Communications system integrator Black Box Corp. announced recently that its board of directors approved an increase of 1 million shares under the existing share repurchase program and declared a quarterly cash dividend of $0.08 per share of its Common Stock.
With the increase in the share repurchase program, Black Box now has authorization to repurchase 1.2 million of its shares, or approximately 8 percent of the current outstanding shares. The $0.08 per share dividend was declared on all outstanding shares of Black Box's Common Stock and will be payable on January 11, 2013, to stockholders of record at the close of business on December 28, 2012.
"Through the first half of Fiscal 2013, we repurchased 1.1 million shares, or 8 percent of the outstanding shares of Black Box Common Stock," Black Box CEO Terry Blakemore said in the announcement. "The authorization of an additional 1 million shares is an indication of our confidence in future positive cash flow and provides management with the flexibility to return additional value to our shareholders."
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