Core-Mark Announces Increase in Quarterly Cash Dividend
South San Francisco, California – Core-Mark Holding Company, Inc.(Nasdaq: CORE), one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, announced today that its Board of Directors has declared a quarterly cash dividend of $0.19 per common share. The dividend is payable on December 17, 2012 to shareholders of record as of the close of business on November 23, 2012.
'The increase in our dividend underscores the Company's strong financial position and ability to generate excess cash' said J. Michael Walsh, President and Chief Executive Officer. 'We are pleased to be able to return a modest portion of this excess cash while still being able to fund our strategic opportunities and grow the underlying business.'
Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 29,000 customer locations in the U.S. and Canada through 27 distribution centers (excluding two distribution facilities the Company operates as a third party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. For more information, please visit www.core-mark.com.
Forward Looking Statements
Except for historical information, the statements made in this press release are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions or estimates, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial conditions or state other forward-looking information. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.
Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual actions and results could differ materially from those set forth in the forward-looking statements. Forward-looking statements in some cases can be identified by the use of words such as 'may,' 'will,' 'should,' 'potential,' 'intend,' 'expect,' 'seek,' 'anticipate,' 'estimate,' 'believe,' 'could,' 'would,' 'project,' 'predict,' 'regular,' 'continue,' 'plan,' 'propose' or other similar words or expressions. These forward-looking statements are based on the current plans and expectations of our management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Factors that may cause such a difference for Core-Mark in connection with our dividend policy include, without limitation, our view on potential future capital requirements for acquisitions, investments and capital expenditures; changes in federal and state tax laws; restrictions in our current or future credit agreements; and changes in economic conditions.
For a better understanding of some of these risks, please refer to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on March 8, 2012 and Part II, Item 1A, 'Risk Factors' of any quarterly report on Form 10-Q subsequently filed by us. Except as provided by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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