Black Box Corporation Declares Its First Cash Dividend; Also Announces an Increase in Existing Share Repurchase Program.Business Editors PITTSBURGH--(BUSINESS WIRE)--Nov. 27, 2002 Black Box Corporation (Nasdaq:BBOX) today announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of common stock. The dividend was declared on all outstanding shares of Black Box's common stock and will be payable on January 15, 2003 to stockholders of record at the close of business on December 31, 2002. Black Box will pay the dividend through its transfer agent, American Stock Transfer & Trust Company, 59 Maiden MAIDEN. The name of an instrument formerly used in Scotland for beheading criminals. Lane, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10038. The Board of Directors also approved an increase of one million shares under the existing Black Box common share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. The one million shares of the Company's stock represent approximately 5% of the current outstanding shares. Prior to this increase, Black Box had approximately four hundred thousand shares remaining to be repurchased from a previous authorization The right or permission to use a system resource; the process of granting access. See access control. . Since April 1999, Black Box has repurchased in aggregate approximately three million shares of its common stock. Presently, the Company expects to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. these shares over the next two years. The shares will be repurchased in the open market from time to time at prevailing market prices or in privately negotiated transactions. Fred C. Young, Chief Executive Officer, said, "The generation of significant free cash flow has traditionally been one of our great financial strengths. Utilizing this strength, these two programs are geared towards enhancing long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. Black Box shareholder value." Black Box is the world's largest technical services company dedicated to designing, building and maintaining today's complicated network infrastructure systems. Black Box services clients through 117 offices in 132 countries throughout the world. |
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