TOWSON, Md., Feb. 10 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) announced that its Board of Directors declared a
quarterly cash dividend of $0.28 per share of the Corporation's outstanding
common stock payable March 25, 2005, to stockholders of record at the close of
business on March 11, 2005. This represents a 33% increase over the $0.21
quarterly dividend paid by the Corporation since December 2003.
In addition, the Board of Directors increased the Corporation's
authorization under its stock repurchase program by 2.5 million shares.
Combined with authorization of approximately 2.9 million shares remaining as
of the beginning of the year, the increase enables the Corporation to reduce
its share count by nearly 5.4 million shares from the level at the end of
2004. The Corporation has repurchased approximately 1.7 million shares in
2005, leaving approximately 3.7 million shares remaining under the repurchase
program.
Nolan D. Archibald, Chairman and Chief Executive Officer, commented,
"Black & Decker generated $526 million of free cash flow in 2004, setting a
record for the third year in a row. Our outstanding cash flow enables us to
return cash to our shareholders as well as grow the business internally and
through compelling bolt-on acquisitions. The Board's decision to increase the
dividend and share repurchase authorization demonstrates our confidence in the
Corporation's continuing ability to generate strong earnings and free cash
flow. It also reinforces our commitment to paying a competitive dividend and
controlling our share count."
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, 2003.
This release contains a reference to free cash flow, a non-GAAP financial
measure within the meaning of Regulation G promulgated by the Securities and
Exchange Commission. Free cash flow for 2004 of $526.1 million is calculated
by the Corporation as cash flow from operating activities ($619.1 million),
less capital expenditures ($119.4 million), plus proceeds from the disposal of
assets (excluding proceeds from business sales) ($26.4 million). Capital
expenditures and proceeds from disposal of assets include amounts associated
with discontinued operations.
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
available through http://www.prnewswire.com/comp/235329.html
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 Black & Decker
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