ROCKFORD, Mich., Feb. 12 /PRNewswire-FirstCall/ -- Directors of Wolverine World Wide, Inc. declared a quarterly cash dividend increase of 22.2 percent to $0.11 per share of common stock. The dividend is payable on May 1, 2008 to stockholders of record on April 1, 2008 and represents a $0.44 per share annual dividend.
Commenting on the increase, Blake W. Krueger, the Company's CEO and President, stated, "The dividend increase demonstrates Wolverine's strong commitment to maximizing shareholder return. Driving shareholder value through the generation of strong operating earnings, increased dividends and continued share repurchases is a formula which can continue to reward our long-term shareholders. We are able to continue these actions while maintaining a very strong balance sheet that allows the Company to pursue strategic initiatives as opportunities arise.
"We anticipate another year of excellent cash generation from operating activities in 2008, which will provide flexibility to increase our future return to shareholders. Today's announced 22.2 percent increase marks the Company's fifteenth consecutive year of double-digit dividend increases and represents a compounded annual growth rate of nearly 23 percent over that time period."
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel. The Company's portfolio of highly recognized brands includes: Bates(R), Hush Puppies(R), HYTEST(R), Merrell(R), Sebago(R) and Wolverine(R). The Company also is the exclusive footwear licensee of popular brands including CAT(R), Harley-Davidson(R) and Patagonia(R). The Company's products are carried by leading retailers in the U.S. and globally in over 180 countries. For additional information, please visit our website, http://www.wolverineworldwide.com/.
