CINCINNATI--(BUSINESS WIRE)--Cintas Corporation (Nasdaq: CTAS) announced that the Company’s Board of Directors approved a $2.55 per share annual dividend at its meeting today, representing an increase of 24.4% over last year’s dividend. This is the 36th consecutive year that the annual dividend has increased, which is every year since Cintas’ initial public offering in 1983. This dividend is payable on December 6, 2019 to shareholders of record as of November 8, 2019.
Cintas also announced that the Board of Directors approved an additional share buyback program under which the Company may buy up to $1.0 billion of Cintas common stock at market prices. The number of shares to be purchased and the timing will be determined at the discretion of the Board, and purchases may be discontinued at any time.
Scott D. Farmer, Cintas’ Chairman and Chief Executive Officer, stated, “We achieved record revenue and net income in our fiscal 2019, and this fiscal year is off to a good start. Given our excellent financial results and strong financial position, we are pleased to announce an increase in the annual dividend. The dividend, accompanied by our share buyback program, continues to demonstrate our commitment to increasing shareholder value.”
As of October 29, 2019, the Company has $263 million available under its existing share buyback program that was authorized on October 30, 2018. Since the Board authorized that $1 billion program, the Company has purchased 3.5 million shares at an average price of $209.82 for a total of $737 million. This program does not have an expiration date and will continue to be executed at the discretion of the Board.
Collectively, as of October 29, 2019, Cintas has $1.263 billion available under the buyback programs.
Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing a wide range of products and services that enhance our customers’ image and help keep their facilities and employees clean, safe and looking their best. With products and services including uniforms, floor care, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety and compliance training, Cintas helps customers get Ready for the Workday™. Headquartered in Cincinnati, Cintas is a publicly held company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and the Nasdaq-100 Index.
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