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
