GLEN ALLEN, Virginia., February 22, 2022 /PRNewswire/ — Hamilton Beach Brands Holding Company (NYSE: HBB) today announced that the Board of Directors has declared a regular cash dividend of $0.10 per share. The dividend is payable on the Class A and Class B common shares and will be paid March 15, 2022to shareholders of record at the close of business on March 42022.
The Board of Directors also approved a share buyback program providing for the purchase of a maximum of $25 million of the outstanding Class A common shares of the Company with immediate effect and until December 31, 2023. The Company’s previously authorized share buyback program was approved by the Board of Directors in November 2019 for the purchase of up to $25 million outstanding Class A common shares of the Company by the 31st of December2021. Under the Company’s previously authorized share buyback programs, the Company repurchased a total of 364,893 shares for an aggregate purchase price of $6 million.
The timing and amount of any buyback under the new buyback program will be determined at the discretion of the Company’s management based on a number of factors, including the availability of capital, other allocation alternatives of capital and market conditions for the Company’s Class A common shares. The share buyback program does not oblige the Company to acquire a specific number of shares. It may be modified, suspended, extended or terminated by the Company at any time without notice and may be executed through open market purchases, privately negotiated transactions or otherwise. Any or all of the redemptions may be implemented under a Rule 10b5-1 trading plan, which would allow redemptions under predefined terms at times when the Company might otherwise be prevented from doing so.
Disclaimer of Forward-Looking Statements
Statements contained in the press release that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof. Factors that could cause actual results to differ materially from those contained in the forward-looking statements include those set forth under “Risk Factors” in Hamilton Beach Brands Holding Company’s most recent 10-K filed with the Securities and Exchange. Committee.
About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company is a holding company for Hamilton Beach Brands, Inc., a leader in the design, marketing and distribution of a wide range of branded small appliances and specialty housewares, as well as commercial for restaurants, fast food chains, bars and hotels. The Company’s consumer brands include Hamilton Beach®Flint Overseer®Hamilton Beach Professional®Weston®True Air® and Brightline® personal care products. Hamilton Beach Licenses Wolf Gourmet Trademarks® countertop appliances, CHI® premium clothing care products and CloroxMT air purifiers. Hamilton Beach markets the Bartesian® premium cocktail delivery system through an exclusive multi-year agreement. Through a partnership with HealthBeacon, Hamilton Beach is the exclusive marketer and distributor of an intelligent injection care management system in the United States and Canada under the brand name Hamilton Beach Health®. Trademarks include Hamilton Beach Commercial® and Proctor Silex Commercial®. For more information about Hamilton Beach Brands Holding Company, visit the company’s website at www.hamiltonbeachbrands.com.
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SOURCE Hamilton Beach Brands Holding Company