Coors extends stock repurchase, boosts dividend.The board of directors of Adolph Coors Adolph Herman Joseph Coors, Sr. (February 4, 1847 – June 5, 1929) was a brewer who started the Adolph Coors Company in Golden, Colorado in 1873. Early years Co. has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the extension of its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program through 1998 and declared a quarterly dividend. The 1998 stock repurchase program authorizes expenditures of up to $40 million to repurchase outstanding snares of the company's class B Common Stock during 1998. In late 1996, the board authorized the expenditure of up to $40 million for the repurchase of company shares during 1997. As of November 13, 1997, the company had repurchased approximately 800,000 shares under the 1997 program. The fourth quarter dividend is 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , payable dec. 15, 1997 to shareholders of record Nov. 30, 1997. The company increased its quarterly dividend to 15 cents per share in the 3rd quarter of 1997 from 12.5 cents in the 2nd quarter - the Coors Brewing Co.'s first dividend increase in 11 years. |
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