- Company has increased its quarterly dividend 97 percent in the past four
years
CLEVELAND, Aug. 14 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the global leader in motion and control
technologies, today announced that its Board of Directors increased the
company's regular quarterly cash dividend to 25 cents per share of common
stock, and declared a dividend payable September 5, 2008 to shareholders of
record as of August 25, 2008. This represents a 19 percent increase over
the previous quarterly dividend of 21 cents per share and is the company's
233rd consecutive quarterly dividend, resulting in a total distribution of
approximately $42 million to shareholders.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
"We are pleased that the Board continues to show confidence in the
company's ability to consistently generate strong cash flows and drive
returns for our shareholders," said Tim Pistell, Executive Vice President -
Finance and Administration and Chief Financial Officer. "Our strong
financial position, with conservative leverage ratios and record operating
cash flow of $1.3 billion in fiscal 2008, affords us the flexibility to not
only fund profitable growth through acquisitions, internal expansion and
product development, but to distribute cash to shareholders through the
payment of a consistently increasing quarterly dividend. In fact, over the
past four years we have increased our quarterly dividend by 97 percent, a
more rapid pace relative to our 52 year consecutive string of increases."
With annual sales exceeding $12 billion, Parker Hannifin is the world's
leading diversified manufacturer of motion and control technologies and
systems, providing precision-engineered solutions for a wide variety of
commercial, mobile, industrial and aerospace markets. The company employs
more than 61,000 people in 48 countries around the world. Parker has
increased its annual dividends paid to shareholders for 52 consecutive
years, among the top five longest-running dividend-increase records in the
S&P 500 index. For more information, visit the company's web site at
http://www.parker.com, or its investor information site at
http://www.phstock.com.
Forward-Looking Statements:
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings
projections, events or developments are forward-looking statements. It is
possible that the future performance and earnings projections of the
company and individual segments may differ materially from current
expectations, depending on economic conditions within both its industrial
and aerospace markets, and the company's ability to maintain and achieve
anticipated benefits associated with announced realignment activities,
strategic initiatives to improve operating margins, and growth, innovation
and global diversification initiatives. A change in economic conditions in
individual markets may have a particularly volatile effect on segment
results. Among the other factors which may affect future performance are:
changes in business relationships with and purchases by or from major
customers or suppliers, including delays or cancellations in shipments or
significant changes in financial condition; uncertainties surrounding
timing, successful completion or integration of acquisitions; threats
associated with and efforts to combat terrorism; uncertainties surrounding
the ultimate resolution of outstanding litigation; competitive market
conditions and resulting effects on sales and pricing; increases in raw
material costs that cannot be recovered in product pricing; the company's
ability to manage costs related to employee retirement and health care
benefits and insurance; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, interest rates and credit availability. The company makes these
statements as of the date of this disclosure, and undertakes no obligation
to update them.
SOURCE Parker Hannifin Corporation
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Related links:
http://www.phstock.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media - Christopher M. Farage - Vice
President, Corp. Communications, +1-216-896-2750,
cfarage@parker.com, or Financial Analysts - Pamela Huggins, Vice
President - Treasurer, +1-216-896-2240, phuggins@parker.com, both
of Parker Hannifin Corporation
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