Carriage Services Declares Quarterly Dividend; Approves Stock Repurchase Program of $5M
Carriage Services, Inc. (NYSE: CSV) announced that its Board of Directors today declared the quarterly dividend of 2.5 cents per share payable on December 1, 2011 to common share record holders as of November 14, 2011. The Company also recently instituted a dividend reinvestment program that is available so that shareholders may elect to reinvest their dividends into additional shares of the Company's common stock.
Additionally, the Board of Directors today authorized a $5 million stock repurchase program to be executed at the discretion of executive management in the open market. The repurchase plan calls for the repurchases to be made in the open market or in privately negotiated transactions from time-to-time in compliance with applicable laws, rules and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, levels of cash generated from operations, cash requirements for acquisitions, debt covenant compliance, applicable legal requirements and other relevant factors.
The plan does not obligate the Company to purchase any particular number of shares, and may be suspended or discontinued at any time.
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