Wyndham Worldwide Announces Dividend Increase and Resumes Share Repurchase Program
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Wyndham Worldwide Announces Dividend Increase and Resumes Share Repurchase Program
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Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-02-11
Company Triples Quarterly Dividend to $0.12 from $0.04 per share
Wyndham Worldwide Corporation (NYSE:WYN) today announced an increase in the Company’s quarterly cash dividend and that it plans to resume its share repurchase program.
“We are pleased to announce a tripling of our cash dividend and our intention to resume share repurchase activity,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “As we continue to transform the Company to drive free cash flow, these actions reflect our confidence in the resilience of our business model, our proven ability to execute, and the sustainability of our cash flow, while maintaining investment grade credit metrics.”
The Board of Directors authorized an increase in the quarterly cash dividend to $0.12 from $0.04 per share, beginning with the dividend that is expected to be declared in the first quarter of 2010. With this increase the dividend is equivalent to an annual rate of $0.48 per share.
The Company also announced its plan to resume the repurchase of its common stock under its existing $200 million stock repurchase program, which currently has $157 million remaining capacity. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. Repurchases may be conducted in the open market or in privately negotiated transactions.
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