The Marcus Corporation Declares Quarterly Dividend and Continues Stock Repurchase Program
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The Marcus Corporation Declares Quarterly Dividend and Continues Stock Repurchase Program
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2008-01-09
Directors of The Marcus Corporation (NYSE:MCS) today declared a regular quarterly cash dividend of $0.085 per share of common stock. The dividend will be paid February 15, 2008 to shareholders of record on January 25, 2008.
The Board of Directors also declared a dividend of $0.07727 per share on the Class B common stock. The dividend on the Class B common stock, which is not publicly traded, will also be paid February 15, 2008 to shareholders of record on January 25, 2008.
The company also announced that its Board of Directors has
authorized the repurchase of up to 2,000,000 additional shares of the company's outstanding common stock. The repurchases would be executed in the open market or in privately negotiated transactions, depending upon a number of factors including prevailing market conditions. As of
November 29, 2007, the company had 21,121,481 shares of common stock outstanding and 8,889,338 shares of Class B common stock outstanding.
The new authorization adds to an existing share repurchase program that currently has approximately 450,000 shares remaining under prior authorizations. The company has repurchased approximately 700,000 shares in the open market during the first seven months of its fiscal 2008.
"We continue to believe that repurchasing our shares is a good investment for the company. With our strong cash flow and balance sheet, we believe that when timing and market conditions are appropriate, we will be able to repurchase shares to enhance shareholder value while at the same time continuing to invest in our
businesses to facilitate our long-term growth," said Stephen H. Marcus, chairman and chief executive officer of The Marcus Corporation.
The common shares repurchased would be retained as treasury stock and used for employee benefit plans or other general corporate purposes.
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