Daktronics (DAKT) Approves $40M Stock Buyback Program
Zacks Investment Research | Jun 20, 2016 08:37AM ET
In a concerted effort to return cash to shareholders, leading electronic display manufacturer Daktronics Inc. (NASDAQ:DAKT) authorized a share repurchase program to buy $40 million worth of stocks over a period of time through the open market or through negotiated transactions.
The share buyback program is an extension of the strategic objective of the company to reward its shareholders with risk-adjusted returns. At the same time, the company declared a regular quarterly dividend of 6 cents a share and a special dividend of 4 cents per share. Both the dividends are payable on Jul 8, 2016 to stockholders of record as on Jun 27.
Reece Kurtenbach, Chairman, President and Chief Executive Officer of the company, remarked: "This quarter, we changed to a regular and special dividend structure to allow for flexibility in cash allocations between our dividend program, the just-announced stock repurchase program, design and development investments, and other business opportunities."
Headquartered in Brookings, SD, Daktronics is the leading designer and manufacturer of LED message displays worldwide. Since its inception in 1968, the company has created a niche market for large screen video displays, electronic scoreboards, LED text and graphics displays, and related control systems.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.