The news just keeps getting better for investors in Worldverine Worldwide.
In the wake of Tuesday’s announcement that the company had achieved record second-quarter revenues of $587.8 million (an increase of 88% compared to the prior year), the company’s directors, which is publicly trade on the NYSE, declared a two-for-one stock split (in the form of a stock dividend) with a record date of October 1, 2013. Stockholders of record on that date will receive one new share of common stock for each share they own. Shares issued pursuant to the stock split will be issued on November 1, 2013.
The directors also declared a quarterly cash dividend of $0.06 per share of common stock. The $0.06 per share dividend will be paid on a post-stock-split basis and is equivalent to the $0.12 per share pre-stock-split cash dividend declared in the prior quarter. The dividend is payable on November 1, 2013 to stockholders of record on October 1, 2013.
Blake W. Krueger, president, chairman and CEO of the Rockford, Michigan-based Wolverine Worldwide, said: “Maintaining our dividend demonstrates our company's commitment to maximizing shareholder return and our confidence in our future performance, highlighted by our track record of strong cash flow generation. Declaring a stock split underscores the confidence our Board of Directors has in our company strategy, our team's ability to execute, and the very significant growth opportunities that lie ahead. We believe that these actions today support our goal of increasing shareholder value.”
Wolverine World Wide, Inc. is a top marketer of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. Its stable of brands includes Merrell, Sperry Top-Sider, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Chuse, Chaco, Bates, HYTEST and Soft Style. It is also the global footwear licensee for Cat, Harley-Davidson and Patagonia. Wolverine products are sold in the US and approximately 200 other markets.