CLEVELAND, Nov. 12, 2013 /PRNewswire/ -- NACCO Industries, Inc. (NYSE: NC) today announced that the Board of Directors declared a regular quarterly cash dividend of 25 cents 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 $60 million of the Company's outstanding Class A Common Stock through December 31, 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 November 2011, the Company has expended approximately $35.6 million 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.
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