COVINGTON, La., May 7, 2015 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq:POOL) announced today that its Board of Directors has authorized an additional $100.0 million under its existing share repurchase program for the purchase of the Company’s stock in the open market at prevailing market prices or in privately negotiated transactions.
The Company also announced that the Board has declared a quarterly cash dividend of $0.26 per share, an 18% increase over the previous quarterly dividend amount of $0.22 per share. The dividend is payable on June 3, 2015 to stockholders of record on May 20, 2015. As of May 6, 2015 there were 43,527,762 shares of common stock outstanding.
At POOLCORP’s annual meeting of stockholders on May 6, 2015, stockholders elected Andrew W. Code, James J. Gaffney, George T. Haymaker, Jr., Manuel J. Perez de la Mesa, Harlan F. Seymour, Robert C. Sledd, John E. Stokely and Wilson B. Sexton to serve as directors for the ensuing year. Stockholders also ratified the retention of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal 2015 and approved, on an advisory, non-binding basis, the compensation of our named executive officers (the say-on-pay vote).
Speaking at the meeting, Mr. Sexton, Chairman of the Board, commented, “It is humbling and gratifying to know that we continue to earn the trust and confidence of our stockholders. As directors, we make a sincere commitment and acknowledge our obligation to work hard on their behalf. We look forward to serving for, what we believe will be, another successful year for POOLCORP”.
Pool Corporation is the largest wholesale distributor of swimming pool and related backyard products. Currently, POOLCORP operates 330 sales centers in North America, Europe, South America and Australia through which it distributes more than 160,000 national brand and private label products to roughly 100,000 wholesale customers. For more information about POOLCORP, please visit www.poolcorp.com.
This news release includes “forward-looking” statements that involve risk and uncertainties that are generally identifiable through the use of words such as “believe,” “expect,” “intend,” “plan,” “estimate,” “project,” “should” and similar expressions and include projections of earnings. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the sensitivity of our business to weather conditions, changes in the economy and the housing market, our ability to maintain favorable relationships with suppliers and manufacturers, competition from other leisure product alternatives and mass merchants and other risks detailed in POOLCORP’s 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission.