DULLES, Va.--(BUSINESS WIRE)--Orbital ATK, Inc. (NYSE: OA), a global leader in aerospace and defense technologies, today announced that its Board of Directors has declared a quarterly cash dividend of $0.26 per share. The dividend will be payable September 24, 2015 to stockholders of record as of September 2, 2015.
Orbital ATK’s Board also authorized an increase in the aggregate amount of common stock that may be purchased under the company’s stock repurchase program for calendar year 2015, from the previously announced level of the lesser of $75 million or 1 million shares to the lesser of $100 million or 1.4 million shares. As previously announced, shares of common stock may be purchased from time to time in the open market, subject to compliance with applicable laws and regulations and the company’s debt covenants and other agreements, depending upon market conditions and other factors.
“I am very pleased our Board approved management’s recommendation to expand the 2015 share repurchase program,” said David W. Thompson, Orbital ATK’s President and Chief Executive Officer. “Our Board is very supportive of a balanced capital allocation plan that includes dividends, share repurchases and required debt repayment, together with investments in research and development and capital equipment to propel future revenue growth and increased profitability.”
About Orbital ATK
Orbital ATK is a global leader in aerospace and defense technologies. The company designs, builds and delivers space, defense and aviation systems for customers around the world, both as a prime contractor and merchant supplier. Its main products include launch vehicles and related propulsion systems; missile products, subsystems and defense electronics; precision weapons, armament systems and ammunition; satellites and associated space components and services; and advanced aerospace structures. Headquartered in Dulles, Virginia, Orbital ATK employs more than 12,000 people in 18 states across the U.S. and in several international locations. For more information, visit www.orbitalatk.com.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including expectations for share repurchases, dividends and debt repayment. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are decisions related to capital deployment which may be impacted by the company’s performance and the market price for the company’s common stock among other factors; the potential inability to achieve expected synergies and operating efficiencies; the potential inability to maintain and grow customer relationships; reductions or changes in U.S. Government military or NASA spending; timing of payments and budgetary policies; changes in cost and revenue estimates and/or timing of programs; the potential termination of U.S. Government contracts and the potential inability to recover termination costs; costs of servicing debt, including cash requirements and interest rate fluctuations; potential customer loss and business disruption; potential difficulties in retaining key employees; and the costs and ultimate outcome of litigation matters and other legal proceedings. Orbital ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact Orbital ATK, and statements contained herein, please refer to the company’s most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.