MINNEAPOLIS--(BUSINESS WIRE)--Directors of Tennant Company (NYSE: TNC) today authorized a 5 percent increase in the company’s quarterly cash dividend to 21 cents per share. The increased dividend is payable December 15, 2016, to shareholders of record at the close of business on November 30, 2016. As a result, 2016 marks the 45th consecutive year that the company has increased its annual cash dividend payout.
The Tennant board of directors also authorized a new share repurchase program of up to one million shares of the company’s common stock. This is in addition to approximately 395,000 shares remaining under its current repurchase program. Share repurchases under these programs may be made through open market and privately negotiated transactions from time to time and in amounts that management deems appropriate. The timing of share repurchases to enhance shareholder value will depend upon market conditions and other corporate considerations. Tennant has approximately 17,600,000 shares outstanding.
Commenting on the new authorizations, Chris Killingstad, Tennant Company’s president and chief executive officer, said, “We remain committed to investing for growth, with disciplined spending, as we strive to reach our goal of $1 billion in organic sales and a 12 percent operating profit margin. These new authorizations reflect the board’s confidence in our business and the strength of our capital position.”
Company Profile
Minneapolis-based
Tennant Company (TNC) is a world leader in designing, manufacturing and
marketing solutions that empower customers to achieve quality cleaning
performance, significantly reduce their environmental impact and help
create a cleaner, safer, healthier world. Its products include equipment
for maintaining surfaces in industrial, commercial and outdoor
environments; detergent-free and other sustainable cleaning
technologies; and coatings for protecting, repairing and upgrading
surfaces. Tennant's global field service network is the most extensive
in the industry. Tennant has manufacturing operations in Minneapolis,
MN; Holland, MI; Louisville, KY; Chicago, IL; Uden, The Netherlands; São
Paulo, Brazil; and Shanghai, China; and sells products directly in 15
countries and through distributors in more than 80 countries. For more
information, visit www.tennantco.com.
The Tennant Company logo and other trademarks designated with the symbol
“®” are trademarks of Tennant Company registered in the United States
and/or other countries.
Forward-Looking Statements
Certain
statements contained in this document, as well as other written and oral
statements made by us from time to time, are considered “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act. These statements do not relate to strictly historical or
current facts and provide current expectations or forecasts of future
events. Any such expectations or forecasts of future events are subject
to a variety of factors. These include factors that affect all
businesses operating in a global market as well as matters specific to
us and the markets we serve. Particular risks and uncertainties
presently facing us include: geopolitical and economic uncertainty
throughout the world; the competition in our business; foreign currency
exchange rate fluctuations, particularly the relative strength of the
U.S. dollar against other major currencies; our ability to attract and
retain key personnel; our ability to successfully upgrade, evolve and
protect our information technology systems; fluctuations in the cost,
quality, or availability of raw materials and purchased components; our
ability to effectively manage organizational changes; our ability to
develop and commercialize new innovative products and services;
unforeseen product liability claims or product quality issues; the
occurrence of a disruption to the value chain process, such as sourcing,
distribution, logistics or customer support; the occurrence of a
significant business interruption; and our ability to comply with laws
and regulations.
We caution that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. For additional information about factors that could materially affect Tennant's results, please see our other Securities and Exchange Commission filings, including disclosures under “Risk Factors.”
We do not undertake to update any forward-looking statement, and investors are advised to consult any further disclosures by us on this matter in our filings with the Securities and Exchange Commission and in other written statements we make from time to time. It is not possible to anticipate or foresee all risk factors, and investors should not consider any list of such factors to be an exhaustive or complete list of all risks or uncertainties.
