Wolverine Worldwide declared a two-for-one stock split (in the form of a stock dividend) with a record date of Oct. 1, 2013. Stockholders of record on that date will receive one new share of common stock for each share they own. Shares issued pursuant to the stock split will be issued on November 1, 2013.
The directors of Wolverine Worldwide also declared a quarterly cash dividend of 6 cents per share of common stock. The 6 cents per share dividend will be paid on a post-stock-split basis and is equivalent to the 12 cents per share pre-stock-split cash dividend declared in the prior quarter. The dividend is payable on Nov. 1, 2013 to stockholders of record on Oct. 1, 2013.
Blake W. Krueger, Wolverine Worldwide president, chairman and CEO, commented, “Maintaining our dividend demonstrates our company's commitment to maximizing shareholder return and our confidence in our future performance, highlighted by our track record of strong cash flow generation. Declaring a stock split underscores the confidence our board of directors has in our company strategy, our team's ability to execute, and the very significant growth opportunities that lie ahead. We believe that these actions today support our goal of increasing shareholder value.”
The company's portfolio of highly recognized brands includes: Merrell, Sperry Top-Sider, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Cushe, Chaco, Bates, HYTEST, and Soft Style. The Company also is the global footwear licensee of brands including Cat, Harley-Davidson and Patagonia.
