GLEN ALLEN, Va., Nov. 6, 2019 /PRNewswire/ -- Hamilton Beach Brands Holding Company (NYSE: HBB) today announced that the Board of Directors declared a regular cash dividend of $0.09 per share. The dividend is payable on both the Class A and Class B Common Stock, and will be paid December 13, 2019 to stockholders of record at the close of business on November 29, 2019.
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 starting January 1, 2020 and running through December 31, 2021. The Company's previously authorized share buyback program was approved by the Board of Directors in May 2018 for the purchase of up to $25 million of the Company's outstanding Class A common stock through December 31, 2019. Under that program, the Company has repurchased a total of 364,893 shares for a total aggregate purchase price of $6 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 is an operating holding company for Hamilton Beach Brands, Inc. and The Kitchen Collection, LLC. Hamilton Beach Brands is a leading designer, marketer and distributor of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, bars and hotels. On October 15, 2019, the Company announced the wind down of the Kitchen Collection business and the closure of all of its 160 stores by the end of 2019. For more information about Hamilton Beach Brands Holding Company and its subsidiaries, visit the Company's website at www.hamiltonbeachbrands.com.
SOURCE Hamilton Beach Brands Holding Company