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DALLAS, April 04, 2019 (GLOBE NEWSWIRE) -- CSW Industrials (NASDAQ:CSWI), a diversified industrial growth company with well-established, scalable platforms and domain expertise across two segments: Industrial Products and Specialty Chemicals, today announced that its Board of Directors has commenced a dividend program and approved a regular quarterly dividend of $0.135 per share on the company’s outstanding shares of common stock.
The dividend is payable on June 12, 2019 to shareholders of record as of the close of business on May 8, 2019. The indicated annual rate of $0.54 per share demonstrates the Company’s commitment to its stated capital allocation principles, which includes returning cash to shareholders through dividends and opportunistic share repurchases.
Joseph B. Armes, Chief Executive Officer of CSW Industrials commented, “Our Board of Directors has demonstrated confidence in our strategy and the strength of our business including our strong balance sheet and ability to generate excess free cash flow, through announcing the initiation of a regular quarterly dividend. This action is consistent with our goal to drive long-term shareholder value through the greatest risk adjusted returns available and we are pleased to initiate this policy.”
While CSW Industrials currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends at the existing $0.135 per share quarterly rate or otherwise, will be reviewed individually and declared by the Board of Directors in its discretion.
About CSW Industrials
CSWI is a diversified industrial growth company with well-established, scalable platforms and domain expertise across two segments: Industrial Products and Specialty Chemicals. CSWI's broad portfolio of leading products provides performance optimizing solutions to its customers. CSWI's products include mechanical products for heating, ventilation and air conditioning ("HVAC") and refrigeration applications, sealants and high performance specialty lubricants. Markets that CSWI serves include: HVAC, industrial, rail, plumbing, architecturally-specified building products, energy, mining and general industrial markets.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
Michael Callahan, ICR