- Leading IT solutions provider to business, government, and education markets, PC Connection, Inc (NASDAQ:CNXN) declared a special cash dividend of $0.34 per share, payable on December 23, 2022, to shareholders of record at the close of business on December 5, 2022.
- The aggregate amount of the special dividend payment will be approximately $8.9 million based on the current number of shares outstanding.
- "Our strong balance sheet and operating performance allows us to pay this dividend, which is in line with our historic pre-pandemic practice while maintaining the ability to continue to grow the business," said Timothy McGrath, President, and Chief Executive Officer.
- The board approved a $25.0 million increase to Connection's existing share repurchase authorization, bringing the aggregate size of the program to $80.0 million, of which $37.7 million remains available.
- The board also indicated its intent to consider the future payment of regular quarterly dividends instead of annual special ones.
- PC Connection generated $24.1 million in operating cash flow and held $116.2 million in cash and equivalents as of September 30.
- Price Action: CNXN shares traded higher by 3.26% at $55.90 on the last check Tuesday.
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
