The special dividend is payable to holders of the company's common stock and class B common stock, payable on Dec. 28, to stockholders of record at the close of business on Dec. 17, 2012.
"This additional return of approximately $254 million in cash to our shareholders demonstrates the strength of our balance sheet, the health of our business and a commitment to efficiently deploy our strong cash generation," said Edward W. Stack, Chairman and CEO. "We also remain firmly committed to investing in the profitable growth of our business and we will have ample capacity to do so even after payment of this dividend."
The Company also announced that Tim Kullman, EVP—Finance, Administration and Chief Financial Officer, has informed the Company of his intention to retire in 2013. The company has commenced a search for Kullman's replacement. Kullman will continue in his current role until his successor is hired, and he has agreed to remain with the Company until April 2013 or such later date as needed to effect a proper transition.
"Tim has been an invaluable member of our management team over the past five years. He has been instrumental in designing a financial framework rooted in discipline and supporting our mission to relentlessly improve everything we do. Tim's contributions will be felt well into the future," said Stack.
Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties
Statements in this release include forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company's control. The Company's future performance and financial results may differ materially from those included in any such forward-looking statements and such forward-looking statements should not be relied upon by investors as a prediction of actual results.
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