Press release from Business Wire
Arctic Cat Announces Dividend Reinstatement and Share Repurchase Program
Wednesday, May 15, 2013
Arctic Cat Announces Dividend Reinstatement and Share Repurchase Program06:25 EDT Wednesday, May 15, 2013
MINNEAPOLIS (Business Wire) -- Arctic Cat Inc. (NASDAQ: ACAT) announced today that its board of directors approved the reinstatement of a quarterly cash dividend to shareholders. The board has declared a regular quarterly cash dividend of 10 cents per share of common stock. The dividend is payable on or about June 14, 2013, to shareholders of record as of the close of business on May 31, 2013. Arctic Cat currently has approximately 13.2 million common shares outstanding.
Arctic Cat's board of directors also authorized a share repurchase program of up to $30 million of the company's common stock. Share repurchases under this program may be made through open market and privately negotiated transactions from time to time and in such amounts as management deems appropriate. The timing of share repurchases will depend on market conditions and other corporate considerations.
“The reinstatement of a quarterly dividend and share repurchase program demonstrates our continuing commitment to increase shareholder value and reflects our belief that the stock represents a good investment opportunity,” said Claude Jordan, Arctic Cat's chairman and chief executive officer.
About Arctic Cat
Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs), side-by-sides and snowmobiles under the Arctic Cat® brand name, as well as related parts, garments and accessories. Its common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ACAT.” More information about Arctic Cat and its products is available at www.arcticcat.com.
Arctic Cat Inc.
Timothy C. Delmore, 763-354-1800
Chief Financial Officer
Padilla Speer Beardsley Inc.
Shawn Brumbaugh, 612-455-1754