WATERBURY, Vt. – The Board of Directors of Green Mountain Coffee Roasters, Inc. ( GMCR ) has approved a new share repurchase authorization of up to $1 billion and declared a dividend to GMCR shareholders. The new share repurchase program will take effect upon completion of the Company’s current program, which has $138 million remaining of its previously authorized $500 million.
The new stock repurchase program of up to $1 billion is authorized to be executed over the next two years and will be implemented at such times and prices as determined appropriate by the Company’s management.
The Company announced the Board approved an indicated annual dividend of $1.00 per share, payable $0.25 per quarter, and on November 19, 2013 declared a quarterly cash dividend of $0.25 per share. The quarterly cash dividend will be paid on February 14, 2014 to GMCR’s shareholders of record as of January 17, 2014.
” GMCR’s Board of Directors implemented this plan based on our continued confidence in the Company’s long-term growth prospects, financial outlook and cash flow generation,” said Brian P. Kelley, GMCR’s President & CEO.
“This plan represents a balanced approach to our commitment to delivering increased value to our shareholders while preserving our liquidity and flexibility to reinvest in our business.”
The share repurchases and cash dividend will be funded by cash from operations and funds available through GMCR’s existing credit facility.
