Brunswick Corporation Increases Share Repurchase Authorization; Declares Regular Quarterly Dividend
LAKE FOREST, Ill., Feb. 11, 2016 (GLOBE NEWSWIRE) -- Brunswick Corporation (NYSE:BC) today announced that its board of directors has increased its existing share repurchase authorization by $300 million, and also declared a regular quarterly dividend.
A regular quarterly dividend on Brunswick common stock of $0.15 per share will be payable March 15, 2016, to shareholders of record on Feb. 23, 2016. In October 2015, Brunswick increased the dividend by 20 percent.
In a separate action, the board of directors approved increasing the Company’s share repurchase authorization by $300 million. This is an increase of the repurchase authorization granted in October 2014. As of the end of 2015, approximately $60 million remained under this authorization.
The increased share repurchase authorization underscores the Company’s confidence that it can execute its capital strategy. Discretionary repurchases of the Company’s outstanding common stock will continue to be systematically completed in the open market or through privately negotiated transactions.
“This additional share repurchase authorization demonstrates our continued commitment to enhancing shareholder value, generating cash and enhancing free cash flow as we execute our growth strategy,” explained Brunswick Chairman and Chief Executive Officer Mark D. Schwabero. “That strategy, coupled with our cost management discipline, gives us the confidence we can maintain strong liquidity and grow our businesses over the coming years.”
About Brunswick
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood, Garelick and Whale marine parts and accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine, BLA and Bell RPG parts and accessories distributors; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Crestliner, Cypress Cay, Harris, Lowe, Lund, Meridian, Princecraft, Quicksilver, Rayglass, Sea Ray and Uttern boats; Life Fitness, Hammer Strength, Cybex and SCIFIT fitness equipment; InMovement products and services for productive well-being; and Brunswick billiards tables, accessories and game room furniture. For more information, visit http://www.brunswick.com.
Contact: Bruce Byots Vice President – Investor Relations Phone: 847-735-4612 Email: bruce.byots@brunswick.com Contact: Daniel Kubera Director – Media Relations and Corporate Communications Phone: 847-735-4617 Email: daniel.kubera@brunswick.comSource: Brunswick Corp
Released February 11, 2016