SPRINGFIELD, N.J., June 12, 2015 (GLOBE NEWSWIRE) -- The Board of Directors of Village Super Market, Inc. (Nasdaq:VLGEA) declared quarterly cash dividends of $0.25 per Class A common share and $0.1625 per Class B common share. The dividends will be payable on July 23, 2015 to shareholders of record at the close of business on July 2, 2015.
The Company also announced that its Board of Directors has authorized a share repurchase program of up to $5 million, effective June 12, 2015.
The actual number and timing of share repurchases, if any, will be subject to market conditions and applicable Securities and Exchange Commission rules. Repurchases may be made from time-to-time through a variety of methods, including open market purchases and other negotiated transactions, including through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934. It is contemplated that funding for the new program would be from operating cash flow as well as various financing alternatives.
Village Super Market operates a chain of 29 supermarkets under the ShopRite name in New Jersey, Maryland and eastern Pennsylvania.