The Directors of Wolverine Worldwide declared a quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on May 1, 2014 to stockholders of record on April 1, 2014. The dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.24 per share.
The Company's Board of Directors also approved a new share repurchase program authorizing up to $200 million in share repurchases, which replaces the Company's 2010 Share Repurchase Authorization that just expired.
The share repurchases are authorized to be made over a four-year period at times and amounts deemed appropriate by the Company, based on factors including price, market conditions, and restrictions contained within the Company's credit agreements.
"Our priorities for cash are focused on aggressively paying down debt, returning cash to our shareholders via a steady cash dividend, and investing in key brand initiatives for organic growth," said Blake W. Krueger, Chairman and Chief Executive Officer.
"Our business model delivers excellent financial results in a variety of economic climates and is very cash flow generative. These announcements are a clear indication of our confidence in the business and our desire to have maximum flexibility regarding future cash flow deployment."
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel.
The Company's portfolio of highly recognized brands includes: Merrell, Sperry Top-Sider, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Cushe, Chaco, Bates, HYTEST, and Soft Style. The Company also is the global footwear licensee of popular brands including Cat, Harley-Davidson and Patagonia.