Printer Friendly
The Free Library
19,573,962 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

ARAMARK Board of Directors Increases Cash Dividend by 10 Percent and Authorizes $200 Million in Share Repurchase.


PHILADELPHIA -- ARAMARK Corporation (NYSE NYSE

See: New York Stock Exchange
:RMK RMK Remark (Weather METAR)
RMK Rocky Mountain King (Polaris Snowmobiles)
RMK Remarks
RMK Resource Manager Kernel
), a world leader in managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality , today announced that its Board of Directors has approved a 10 percent increase in ARAMARK's quarterly cash dividend to $0.055 per share ($0.22 annually) on its Class A and Class B common stock.

In addition, the Board approved the use of up to an additional $200 million to repurchase shares of ARAMARK's Class A or Class B Common Stock under the stock repurchase Stock repurchase

A firm's repurchase of outstanding shares of its common stock.
 program.

Commenting on the Board's decisions, ARAMARK Chairman and Chief Executive Officer Joseph Neubauer said, "Today's actions clearly demonstrate the Board's confidence in the company's financial condition and the strength of ARAMARK's cash flow. Our strong cash-generating business model enables us not only to make the right investments in our operations, maintain a prudent level of debt and fund potential acquisitions, but also - as importantly - to return value to our shareholders through cash dividends and share repurchases."

Regarding the specifics of the dividend, it will be payable on December 9, 2004 to ARAMARK shareholders of record at the close of business November 12, 2004. Regarding the repurchase program, repurchases may be made in open market or privately negotiated transactions or otherwise, from time to time, depending on market conditions, and may be discontinued at any time.

About ARAMARK

ARAMARK Corporation is a world leader in providing award-winning food and facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises.  services to health care institutions, universities and school districts, stadiums and arenas, international and domestic corporations, as well as providing uniform and career apparel. ARAMARK was ranked number one in its industry in the 2004 FORTUNE 500 survey and was also named one of "America's Most Admired Companies A yearly publication by Fortune Magazine, America's Most Admired Companies consists of corporations that are highly esteemed by the likes of Business Executives, Directors, and Analysts. A survey is taken of close to 3300 professionals who give their opinions on the companies. " by FORTUNE magazine in 2004, consistently ranking since 1998 as one of the top three most admired companies in its industry as evaluated by peers. Headquartered in Philadelphia, ARAMARK has approximately 200,000 employees serving clients in 19 countries.

Forward-Looking Statements

Forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements, including prior forward-looking statements, to reflect the events or circumstances arising after the date as of which they were made. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us.

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995 that reflect our current views as to future events and financial performance with respect to our operations. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as "aim," "anticipate," "estimate," "expect," "will be," "will continue," "will likely result," "project," "intend," "plan," "believe" and other words and terms of similar meaning in conjunction with a discussion of future operating or financial performance.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

Factors that might cause such a difference include: unfavorable economic conditions, ramifications ramifications nplAuswirkungen pl  of any future terrorist attacks or increased security alert levels; increased operating costs, including labor-related and energy costs; shortages of qualified personnel or increases in labor costs; costs and possible effects of union organizing activities; currency risks and other risks associated with international markets; risks associated with acquisitions, including acquisition integration costs; our ability to integrate and derive the expected benefits from recent acquisitions; competition; decline in attendance at client facilities; unpredictability of sales and expenses due to contract terms and terminations; the contract intensive nature of our business, which may lead to client disputes; high leverage; claims relating to the provision of food services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and ; costs of compliance with governmental regulations and government investigations; liability associated with non-compliance with governmental regulations, including regulations pertaining to food service, the environment, Federal and state employment laws and wage and hour laws; import and export controls and customs laws; inability to retain current clients and renew existing client contracts; determination by customers to reduce outsourcing and use of preferred vendors; seasonality; and other risks that are set forth in the "Risk Factors," "Legal Proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. " and "Management Discussion and Analysis of Results of Operations and Financial Condition" sections of and elsewhere in ARAMARK's SEC filings. For further information regarding risks and uncertainties associated with ARAMARK's business, please refer to the "Legal Proceedings," "Management's Discussion and Analysis Management's discussion and analysis (MD&A)

A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial
 of Results of Operations and Financial Condition", "Risk Factors" and other sections of ARAMARK's SEC filings, including, but not limited to, our annual report on Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 and quarterly reports on Form 10-Q Form 10-Q

See 10-Q.
, copies of which may be obtained by contacting ARAMARK's investor relations Investor relations

The process by which the corporation communicates with its investors.
 department via its web site www.aramark.com.
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Nov 2, 2004
Words:796
Previous Article:Bitstream Announces Third Quarter Earnings Conference Call.
Next Article:PowerDsine Presenting at Deutsche Bank Securities, Inc. Global Semiconductor & Semiconductor Capital Equipment Conference.
Topics:



Related Articles
Union Carbide.
RJR Nabisco Doubles Share Repurchase Authorization Up to $200 Million; Increases Annual Common Dividend 11% to $2.05; Changes Record Date for Annual...
Share Repurchase: To Buy or Not to Buy.
UnionBanCal Corporation Announces 16 Percent Increase in Quarterly Cash Dividend, $200 Million Extension of Share Repurchase Program.
ARAMARK Reports Record Sales for Fiscal 2004; Full-Year Sales Increased 8 Percent to $10.2 Billion; Fourth Quarter Sales Were $2.6 Billion.
Fitch Rates ARAMARK's $250MM Sr. Unsecured Notes 'BBB'.
ARAMARK Reports Record Third-Quarter Sales of $2.8 Billion, Earnings Per Share Increase 15 Percent to $0.38.
ARAMARK Announces Record Fiscal Year Results.
ARAMARK Reports Record First-Quarter Sales and Earnings.
ARAMARK Reports Third-Quarter Results.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles