Black Box Corporation Announces Increase in Share Repurchase Program and Declares Its Quarterly Cash Dividend
Black Box Corporation (NASDAQ: BBOX), a leading communications system integrator dedicated to designing, sourcing, implementing and maintaining today's complex communications solutions, announced today that its Board of Directors approved an increase of 1 million shares under the existing share repurchase program and declared a quarterly cash dividend of $0.08 per share of its Common Stock. With the increase in the share repurchase program, Black Box now has authorization to repurchase 1.2 million of its shares or approximately 8% of the current outstanding shares. The $0.08 per share dividend was declared on all outstanding shares of Black Box's Common Stock and will be payable on January 11, 2013 to stockholders of record at the close of business on December 28, 2012. Black Box will pay the dividend through its transfer agent, American Stock Transfer & Trust Company, 59 Maiden Lane, New York, NY 10038. Terry Blakemore, Chief Executive Officer said, “Through the first half of Fiscal 2013, we repurchased 1.1 million shares or 8% of the outstanding shares of Black Box Common Stock. The authorization of an additional 1 million shares is an indication of our confidence in future positive cash flow and provides management with the flexibility to return additional value to our shareholders.”
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