Kimberly-Clark Announces 13.3 Percent Dividend Increase; Board Authorizes Additional Share Repurchases DALLAS, February 18, 2003 - Kimberly-Clark Corporation (NYSE: KMB) today announced it will increase its dividend in 2003 by 13.3 percent, nearly double last year's rate of increase. This will bring the quarterly dividend to 34 cents per share, up from 30 cents per share in 2002. The company's board of directors declared the dividend payable on April 2, 2003, to stockholders of record on March 7, 2003. This marks the 31st consecutive year Kimberly-Clark has raised its dividend.
The company also announced that its board of directors authorized the repurchase of 20 million shares of Kimberly-Clark common stock during the next several years. This is in addition to approximately 9 million shares remaining from a share buyback program authorized in 2000.
"Today's announcement reflects K-C's strong balance sheet and our continuing ability to increase cash flow. It also is consistent with our policy of paying shareholders a sustainable dividend that protects against the effects of inflation and provides a measure of real growth," said Thomas J. Falk, chairman and chief executive officer. "Moreover, these actions by the board reinforce the confidence we have in the future of Kimberly-Clark."
In December, the company said it expects to repurchase approximately 2 percent of its 510 million shares outstanding in 2003. The actual number of shares and the timing of the transactions will depend upon prevailing market conditions. During 2002, the company bought nearly 12 million shares, bringing the total number of shares repurchased in the last six years to almost 100 million.
Kimberly-Clark is a leading manufacturer and marketer of global consumer brands with annual sales of $13.6 billion. It is home to some of the world's most recognized and trusted brands, including Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend. The company's tissue, personal care and health care products are manufactured in 42 countries and sold in more than 150. Nearly one-quarter of the world's population, or 1.3 billion people, use Kimberly-Clark products each year. For more information about Kimberly-Clark's well-known brands, visit the Kimberly-Clark Web site at www.kimberly-clark.com.
Certain matters contained in this news release concerning the business outlook, including new product introductions, cost savings and acquisitions, anticipated financial and operating results, strategies, contingencies and transactions of the company constitute forward-looking statements and are based upon management's expectations and beliefs concerning future events impacting the company. There can be no assurance that these future events will occur as anticipated or that the company's results will be as estimated. For a description of certain factors that could cause the company's future results to differ materially from those expressed in any such forward-looking statements, see the section of Part I, Item 1 of the company's Annual Report on Form 10-K for the year ended December 31, 2001 entitled "Factors That May Affect Future Results."
The company also announced that its board of directors authorized the repurchase of 20 million shares of Kimberly-Clark common stock during the next several years. This is in addition to approximately 9 million shares remaining from a share buyback program authorized in 2000.
"Today's announcement reflects K-C's strong balance sheet and our continuing ability to increase cash flow. It also is consistent with our policy of paying shareholders a sustainable dividend that protects against the effects of inflation and provides a measure of real growth," said Thomas J. Falk, chairman and chief executive officer. "Moreover, these actions by the board reinforce the confidence we have in the future of Kimberly-Clark."
In December, the company said it expects to repurchase approximately 2 percent of its 510 million shares outstanding in 2003. The actual number of shares and the timing of the transactions will depend upon prevailing market conditions. During 2002, the company bought nearly 12 million shares, bringing the total number of shares repurchased in the last six years to almost 100 million.
Kimberly-Clark is a leading manufacturer and marketer of global consumer brands with annual sales of $13.6 billion. It is home to some of the world's most recognized and trusted brands, including Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend. The company's tissue, personal care and health care products are manufactured in 42 countries and sold in more than 150. Nearly one-quarter of the world's population, or 1.3 billion people, use Kimberly-Clark products each year. For more information about Kimberly-Clark's well-known brands, visit the Kimberly-Clark Web site at www.kimberly-clark.com.
Certain matters contained in this news release concerning the business outlook, including new product introductions, cost savings and acquisitions, anticipated financial and operating results, strategies, contingencies and transactions of the company constitute forward-looking statements and are based upon management's expectations and beliefs concerning future events impacting the company. There can be no assurance that these future events will occur as anticipated or that the company's results will be as estimated. For a description of certain factors that could cause the company's future results to differ materially from those expressed in any such forward-looking statements, see the section of Part I, Item 1 of the company's Annual Report on Form 10-K for the year ended December 31, 2001 entitled "Factors That May Affect Future Results."