Mentor
Graphics Corporation (NASDAQ: MENT) today announced that its
Board of Directors has adopted a dividend policy under which Mentor
Graphics intends to pay an annual cash dividend of $0.18 per share on
its common stock. The first dividend of $0.045 per share of outstanding
common stock will be paid to shareholders of record as of the close of
business on March 22, 2013, with a payment date of April 10, 2013.
“The Board’s decision to initiate a quarterly dividend reflects our
confidence in Mentor Graphics’ business and our commitment to deploying
capital to maximize shareholder value for the long-term,” said Walden C.
Rhines, chairman and CEO of Mentor Graphics. “The dividend will augment
our capital deployment strategy, which will continue to include
strategic acquisitions and share repurchases while retaining a strong
balance sheet and financial position.”
Mentor Graphics has approximately $76 million available under its
current $200 million share repurchase program. The company has
repurchased $124 million of Mentor Graphics stock, or approximately 8%
of outstanding common, over the past two fiscal years at an average cost
of $13.69 per share.
Future declarations of quarterly dividends and the establishment of
future record and payment dates are subject to the quarterly
determination of the Mentor Graphics Board of Directors and that doing
so is in the best interest of the company’s shareholders. Payment of
dividends is also subject to limits in the company’s revolving credit
agreement.
About Mentor Graphics
Mentor Graphics Corporation is a world leader in electronic hardware and
software design solutions, providing products, consulting services and
award-winning support for the world’s most successful electronic,
semiconductor and systems companies. Established in 1981, the company
reported revenues in the last fiscal year of about $1,090 million.
Corporate headquarters are located at 8005 S.W. Boeckman Road,
Wilsonville, Oregon 97070-7777. World Wide Web site: http://www.mentor.com/.
(Mentor Graphics is a registered trademark of Mentor Graphics
Corporation. All other company or product names are the registered
trademarks or trademarks of their respective owners.)
Safe Harbor Statement
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
regarding the Company’s expected results of operations and payment of
dividends in the future. Investors are cautioned that any
forward-looking statements are based on current information and
expectations, and are subject to risks and uncertainties discussed in
Company filings with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update any forward-looking
statement contained in this release, whether as a result of new
information, future developments or otherwise, except as may be required
by law.
