DULLES, Va.Nov. 2, 2016--
Orbital ATK, Inc. (NYSE: OA), a global leader in aerospace and defense
technologies, today announced that its Board of Directors has declared a
quarterly cash dividend of $0.30 per share. The dividend will be payable
December 1, 2016 to stockholders of record as of November 16, 2016.
Orbital ATK s Board also authorized an expansion of the company s stock
repurchase program, increasing the aggregate amount of common stock that
may be purchased under the program from the lesser of $250 million or
3.25 million shares to the lesser of $300 million or 4.0 million shares
through the end of the first quarter of 2017. As part of its spinoff of
Vista Outdoor on February 9, 2015, Orbital ATK is prohibited for two
years from repurchasing its capital stock except under exceptions that
have permitted the share repurchases to date. After February 9, 2017,
the Board may, at its discretion, decide to expand and extend the share
repurchase program for future periods.
We are very pleased to announce that the Board has approved additional
share repurchases through the first quarter of 2017 as we continue to
execute our balanced capital deployment strategy that includes
dividends, share repurchases, debt reduction and internal investments
for future organic growth, said David W. Thompson, Orbital ATK s
President and Chief Executive Officer.
Shares of common stock may be purchased in the open market, subject to
compliance with applicable securities laws and regulations and the
company s debt covenants and other agreements, depending upon market
conditions and other factors. The company currently repurchases shares
through a pre-existing Rule 10b5-1 trading plan which expires in
December 2016. There can be no assurance as to the amount or timing of
any repurchases, including under the trading plan.
About Orbital ATK
Orbital ATK is a global leader in aerospace and defense technologies.
The company designs, builds and delivers space, defense and aviation
systems for customers around the world, both as a prime contractor and
merchant supplier. Its main products include launch vehicles and related
propulsion systems; missile products, subsystems and defense
electronics; precision weapons, armament systems and ammunition;
satellites and associated space components and services; and advanced
aerospace structures. Headquartered in Dulles, Virginia, Orbital ATK
employs approximately 12,000 people in 18 states across the U.S. and in
several international locations. For more information, visit www.orbitalatk.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
Certain information discussed in this press release constitutes
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995, including expectations for share
repurchases, dividends, internal investments and debt repayment.
Forward-looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected. In particular, the amount and timing of our share
repurchases in the open market is subject to risks and uncertainties. In
addition, among other factors that may impact these forward-looking
statements are decisions related to capital deployment which may be
impacted by the company s performance and the market price for the
company s common stock among other factors; the company s previously
announced restatement and any related matters; the potential inability
to maintain and grow customer relationships; reductions or changes in
U.S. Government military or NASA spending; timing of payments and
budgetary policies; changes in cost and revenue estimates and/or timing
of programs; the potential termination of U.S. Government contracts and
the potential inability to recover termination costs; costs of servicing
debt, including cash requirements and interest rate fluctuations;
potential customer loss and business disruption; potential difficulties
in retaining key employees; and the costs and ultimate outcome of
litigation matters and other legal or regulatory proceedings, including
in connection with the company s restatement. Orbital ATK undertakes no
obligation to update any forward-looking statements. For further
information on factors that could impact Orbital ATK, and statements
contained herein, please refer to the company s most recent Annual
Report on Form 10-K and any subsequent quarterly reports on Form 10-Q
and current reports on Form 8-K filed with the U.S. Securities and
Source: Orbital ATK, Inc.
Media and Investor Contact:
Orbital ATK, Inc.
Beneski (703) 406-5528
Public and Investor Relations