Black Box Corp. (BBOX: Quote) said Thursday that its Board of Directors approved an increase of 1 million shares under the existing share repurchase program and declared a 14% increase to its quarterly cash dividend resulting in a payout of $0.08 per share of its common stock.
With the increase in the share repurchase program, Black Box now has authorization to repurchase 1.3 million of its shares or about 8% of the current outstanding shares.
The $0.08 per share dividend was declared on all outstanding shares of Black Box's Common Stock and will be payable on July 13 to shareholders of record at the close of business on June 29.
Separately, Black Box reported net income for the fourth quarter of of $11.2 million or $0.64 per share, compared to $12.3 million or $0.68 per share for the year-ago quarter.
Excluding items, operating earnings for the second quarter were $11.4 million or $0.65 per share, compared to $13.5 million or $0.75 per share in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to earn $0.71 per share for the fourth quarter.
Fourth quarter revenues grew to $255.99 million from $255.03 million for the same quarter last year.
Looking forward to the first quarter, the company forecast revenues of $250 million to $260 million and operating earnings per share in the range of $0.58 to $0.65.
For Fiscal 2013, the company forecast revenues of $1.05 billion to $1.09 billion and operating earnings per share in the range of $2.70 to $3.10. Analysts currently expect the company to earn $3.17 per share for the fiscal year 2013.
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by RTT Staff Writer
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