Wolverine World Wide, Inc. declared a quarterly cash dividend increase of 22.2% to 11 cents a share. The dividend is payable on May 1, to stockholders of record on April 1, and represents a 44 cents per share annual dividend.
Commenting on the increase, Blake W. Krueger, the company's CEO and president, stated, “The dividend increase demonstrates Wolverine's strong commitment to maximizing shareholder return. Driving shareholder value through the generation of strong operating earnings, increased dividends and continued share repurchases is a formula which can continue to reward our long-term shareholders. We are able to continue these actions while maintaining a very strong balance sheet that allows the company to pursue strategic initiatives as opportunities arise.”
Krueger added, “We anticipate another year of excellent cash generation from operating activities in 2008, which will provide flexibility to increase our future return to shareholders. Today's announced 22.2 percent increase marks the company's fifteenth consecutive year of double-digit dividend increases and represents a compounded annual growth rate of nearly 23 percent over that time period.”
