MasterCard's Board of Directors Announces Increase in Quarterly Dividend and $2 Billion Class A Share Repurchase Program
PURCHASE, N.Y.--(BUSINESS WIRE)-- MasterCard Incorporated (NYS: MA) today announced that its Board of Directors has increased the company's quarterly cash dividend to 60 cents per share, doubling the previous dividend level of 30 cents per share. The cash dividend will be paid on May 9, 2013 to holders of record of its Class A common stock and Class B common stock as of April 9, 2013.
The Board of Directors also approved a new share repurchase program authorizing the company to repurchase up to $2 billion of its Class A common stock.
The new share repurchase program will become effective at the completion of the company's previously announced $1.5 billion share repurchase program. As of January 25, 2013, the company had approximately $440 millionremaining under the current program authorization.
"Our strong financial performance allows us to increase the return of cash to shareholders through our dividend and share repurchase programs. We remain focused on executing our strategy and growing our business for the future," said Ajay Banga, MasterCard president and CEO.
Additionally, the company announced that its annual meeting of stockholders will take place at its corporate headquarters on June 18, 2013 at 8:30 a.m.
About MasterCard Incorporated
MasterCard (NYS: MA) , www.mastercard.com,is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Statements in this press release which are not historical facts, including statements about MasterCard's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company's ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, those relating to the manner and amount of purchases by MasterCard pursuant to its share repurchase program dependent upon price and market conditions.
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company's filings with the Securities and Exchange Commission (SEC), including the company's Annual Report on Form 10-K for the year ended December 31, 2011 and the company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2012 and 2013, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company's results to differ materially from expected results.
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