This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Tesco Corporation Initiates Quarterly Cash Dividend And Announces $100 Million Share Repurchase Program

Stocks in this article: TESO

HOUSTON, May 5, 2014 /PRNewswire/ -- Tesco Corporation (NASDAQ: TESO) announced today that its Board of Directors has approved the initiation of a quarterly cash dividend to shareholders of its common stock and has authorized the repurchase of as much as $100 million of Tesco's common shares. These initiatives are designed to create a more balanced investment opportunity and return value directly to the company's shareholders.

The Board today declared a second quarter cash dividend of $0.05 per share of Tesco common stock. The dividend will be paid on June 2, 2014 to shareholders of record on May 22, 2014. Based on shares outstanding at March 31, total dividend payments to be made during the quarter ended June 30 will be approximately $2 million.

"We are delighted by the Board's decision following our in-depth review of our Strategic Business Plan. Both initiatives reflect our confidence in Tesco's ability to generate increasing levels of free cash flow, while continuing to expand our global presence through increased market penetration and expansion of our core businesses in new markets," said Julio M. Quintana, President and Chief Executive Officer of Tesco Corporation.

"We believe a balanced program of continuing to reinvest in organic growth projects while pursuing additional bolt-on acquisitions, combined with returning a portion of our free cash flow directly to shareholders through dividends and share buybacks, is the right strategy.  Maintaining a strong financial structure will remain a fundamental element of our strategy.

"These actions taken by our Board reflect our confidence in the long-term value of Tesco's market position and financial performance, and we believe that our current share price presents an attractive investment opportunity for the company," added Quintana.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

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