FLIR Systems’ (NASDAQ: FLIR) board of directors announced a new dividend policy under which FLIR intends to pay a quarterly cash dividend of 6 cents per share on its common stock.
According to the firm, “the first dividend of 6 cents per share of outstanding common stock, representing a planned annual dividend payout of 24 cents per share, will be paid to shareholders of record as of the close of business on Feb. 22, 2011, with a payment date of March 10, 2011.”
Here’s more from the firm:
“The dividend initiation is the first in FLIR’s history. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to the final determination of FLIR’s board of directors and that doing so is in the best interest of FLIR shareholders.
“Also today, FLIR announced that its board of directors approved a new share repurchase program that authorizes up to 20 million shares to be repurchased over the next two years, replacing the previous program that expired on Feb. 4, 2011. This authorization represents approximately 13 percent of FLIR’s outstanding common stock as of Dec. 31, 2010. Since 2003, FLIR has returned over $399 million to shareholders through share repurchases.
“Any purchases made under the repurchase program may be made from time to time in the open market or through privately negotiated transactions. All purchases are subject to stock price, market conditions, corporate and legal requirements, and other factors. The timing of repurchases and the exact number of shares of common stock to be purchased will be determined by the company’s management, in its discretion, and will depend upon market conditions and other factors. The company expects to fund the repurchases using the company’s cash on hand and cash generated from operations. The program may be extended, suspended, or discontinued at any time.
“These announcements demonstrate our confidence in the strength of our business model and in our long-term growth opportunities, ” CEO Earl Lewis said. “We remain committed to returning capital to our shareholders, and these initiatives announced today allow for direct shareholder participation in our past and future success at growing our business and cash flow.”