TOWSON, Md., Feb. 9 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) announced that its Board of Directors declared a
quarterly cash dividend of $0.38 per share of the Corporation's outstanding
common stock payable March 31, 2006, to stockholders of record at the close of
business on March 17, 2006. This represents a 36% increase over the $0.28
quarterly dividend paid by the Corporation in 2005.
Nolan D. Archibald, Chairman and Chief Executive Officer, commented,
"Black & Decker has reported record free cash flow and increased earnings
significantly each of the last four years. Stewardship of capital is one of
our top priorities, and our strategy has been to use cash wisely to enhance
shareholder value through acquisitions, share repurchases and dividends. In
2003, we acquired Baldwin Hardware and Weiser Lock and increased our dividend
75%. In 2004, we made a major acquisition, the Porter-Cable/Delta industrial
power tool business. In 2005, we increased our dividend 33% and raised the
share repurchase authorization twice. This enabled us to buy back 8% of our
shares outstanding, and we entered 2006 with over four million shares
authorized for repurchase. Today, we significantly increased the dividend for
the third time in three years, reaffirming our commitment to a competitive
yield for our shareholders. We are confident in the Corporation's ability to
deliver excellent financial results, and will continue to balance compelling
acquisitions, share repurchases and dividends to create shareholder value."
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 "Forward-Looking Statements"
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, 2004.
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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Related links:
http://www.bdk.com
Company News On-Call: Black & Decker press releases
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CONTACT:
Barbara B. Lucas, Senior Vice President,
Public Affairs, +1-410-716-2980, or Mark M. Rothleitner, Vice
President, Investor Relations and Treasurer, +1-410-716-3979,
both of The Black & Decker Corporation
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