FLIR Systems Announces First-Ever Quarterly Dividend and New Share Repurchase Program
PORTLAND, OR -- (MARKET WIRE) -- 02/09/11 --
FLIR Systems, Inc. (NASDAQ: FLIR) today announced that its Board of Directors has adopted a new dividend policy under which FLIR intends to pay a quarterly cash dividend of $0.06 per share on its common stock. The first dividend of $0.06 per share of outstanding common stock, representing a planned annual dividend payout of $0.24 per share, will be paid to shareholders of record as of the close of business on February 22, 2011, with a payment date of March 10, 2011.
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 February 4, 2011. This authorization represents approximately 13% of FLIR's outstanding common stock as of December 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," said Earl R. Lewis, President and CEO of FLIR. "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."
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company's advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. Visit the Company's web site at www.FLIR.com.
This press release contains certain statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates, and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the price, volume, or timing of stock repurchases may be impacted by legal restrictions, alternative, more attractive investments to dividends or stock repurchases may become available, changes in demand for the Company's products, product mix, the timing of customer orders
and deliveries, the impact of competitive products and pricing, the Company's continuing compliance with U.S. export control laws and regulations, the timely receipt of any required export licenses, constraints on supplies of critical components, excess or shortage of production capacity, the ability to manufacture and ship the products in the time period required, actual purchases under agreements, the continuing eligibility of the Company to act as a federal contractor, the amount and availability of appropriated government procurement funds and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the
date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or Internet service providers.
Source: FLIR Systems, Inc.
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