COLUMBUS, OH--(Marketwired - Jun 25, 2014) - The board of directors of Worthington Industries, Inc. (NYSE: WOR) has declared a quarterly dividend of $0.18 per share. The dividend is payable on September 29, 2014, to shareholders of record September 15, 2014. The $0.18 per share quarterly dividend represents a 20% increase from the previous $0.15 per share dividend and the highest quarterly dividend in Company history. This marks the 187th consecutive quarter that Worthington has paid a dividend since it became a public company in 1968.
The board of directors of Worthington Industries also authorized the repurchase of up to an additional 10 million of its outstanding common shares. A prior authorization to repurchase 10 million shares dated June 29, 2011, has 1,722,332 shares remaining on it, making the total authorized to be 11,722,332 shares, or approximately 17% of the outstanding common shares. The purchases may occur from time to time, on the open market or in privately negotiated transactions, with consideration given to the market price of the common shares, the nature of other investment opportunities, cash flow from operations and general economic conditions.
"We are pleased to raise the dividend to its highest level," Chairman and CEO John McConnell said. "The increased dividend and the authorization of additional share repurchases reflects confidence in our growth strategy and strong financial position, while delivering on our commitment to shareholder value."
About Worthington Industries
Worthington Industries is a leading diversified metals manufacturing company with 2013 fiscal year sales of $2.6 billion. The Columbus, Ohio based company is North America's premier value-added steel processor and a leader in manufactured metal products, such as propane, oxygen, refrigerant and industrial cylinders, hand torches, camping cylinders, scuba tanks, compressed natural gas storage cylinders, industrial cryogenics tanks, helium balloon kits and exploration, recovery and production tanks for global energy markets; custom-engineered open and enclosed cabs and operator stations for heavy mobile equipment; laser welded blanks; steel pallets and racks; and through joint ventures, suspension grid systems for concealed and lay-in panel ceilings, current and past model automotive service stampings and light gauge steel framing for commercial and residential construction. Worthington employs approximately 10,000 people and operates 80 facilities in 10 countries.
Founded in 1955, the Company operates under a long-standing corporate philosophy rooted in the golden rule. Earning money for its shareholders is the first corporate goal. This philosophy serves as an unwavering commitment to the customer, supplier and shareholder, and it serves as the Company's foundation for one of the strongest employee-employer partnerships in American industry.
Safe Harbor Statement
The company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 ("the Act"). Statements by the company which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks described from time to time in the company's filings with the Securities and Exchange Commission.