Connection (PC Connection, Inc.; NASDAQ: CNXN), an industry-leading technology solutions provider of a full range of information technology (IT) solutions to business, government, and education markets, has announced that its board of directors declared a special cash dividend of USD 0.32 per share payable on January 11, 2019, to shareholders of record at the close of business on December 28, 2018, the company said.
The total amount of the special dividend payment will be approximately USD 8.5 million based on the current number of shares outstanding. While Connection is pleased to be in a position to pay a special dividend again this year, any declaration of future cash dividends will depend upon its financial position, strategic plans, and general business conditions at the time.
The company also has announced that its board of directors approved a new share repurchase program authorizing up to USD 25 million in share repurchases. There is no fixed termination date for this new repurchase program. Purchases may be made in open-market transactions, block transactions on or off an exchange, or in privately negotiated transactions.
Connection´s board had previously authorized a share repurchase program under which the remaining authorized amount is approximately USD 6.1 million. On a year-to-date basis, the company has purchased in excess of 400 thousand shares under the existing share repurchase program. The company intends to complete this repurchase program before repurchasing shares under the new program.
PC Connection, Inc. and its subsidiaries, dba ConnectionÂ®, (www.connection.com; NASDAQ: CNXN) is a Fortune 1000 company headquartered in Merrimack, NH.