The Clorox Company (NYSE:CLX) today announced that its board of
directors declared a quarterly dividend of 46 cents per share, payable
August 15, 2008, to stockholders of record on July 28, 2008. The amount
represents an increase of 6 cents per share, or 15 percent, in the
company’s quarterly dividend.
The board of directors also authorized the company to repurchase its
shares in the open market for an aggregate purchase price of up to $750
million. This $750 million share repurchase program is in addition to an
evergreen repurchase program previously announced by the company to
reduce or eliminate dilution in connection with issuances of stock under
the company's stock incentive plans. Repurchases may take place from
time to time, depending on market conditions. However, at this time, the
company intends to primarily use its strong free cash flow to reduce its
debt levels back to a 3.0 to 1 debt-to-EBITDA ratio or lower.
The Clorox Company
The Clorox Company is a leading manufacturer and marketer of consumer
products with fiscal year 2007 revenues of $4.8 billion. Clorox markets
some of consumers' most trusted and recognized brand names, including
its namesake bleach and cleaning products, Green Works™
natural cleaners, Armor All®
and STP® auto-care
products, Fresh Step®
and Scoop Away® cat
litter, Kingsford®
charcoal, Hidden Valley®
and K C Masterpiece®
dressings and sauces, Brita®
water-filtration systems, Glad®
bags, wraps and containers, and Burt’s Bees®
natural personal care products. With 8,300 employees worldwide, the
company manufactures products in more than two dozen countries and
markets them in more than 100 countries. Clorox is committed to making a
positive difference in the communities where its employees work and
live. Founded in 1980, The Clorox Company Foundation has awarded cash
grants totaling more than $69.7 million to nonprofit organizations,
schools and colleges. In fiscal 2007 alone, the foundation awarded $3.4
million in cash grants, and Clorox made product donations valued at $5.9
million. For more information about Clorox, visit www.TheCloroxCompany.com.
