Home / Knowledge / News / Apparel/Garments / G&K Services hikes quarterly dividend by 38%
G&K Services hikes quarterly dividend by 38%
19
Aug '13
G&K Services, Inc. announced that its Board of Directors has declared a quarterly dividend of $0.27 per share, an increase of 38 percent from its previous quarterly dividend of $0.195 per share.

The dividend will be payable on September 27, 2013 to shareholders of record at the close of business on September 12, 2013. This marks G&K’s eighth consecutive year with a dividend increase, during which time its quarterly dividend has increased more than fifteen-fold, from $0.0175 per share to $0.27 per share.

“Strong cash flow has always been a hallmark of G&K Services and fiscal 2013 was no exception, as cash flow from operations was the highest in the company’s history,” said Jeffrey L. Wright, Executive Vice President and Chief Financial Officer. “This, together with improved business performance driven by our game plan, gave us the confidence to make another significant dividend increase.”

Mr. Wright continued, “We take a disciplined approach to capital deployment. Our first priority remains investing in high-return opportunities in our business. Second, we will continue to seek acquisitions that complement our business strategy. Finally, we will maintain an efficient capital structure and consistently return excess cash to our shareholders.”

Dividends will remain G&K’s primary means of returning cash to shareholders. The company is targeting a long-term dividend payout ratio in the range of 40 to 45 percent of prior-year net income. The company will also periodically consider special dividends. Additionally, G&K announced that it plans to resume share repurchase activity under its existing authorization, primarily to offset dilution. The company has approximately $58 million remaining under its authorization.

About G&K Services, Inc.

G&K Services, Inc. is a service-focused market leader of branded uniform and facility services programs in the United States, and is the largest such provider in Canada. Headquartered in Minneapolis, Minnesota, G&K Services has nearly 7,800 employees serving approximately 165,000 customers from 160 facilities in North America.

G&K Services


Must ReadView All

Ghana makes tax stamp compulsory on imported textiles

Textiles | On 27th May 2018

Ghana makes tax stamp compulsory on imported textiles

To curb illegal imports, Ghanaian authorities will put a tax stamp on ...

Courtesy: Vishal Mega Mart

Apparel/Garments | On 27th May 2018

Partners Group, Kedaara Capital taking over VMM

Partners Group, a private markets investment manager, and Kedaara...

Courtesy: Deckers

Apparel/Garments | On 27th May 2018

Deckers Brands sales soar 8.4% in Q4FY18

Deckers Brands, a global leader in designing, marketing and...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search