News Column

Havertys - Special Cash Dividend and Quarterly Dividend Announced and New Stock Repurchase Authorization Approved

August 12, 2014

ATLANTA, GEORGIA, August 12, 2014 - HAVERTYS (NYSE: HVT and HVT.A) announced today that its board of directors authorized a special cash dividend of $1.00 per share on the common stock and $0.95 per share on the Class A common stock. The board also approved a quarterly cash dividend of $0.08 per share on the common stock and $0.075 per share on the Class A common stock.  The special cash dividend and regular quarterly dividend will be paid together on September 10, 2014 to stockholders of record at the close of business on August 25, 2014. The board also approved a new stock repurchase program that authorizes the company to purchase up to $10 million of its common stock and Class A common stock.  The company has a remaining authorization to buy approximately 275,000 shares under a previously approved program.  Shares may be repurchased, at the company's discretion, from time-to-time in the open market or in privately negotiated transactions. "The decision of our board of directors to pay a special dividend represents an efficient and immediate return to our stockholders," Clarence Smith, chairman, president and CEO, said.  "The additional authorization for stock repurchases enables the company to reduce dilution and combined with the special dividend achieve a more efficient capital structure. These actions also demonstrate confidence in our ability to generate sufficient cash to execute our strategies for growing our business and expanding stockholder value." Havertys (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 118 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.  Havertys has paid a cash dividend in each year since 1935.  Additional information is available on the company's website at www.havertys.com. Contact: Haverty Furniture Companies, Inc., 404-443-2900 Jenny Hill Parker SVP, Finance, Secretary and Treasurer This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Haverty Furniture Company via GlobeNewswire [HUG#1848432]


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Source: Thomson Reuters ONE


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