Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Havertys Announces First Quarter Cash Dividend and New Authorization Under Stock Repurchase Program

February 26, 2020 GMT

ATLANTA, Feb. 26, 2020 (GLOBE NEWSWIRE) -- HAVERTYS (NYSE: HVT and HVT.A) announced today that, on February 26, 2020, its board of directors declared a cash dividend to be paid on the outstanding shares of the two classes of $1 par value common stock of the company at a rate of $0.20 per share on the common stock and $0.19 per share on the Class A common stock. The dividend is payable on March 27, 2020, to stockholders of record at the close of business on March 12, 2020. Havertys has paid a cash dividend in each year since 1935.

The board also approved a new authorization under its stock repurchase program that permits the company to purchase up to $30.0 million of its common stock and Class A common stock. The company has approximately $5.3 million remaining for purchases under a previously approved authorization. Shares may be repurchased, at the company’s discretion, from time-to-time in the open market or in privately negotiated transactions.

Clarence H. Smith, chairman, president and chief executive officer, said, “We are committed to maximizing long-term stockholder value through profitable operations and strategic deployment of capital. The continuation of our stock buyback program reflects the confidence we have in the long-term value of Havertys, the strength of our brand and business, and our ability to continue to generate healthy free cash flow.”

About Havertys Havertys (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 121 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company’s website at www.havertys.com.

Contact:Havertys 404-443-2900Jenny Hill ParkerSVP, finance and corporate secretary

SOURCE: Havertys