TOWSON, Md., July 20 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) announced that its Board of Directors increased the
Corporation's authorization under its stock repurchase program by 8.0
million shares, representing more than 10% of the shares outstanding. The
Corporation repurchased approximately 2.3 million shares in the second
quarter and 4.1 million shares year-to-date, fully utilizing its previous
authorization. In addition, its Board of Directors declared a quarterly
cash dividend of $0.38 per share of the Corporation's outstanding common
stock payable September 29, 2006, to stockholders of record at the close of
business on September 15, 2006.
Nolan D. Archibald, Chairman and Chief Executive Officer, commented,
"Black & Decker has generated record free cash flow in each of the last
three years and used that cash wisely to enhance shareholder value. Since
the beginning of 2003, we have invested over $1.2 billion in bolt-on
acquisitions, including Baldwin Hardware and Weiser Lock, the
Porter-Cable/Delta industrial power tool business, and Vector Products,
Inc. During this period, we also invested over $900 million to repurchase
nearly 16% of our common stock and more than tripled our quarterly
dividend. The Board's decision today to increase the share repurchase
authorization reflects our confidence in the Corporation's ability to
deliver excellent cash flow. We will remain disciplined stewards of
capital, balancing acquisitions, share repurchases and dividends to best
serve our shareholders."
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, or Roger A. Young, Vice President,
Investor and Media Relations, both of The Black & Decker
Corporation, +1-410-716-3979
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