TOWSON, Md., Feb. 8 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) announced that its Board of Directors declared a
quarterly cash dividend of $0.42 per share of the Corporation's outstanding
common stock payable March 30, 2007, to stockholders of record at the close
of business on March 16, 2007. This represents an 11% increase over the
$0.38 quarterly dividend paid by the Corporation in 2006. In addition, its
Board of Directors increased the Corporation's authorization under its
stock repurchase program by 3.0 million shares, leaving approximately 5.2
million shares authorized for repurchase.
Nolan D. Archibald, Chairman and Chief Executive Officer, commented,
"Black & Decker has generated record free cash flow for five consecutive
years and has used that cash very effectively. During this period, we
invested $1.2 billion in financially compelling acquisitions, repurchased
21 million shares of our stock, and more than tripled our dividend. Today,
we increased the dividend for the fourth time in four years and increased
our share repurchase authorization for the third time in eight months.
Disciplined stewardship of capital is a key element of our strategy, and we
intend to continue building shareholder value through acquisitions, share
repurchases, and dividends."
This release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. By their nature, all forward-looking statements
involve risks and uncertainties. For a more detailed discussion of the
risks and uncertainties that may affect Black & Decker's operating and
financial results and its ability to achieve the financial objectives
discussed in this press release, interested parties should review the "Risk
Factors" sections in Black & Decker's reports filed with the Securities and
Exchange Commission, including the Annual Report on Form 10-K for the
fiscal year ended December 31, 2005.
Black & Decker is a leading global manufacturer and marketer of power
tools and accessories, hardware and home improvement products, and
technology- based fastening systems.
SOURCE The Black & Decker Corporation
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CONTACT:
Mark M. Rothleitner, Vice President, Investor
Relations and Treasurer, +1-410-716-3979, or Roger A. Young, Vice
President, Investor and Media Relations, +1-410-716-3979, both of
The Black & Decker Corporation
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