Wolverine World Wide Inc announced that its Board of Directors has authorized the repurchase of seven million shares of common stock, representing approximately 12.8 percent of the issued and outstanding shares at the end of the first quarter.
Share repurchases are authorized to be made over a three- year period at times and amounts considered appropriate by the Company, based on factors including price and market conditions.
Since 2000, the Company has repurchased approximately 15 million shares (split-adjusted) pursuant to five previously approved repurchase programs. In 2006 alone, the Company returned nearly $42.5 million to shareholders through a now-completed share repurchase program.
In addition, the Company announced that its Board of Directors declared a quarterly cash dividend of $.09 per share of common stock. This dividend is payable on August 1, 2007 to stockholders of record on July 2, 2007 and represents a $.36 per share annual dividend.
Since 2002, reflecting the Company's ongoing commitment to returning capital to shareholders, the Company's declared annual cash dividend has increased at a compound annual growth rate of nearly 25 percent. In February 2007, the Board of Directors announced a 20 percent increase in the annual dividend, marking the 14th consecutive year of double-digit dividend increases.
"Our sustained focus on profitable growth has continued to translate into consistent returns for our shareholders," said Blake W. Krueger, President and CEO.
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