Apogee Enterprises Increases Quarterly Dividend by Ten Percent and Increases Share Repurchase Authorization
12 January 2022 - 10:30PM
Business Wire
Apogee’s Ninth Consecutive Year with a Dividend
Increase
Adds 2 Million Shares to Existing Share
Repurchase Authorization
Apogee Enterprises, Inc. (Nasdaq: APOG) announced today
that its Board of Directors has declared a quarterly cash dividend
of $0.22 per share, a ten percent increase from its previous
quarterly dividend rate of $0.20 per share. The dividend will be
payable on February 15, 2022 to shareholders of record at the close
of business on January 31, 2022. This marks Apogee’s ninth
consecutive year with a dividend increase, during which time the
quarterly dividend has more than doubled, from $0.09 per share to
$0.22 per share.
Apogee’s Board also increased the company’s existing share
repurchase authorization by 2 million shares, bringing the total
available share repurchase program to approximately 2.6 million
shares. The company will continue to evaluate future share
repurchases, considering cash flow, debt levels, market conditions,
and other capital allocation options.
“Today’s announcement reflects our growing confidence in
Apogee’s strategic direction and the Board’s commitment to
delivering shareholder value,” said Ty R. Silberhorn, Chief
Executive Officer. “As we outlined in our recent investor day, we
intend to pursue a balanced capital allocation strategy, investing
in initiatives to drive long-term profitable growth, while also
returning cash to shareholders through dividends and share
repurchases. This is supported by our consistent cash flow and
strong financial position.”
About Apogee Enterprises, Inc.
Apogee Enterprises, Inc. (Nasdaq: APOG) delivers distinctive
solutions for enclosing commercial buildings and framing art.
Headquartered in Minneapolis, MN, we are a leader in architectural
products and services, providing architectural glass, aluminum
framing systems and installation services for buildings, as well as
value-added glass and acrylic for custom picture framing and
displays. For more information, visit www.apog.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. The words “believe,” “expect,” “anticipate,” “intend,”
“estimate,” “forecast,” “project,” “should” and similar expressions
are intended to identify “forward-looking statements”. These
statements reflect Apogee management’s expectations or beliefs as
of the date of this release. The company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
These forward-looking statements are subject to significant risks
that could cause actual results to differ materially from the
expectations reflected in the forward-looking statements. Such
risks and uncertainties include risks associated with the sale of
the Statesboro facility, including our ability to timely close the
sale transaction, the amount of pre-tax gain on the sale, our
resulting financial position and flexibility, and our ability to
successfully implement our new enterprise strategy. More
information concerning potential factors that could affect future
financial results is included in the company’s Annual Report on
Form 10-K for the fiscal year ended February 27, 2021 and in
subsequent filings with the U.S. Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20220112005236/en/
Jeff Huebschen Vice President, Investor Relations &
Communications 952.487.7538 ir@apog.com
Apogee Enterprises (NASDAQ:APOG)
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