Burger King Announces Share Repurchase Program.Company Also Declares Quarterly Dividend MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Burger King Holdings Inc. (NYSE NYSE See: New York Stock Exchange : BKC BKC Burger King Corporation BKC Bible Knowledge Commentary BKC Burgess Kershaw Consultants BKC Bethany Korean Church BKC Backup Catalog BKC BatchKennisCentrum (Dutch: Batch Knowledge Centre) BKC Backup Copy ) announced today that its board of directors has authorized the repurchase of up to $100 million of the company's common stock. The share repurchases 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. will be made in the open market from time to time prior to December 31, 2008, and be funded from available cash. The amount and timing of the repurchases will be determined by the company's management. The share repurchases may be suspended or discontinued at any time. Shares of stock repurchased Stock repurchase A firm's repurchase of outstanding shares of its common stock. under the plan will be retired. "Our share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and provides us with the flexibility to be opportunistic, depending on market conditions, to enhance shareholder value over the long term," said CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John Chidsey. The company also announced that its board of directors has declared a quarterly dividend of $0.0625 per share of common stock. The dividend is payable on June 28, 2007 to shareholders of record at the close of business on June 11, 2007. Forward Looking Statements This press release contains forward-looking statements, including statements regarding the amount and timing of share repurchases and the method and manner in which Burger King Holdings, Inc. may implement its share repurchase program. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Important factors could cause actual events to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, those risk factors set forth in our filings with the Securities and Exchange Commission, including our annual and quarterly reports, the availability of cash to effect share repurchases, fluctuations in the market price of our common stock and changes to the company's strategic objectives. About Burger King Holdings Inc. The BURGER KING(R) system operates more than 11,200 restaurants in all 50 states and more than 65 countries and U.S. territories worldwide. Approximately 90 percent of BURGER KING(R) restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about Burger King Holdings Inc., please visit the company's Web site at www.bk.com. |
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