Nov. 12, 2013
/PRNewswire/ -- NACCO Industries, Inc. (NYSE: NC) today announced that the Board of Directors declared a regular quarterly cash dividend of
per share and announced a new stock repurchase program.
The dividend is payable on both the Class A and Class B Common Stock, and will be paid on
December 13, 2013
to stockholders of record at the close of business on
November 29, 2013
NACCO's Board of Directors also approved a stock purchase program providing for the purchase of up to
of the Company's outstanding Class A Common Stock through
, 2015. NACCO's current program would have expired on
December 31, 2013
but has been terminated and replaced by the new program. Since the adoption of the prior program in
, the Company has expended approximately
to purchase approximately 624,000 shares of Class A common stock.
The timing and amount of any repurchases under the new repurchase program will be determined at the discretion of the Company's management based on a number of factors, including the availability of capital, other capital allocation alternatives and market conditions for the Company's Class A common stock. The share repurchase program does not require the Company to acquire any specific number of shares. It may be modified, suspended, extended or terminated by the Company at any time without prior notice and may be executed through open market purchases, privately negotiated transactions or otherwise. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so.