Tesco Corp (TESO) Initiates, Declares $0.05 Quarterly Dividend; Announces $100M Buyback

Tesco Corp (NASDAQ: TESO) declared a quarterly dividend of $0.05 per share, or $0.20 annualized. The dividend will be payable on June 2, 2014, to stockholders of record on May 22, 2014, with an ex-dividend date of May 20, 2014. The annual yield on the dividend is 1 percent.

The company also announced the repurchase of as much as $100 million of Tesco's common shares.

"We are delighted by the Board's decision following our in-depth review of our Strategic Business Plan. Both initiatives reflect our confidence in Tesco's ability to generate increasing levels of free cash flow, while continuing to expand our global presence through increased market penetration and expansion of our core businesses in new markets," said Julio M. Quintana, President and Chief Executive Officer of Tesco Corporation.

"We believe a balanced program of continuing to reinvest in organic growth projects while pursuing additional bolt-on acquisitions, combined with returning a portion of our free cash flow directly to shareholders through dividends and share buybacks, is the right strategy. Maintaining a strong financial structure will remain a fundamental element of our strategy.

"These actions taken by our Board reflect our confidence in the long-term value of Tesco's market position and financial performance, and we believe that our current share price presents an attractive investment opportunity for the company," added Quintana.

For a dividend history and other dividend-related data on Tesco Corp (TESO) click here.

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