COLUMBUS, Ohio, Jun 29, 2011 (BUSINESS WIRE) --
At a meeting held June 29, 2011, the board of directors of Worthington
Industries, Inc. (NYSE:WOR) declared a quarterly dividend of $0.12 per
share. The dividend is payable on September 29, 2011, to shareholders of
record September 15, 2011. The $0.12 per share quarterly dividend
represents a 20% increase from the previous $0.10 per share dividend.
This marks the 175th consecutive quarter that Worthington has
paid a dividend since it became a public company in 1968.
The board of directors of Worthington Industries also authorized the
repurchase of up to an additional ten million of its outstanding common
shares. A prior authorization to repurchase ten million shares dated
September 26, 2007, has 494,802 shares remaining on it, making the total
authorized to be 10,494,802 shares, or approximately 15% of the
outstanding common shares. The purchases may occur from time to time, on
the open market or in privately negotiated transactions, with
consideration given to the market price of the common shares, the nature
of other investment opportunities, cash flow from operations and general
economic conditions.
Worthington Industries is a leading diversified metals manufacturing
company with 2010 fiscal year sales of approximately $1.9 billion. The
Columbus, Ohio based company is North America's premier value-added
steel processor and a leader in manufactured pressure cylinders, such as
propane, oxygen and helium tanks, hand torches, refrigerant and
industrial cylinders, camping cylinders, compressed natural gas storage
cylinders and scuba tanks; framing systems and stairs for mid-rise
buildings; steel pallets and racks; and through joint ventures,
suspension grid systems for concealed and lay-in panel ceilings, laser
welded blanks, light gauge steel framing for commercial and residential
construction and current and past model automotive service stampings.
Worthington employs approximately 8,000 people and operates 74
facilities in 11 countries.
Founded in 1955, the Company operates under a long-standing corporate
philosophy rooted in the golden rule. Earning money for its shareholders
is the first corporate goal. This philosophy serves as an unwavering
commitment to the customer, supplier and shareholder, and it serves as
the Company's foundation for one of the strongest employee-employer
partnerships in American industry.
Safe Harbor Statement
The company wishes to take advantage of the Safe Harbor provisions
included in the Private Securities Litigation Reform Act of 1995 ("the
Act"). Statements by the company, which are not historical information
constitute "forward looking statements" within the meaning of the Act.
All forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ from those projected. Factors
that could cause actual results to differ materially include risks
described from time to time in the company's filings with the Securities
and Exchange Commission.
SOURCE: Worthington Industries, Inc.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications and Investor Relations
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail: slhiggin@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com