TEMECULA, Calif., Dec. 9, 2010 /PRNewswire-FirstCall/ -- Outdoor Channel Holdings, Inc. (Nasdaq: OUTD) today announced that its Board of Directors has declared a special one-time cash distribution of $0.25 per share to shareholders. The distribution will be payable on December 30, 2010 to shareholders of record as of the close of business on December 20, 2010.
"Given our healthy balance sheet and strong financial condition, we have an opportunity to return capital to our shareholders and reward them for their ongoing support," stated Roger Werner, President & Chief Executive Officer. "We believe this cash distribution is in the best interest of our shareholders and is an appropriate use of our funds at this time. Going forward, we remain committed to building on our category leadership position in outdoor content and maximizing our performance in a recovering advertising environment."
Outdoor Channel Holdings currently expects part of the cash distribution will be classified as a nondividend distribution, or return of capital, with the remaining portion being declared an exempt dividend under current tax rules. According to current tax rules, a "Nondividend Distribution" is a cash distribution that is not paid out of the earnings and profits of a corporation.
About Outdoor Channel Holdings, Inc.
Outdoor Channel Holdings, Inc. owns and operates Outdoor Channel, America's leader in outdoor TV, and Winnercomm Inc., an Emmy Award winning production and interactive company. Outdoor Channel offers programming that captures the excitement of hunting, fishing, shooting, off-road motorsports, adventure and the Western lifestyle and can be viewed on multiple platforms including high definition, video-on-demand, as well as on a dynamic broadband website. Winnercomm Inc. is one of America's leading and highest quality producers of live sporting events and sports series for cable and broadcast television. Winnercomm also owns and operates the patented Skycam and CableCam aerial camera systems which provide dramatic overhead camera angles for major sports events, including college and NFL football. For more information, please visit http://www.outdoorchannel.com.
SOURCE Outdoor Channel Holdings, Inc.