CenturyTel (CTL) Boosts Dividend, Accelerates Buyback; Sees Meeting or Exceeding Prior Q2 Guidance
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CenturyTel, Inc. (NYSE: CTL) boosted its annual cash dividend to $2.80 from $.27 per share. The company also declared a one-time dividend of $.6325 per share, payable on July 21, 2008, to shareholders of record on July 7, 2008.
CenturyTel also said it will accelerate purchases under the current $750 million share repurchase program to complete the remaining balance of approximately $385 million by year end 2008 or early 2009, which is expected to increase the Company's ratio of net debt to operating cash flow.
CenturyTel said it will continue to distribute substantially all of its free cash flow to shareholders.
The Company also expects to meet or exceed its previously announced second quarter 2008 operating revenues and diluted earnings per share guidance, excluding nonrecurring items, of $647 to $657 million and $.78 to $.82, respectively.
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