Pool Corporation Announces an Increase in Its Share Repurchase Program to a Total Authorization of $600 Million, a Quarterly Cash Dividend Increase and 2022 Annual Meeting of Stockholders Voting Results
COVINGTON, La., May 04, 2022 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) announced today that its Board of Directors (the Board) has authorized an additional $196.2 million under its existing share repurchase program for the purchase of the company's common stock in the open market at prevailing market prices. This amount adds to the $403.8 million remaining under its existing authorization as of May 3, 2022, bringing its total authorization available to $600.0 million.
The company also announced that the Board has declared a quarterly cash dividend of $1.00 per share, a 25% increase over the previous quarterly dividend amount of $0.80 per share. The dividend is payable on May 27, 2022 to stockholders of record on May 16, 2022. As of May 3, 2022, there were 40,024,923 shares of common stock outstanding.
Mr. Stokely, Chairman of the Board, commented, "I am proud to serve a company with a long-standing history of providing exceptional returns to shareholders. POOLCORP's steady, consistent growth, backed by its experienced, strategically-minded management team, allows the company to extend the tradition of returning cash to shareholders through dividends and share repurchases. Today marks the 17th time that POOLCORP has increased its quarterly dividend payment since 2004. Our ability to share these returns demonstrates the stability of our core operating fundamentals, solid demand of our customers and stable management of our business."
At POOLCORP's Annual Meeting of Stockholders on May 3, 2022, stockholders elected Peter D. Arvan, Martha "Marty" S. Gervasi, Timothy M. Graven, Debra S. Oler, Manuel J. Perez de la Mesa, Harlan F. Seymour, Robert C. Sledd, John E. Stokely and David G. Whalen to serve as directors for the ensuing year.
The voting results on the other proposals for this year's meeting are as follows:
ratification of the retention of Ernst & Young LLP as independent registered public accounting firm of the company for the 2022 fiscal year; and
approval of the compensation of the company's named executive officers as disclosed in the Proxy Statement (the advisory say-on-pay vote).
Pool Corporation is the world's largest wholesale distributor of swimming pool and related backyard products. POOLCORP operates approximately 415 sales centers in North America, Europe and Australia through which it distributes more than 200,000 national brand and private label products to roughly 120,000 wholesale customers. For more information about POOLCORP, please visit www.poolcorp.com.
This news release may include "forward-looking" statements that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including impacts on our business from the COVID-19 pandemic and the extent to which home-centric trends will continue, accelerate or reverse, the sensitivity of the swimming pool supply business to weather conditions and other risks detailed in POOLCORP's 2021 Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the Securities and Exchange Commission (SEC).
Curtis J. Scheel Director of Investor Relations 985.801.5341 email@example.com
May 04, 2022
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
Matters discussed in this website contain forward-looking information that involves risks and uncertainties. Forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of earnings and other financial performance measures, statements of management's expectations regarding plans and objectives, and industry, general economic and other forecasts of trends, future dividend payments, share repurchases and other matters. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate", "estimate", "expect", “intend”, "believe," "will likely result," "outlook," "project," “may,” “can,” “plan,” “target,” “potential,” "should" and other words and expressions of similar meaning.
No assurance can be given that the expected results in any forward-looking statements will be achieved, and actual results may differ materially due to one or more factors. For these statements we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.
Certain factors that may affect our business and could cause actual results to differ materially from those expressed in any forward-looking statements include the following:
The demand for our swimming pool, irrigation, landscape and related outdoor living products may be adversely affected by unfavorable economic conditions.
The COVID-19 pandemic and associated responses could adversely impact our business and results of operations.
We are susceptible to adverse weather conditions.
Our distribution business is highly dependent on our ability to maintain favorable relationships with suppliers.
We depend on a global network of suppliers to source our products, including our own branded products and products we have exclusive distribution rights to. Product quality, warranty claims or safety concerns could negatively impact our sales and expose us to litigation.
We face intense competition both from within our industry and from other leisure product alternatives.
More aggressive competition by store- and internet-based mass merchants and large pool or irrigation supply retailers could adversely affect our sales.
We depend on our ability to attract, develop and retain highly qualified personnel.
Past growth may not be indicative of future growth, and while we contemplate continued growth through internal expansion and acquisitions, no assurance can be made as to our ability to:
penetrate new markets;
generate sufficient cash flows to support expansion plans and general operating activities;
identify appropriate acquisition candidates and successfully integrate acquired businesses;
maintain favorable supplier arrangements and relationships; and
identify and divest assets which do not continue to create value consistent with our objectives.
We are subject to inventory management risks. Insufficient inventory may result in lost sales opportunities or delayed revenue, while excess inventory may negatively impact our gross margin.
The cost of chemical products could increase our cost of sales and adversely affect our results of operations and financial condition.
The nature of our business subjects us to compliance with employment, environmental, health, transportation, safety and other governmental regulations.
We store chemicals, fertilizers and other combustible materials that involve fire, safety and casualty risks.
We conduct business internationally, which exposes us to additional risks.
Changes in tax laws and accounting standards related to tax matters have caused, and may in the future cause, fluctuations in our effective tax rate.
We rely on information technology systems to support our business operations. A significant disturbance or breach of our technological infrastructure could adversely affect our financial condition and results of operations. Additionally, failure to maintain the security of confidential information could damage our reputation and expose us to litigation.
We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined.
Disruptions from natural or man-made disasters or extreme weather, public safety issues, geopolitical events and security issues, labor or trade disputes and similar events could have a material adverse effect on our business.
The foregoing factors are not exhaustive and new factors may emerge which impact our business. It is impossible for us to predict all such factors. Therefore, forward-looking statements should not be relied upon as a prediction of actual future results. We cannot guarantee that any future event or result will be realized, although we believe we have been prudent in our plans and assumptions. Should additional risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from those anticipated. Investors should bear this in mind as they consider forward-looking statements.
We undertake no obligation to publicly update forward-looking statements, whether as a result of subsequent events, new information or otherwise.