform to grow the business in a challenging and ever-evolving marketplace. As we have disclosed in the past, we continue to evaluate return of capital strategies, including potential share repurchases and/or an increase in dividends, while balancing the need to invest in the future of the Company and the Sotheby's brand to strengthen our competitive position and improve the unique services we provide to our clients.

"In that context, our assessment will take into account some key considerations including, but not limited to, the potential use of incremental debt to fund segments of our operations, the Company's credit rating, ongoing funding requirements for certain strategic initiatives both announced and contemplated, the value of our real estate properties and our unique premises requirements, and the potential tax implications of any of the actions we are considering," he added.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs