Global Power Equipment Group Initiates Quarterly Dividend and Authorizes Stock Repurchase Program
Global Power Equipment Group Inc. (Nasdaq: GLPW) today announced that its Board of Directors has approved the payment of a quarterly cash dividend to stockholders and authorized a stock repurchase program.
The initial quarterly cash dividend of $0.09 per share will be paid on or about June 29, 2012, to stockholders of record as of the close of business on June 13, 2012. The stock repurchase program authorizes the purchase of up to 2 million shares of Global Power's common stock, par value $0.01, through June 30, 2014.
David L. Keller, President and Chief Executive Officer, stated: "While we continue to pursue strategic acquisitions and fund organic growth initiatives, the steady increase in our cash balances and the flexible structure of our new credit facility allows us to also return value to our shareholders. We believe that even with these announced return of capital programs, Global Power will still have sufficient cash on hand and debt capacity to execute our strategic and organic growth initiatives."
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