Directors of Wolverine World Wide, Inc. (NYSE: WWW) declared a 22.2% increase in the quarterly cash dividend to $0.055 per share of common stock. The quarterly dividend is payable on May 1, 2003, to stockholders of record on April 1, 2003. The new annual dividend rate is $.22 per share.
''Our Company's performance is strong, as evidenced by our recently reported third consecutive year of record results and fourth consecutive year of strong operating cash flow,'' said Timothy J. O'Donovan, Wolverine World Wide President and CEO. “With this declaration, the Company has increased its dividends for ten consecutive years with an average annual dividend increase over this period of more than 20 percent.''
''The dividend increase reflects our record 2002 performance and confidence going forward'', said Stephen L. Gulis Jr., Wolverine World Wide Executive Vice President and CFO. ''We are pleased to join the elite group of companies that have increased their dividends each year for a decade or more, and believe dividends are an important element in building long term shareholder value''
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and slippers. The Company's portfolio of highly recognized brands includes: Bates(R), Hush Puppies(R), HYTEST(R), Merrell(R) and Wolverine(R). The Company also markets footwear under popular licensed brands including CAT(R), Harley-Davidson(R) and Stanley(R). The Company's products are carried by leading retailers in the U.S. and are distributed internationally in over 140 countries. For additional information, please visit our website, www.wolverineworldwide.com .