GLEN ALLEN, Va., Nov. 9, 2023 /PRNewswire/ -- Hamilton Beach Brands Holding Company (NYSE: HBB) today announced that the Board of Directors declared a regular cash dividend of $0.11 per share. The dividend is payable on both the Class A and Class B Common Stock and will be paid December 15, 2023, to stockholders of record at the close of business on December 1, 2023.
The Board of Directors also approved a stock repurchase program providing for the purchase of up to $25 million of the Company's outstanding Class A Common Stock effective January 1, 2024 and running through December 31, 2025. The Company's previously authorized share buyback program was approved by the Board of Directors on February 22, 2022 for the purchase of up to $25 million of the Company's outstanding Class A common stock through December 31, 2023. Under the Company's previously authorized share buyback program, through September 30, 2023 the Company has repurchased a total of 400,698 shares for a total aggregate purchase price of $4.5 million.
The timing and amount of any repurchases under the new repurchase program will be determined at the discretion of the Company's management based on a number of factors, including the availability of capital, other capital allocation alternatives and market conditions for the Company's Class A common stock. The share repurchase program does not require the Company to acquire any specific number of shares. It may be modified, suspended, extended, or terminated by the Company at any time without prior notice and may be executed through open market purchases, privately negotiated transactions or otherwise. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so.
Forward-looking Statements Disclaimer
The statements contained in the news 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. These forward-looking statements are made 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 that arise after the date hereof. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth under the heading "Risk Factors" in Hamilton Beach Brands Holding Company's most recent 10-K filed with the Securities and Exchange Commission.
About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company operates through its wholly owned subsidiary Hamilton Beach Brands, Inc., a leading designer, marketer, and distributor of a wide range of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, fast food chains, bars, and hotels. The Company's owned consumer brands include Hamilton Beach®, Proctor Silex®, Hamilton Beach Professional®, Weston®, TrueAir®, and Hamilton Beach Health®. The Company's owned commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®. Hamilton Beach Brands licenses the brands for Wolf Gourmet® countertop appliances, CHI® premium garment care products, Clorox™ True HEPA air purifiers, and Brita Hub™ countertop electric water filtration appliances. Hamilton Beach Brands has exclusive multiyear agreements to design, sell, market and distribute Bartesian® premium cocktail delivery machines, the Smart Sharps Bin™ from Hamilton Beach Health® powered by HealthBeacon®, and specialty appliances to create Numilk® non-dairy fresh milk on demand. For more information about Hamilton Beach Brands Holding Company, visit hamiltonbeachbrands.com.
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SOURCE Hamilton Beach Brands Holding Company