Interface Announces $100 Million Share Repurchase Authorization and Declares Regular Quarterly Dividend
Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced that its Board of Directors has authorized a new share repurchase program for up to $100 million of the Company’s common stock. In addition, the Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.01 per share, payable June 17, 2022, to shareholders of record as of June 3, 2022.
Laurel Hurd, Chief Executive Officer, commented, “The Board’s authorization of the new share repurchase program underscores their confidence in the long-term value creation opportunities for Interface. Given our strong financial position, including our ability to consistently generate robust free cash flow, we remain committed to returning capital to shareholders via regular quarterly dividends and now share repurchases. We will continue balancing our capital allocation strategy across investment in the business, managing our leverage ratio, and opportunistically returning capital to shareholders.”
Interface may purchase shares on a discretionary basis from time to time, without prior notice, subject to prevailing market conditions and other considerations. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements, including through Rule 10b5-1 trading plans. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program does not require the Company to repurchase a specific number of shares or amount of shares and may be amended, suspended, or discontinued at any time in the Company’s discretion and without notice.
Interface, Inc. is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (LVT) and nora® rubber flooring. We help our customers create high-performance interior spaces that support well-being, productivity, and creativity, as well as the sustainability of the planet. Our mission, Climate Take Back™, invites you to join us as we commit to operating in a way that is restorative to the planet and creates a climate fit for life.
Learn more about Interface at interface.com and blog.interface.com, our nora brand at nora.com, our FLOR® brand at FLOR.com, and our Carbon Neutral Floors™ program at interface.com/carbonneutral. Learn more about our carbon negative products at interface.com/carbonnegative.
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