Meredith Corporation Board Increases Quarterly Dividend 6.5 Percent
DES MOINES, Iowa, Feb. 4, 2013 /PRNewswire/ -- The Meredith Corporation (NYSE: MDP; www.meredith.com) Board of Directors yesterday increased its regular quarterly dividend 6.5 percent to $0.4075 per share, or $1.63 on an annual basis. The new quarterly dividend will be payable on March 15, 2013, to shareholders of record on February 28, 2013.
Meredith has a strong history of paying dividends – 66 consecutive years – and increasing them over time – 20 years straight. Over the last decade, Meredith has grown its dividend at an average annualized rate of 16 percent.
At the new rate, Meredith's dividend would yield 4.5 percent based on Friday, February 1's closing price of $36.34.
On October 25, 2011, Meredith announced a new Total Shareholder Return (TSR) strategy. Key elements include: (1) A dividend that currently pays $1.63 per share annually; (2) A $100 million share repurchase program; and (3) Ongoing strategic investments to scale the business and increase shareholder value over time.
Meredith Corporation is the leading media and marketing company serving American women. Meredith reaches 100 million American women every month through multiple well-known national brands – including Better Homes and Gardens, Parents, Family Circle, Allrecipes.com, Ladies' Home Journal, Fitness, More, American Baby, EveryDay with Rachael Ray and FamilyFun – and local television brands in fast-growing markets. Meredith is the industry leader in creating content in key consumer interest areas such as home, family, food, health and wellness and self-development. Meredith uses multiple distribution platforms – including print, television, digital, mobile, tablets, and video – to give consumers content they desire and to deliver the messages of its advertising and marketing partners.
Additionally, Meredith uses its many assets to create powerful custom marketing solutions for many of the nation's top brands and companies. Meredith Xcelerated Marketing has significantly added to its capabilities in recent years through the acquisition of cutting-edge companies in digital, mobile, social, healthcare, database, and international marketing.
A hallmark of Meredith's business model and financial profile is its ability to consistently generate substantial free cash flow by leveraging the strength of its multi-platform portfolio. Meredith is committed to increasing Total Shareholder Return through dividend payments, share repurchases and strategic business investments.
SOURCE Meredith Corporation