Pool Corporation Announces an Increase in Its Share Repurchase Program to a Total Authorization of $600 Million, a Quarterly Cash Dividend Increase and 2023 Annual Meeting of Stockholders Voting Results
05 May 2023 - 6:07AM
Pool Corporation (Nasdaq/GSM:POOL) announced today that its Board
of Directors (the Board) has authorized an additional
$413.6 million under its existing share repurchase program for
the purchase of the company’s common stock in the open market at
prevailing market prices. This amount adds to the
$186.4 million remaining under its existing authorization as
of May 3, 2023, bringing its total authorization available to
$600.0 million. The share repurchase program will continue
until otherwise modified or terminated by the Board at any time in
its sole discretion.
The company also announced that the Board has
declared a quarterly cash dividend of $1.10 per share, a 10%
increase over the previous quarterly dividend amount of $1.00 per
share. The dividend is payable on May 31, 2023 to stockholders
of record on May 17, 2023. As of May 3, 2023, there were
39,041,377 shares of common stock outstanding.
Mr. Stokely, Chairman of the Board, commented,
“We appreciate the steadfast support from our shareholders, with
whom we have enjoyed great achievements. Today marks the 18th time
that POOLCORP has increased its quarterly dividend payment since
2004 as we continue our trajectory of returning cash to
shareholders through dividends and share repurchases. We look
forward to continuing success ahead as our seasoned management team
remains focused on creating exceptional value for our shareholders,
our customers and suppliers, and our employees.”
At POOLCORP’s Annual Meeting of Stockholders on
May 3, 2023, stockholders elected Peter D. Arvan, Martha
“Marty” S. Gervasi, James “Jim” D. Hope, Debra S. Oler,
Manuel J. Perez de la Mesa, Carlos A.
Sabater, Robert C. Sledd, John E. Stokely and David G.
Whalen to serve as directors for the ensuing year.
The voting results on the other proposals for
this year’s meeting are as follows:
- ratification of the retention of
Ernst & Young LLP as the independent registered
public accounting firm of the company for the 2023 fiscal
year;
- approval of the compensation of the
company’s named executive officers as disclosed in the Proxy
Statement (the advisory say-on-pay vote); and
- approval of
future say-on-pay votes to be held every year (the advisory
frequency vote).
Pool Corporation is the world’s largest
wholesale distributor of swimming pool and related backyard
products. POOLCORP operates approximately 425 sales centers in
North America, Europe and Australia through which it distributes
more than 200,000 national brand and private label products to
roughly 125,000 wholesale customers. For more information about
POOLCORP, please visit www.poolcorp.com.
This news release may include “forward-looking”
statements that involve risk and uncertainties. The forward-looking
statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements speak only as of the date of this
release, and we undertake no obligation to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur. Actual results may differ materially due to a variety
of factors, including the sensitivity of our business to weather
conditions; changes in economic conditions, consumer discretionary
spending, the housing market, inflation or interest rates; the
extent to which home-centric trends will moderate or reverse and
other risks detailed in POOLCORP’s 2022 Form 10-K, Quarterly
Reports on Form 10-Q and other reports and filings with the
Securities and Exchange Commission (SEC).
CONTACT:
Curtis J. ScheelDirector of Investor
Relations985.801.5341curtis.scheel@poolcorp.com
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