SOURCE: Core-Mark Holding Company, Inc.
SOUTH SAN FRANCISCO, CA--(Marketwire - Dec 10, 2012) - Core-Mark Holding Company, Inc. (NASDAQ: CORE), one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, announced today that its Board of Directors has declared an accelerated cash dividend of $0.19 per common share. The dividend will be paid in lieu of the Company's regular quarterly dividend that would have been paid in the first quarter of 2013. The dividend is payable on December 31, 2012 to shareholders of record as of the close of business on December 20, 2012.
"We believe the Board's decision to accelerate the first quarter 2013 dividend payment is a measure taken in the best interests of our shareholders," said J. Michael Walsh, President and Chief Executive Officer. "This action evidenced the Board's confidence in future earnings and our ability to generate excess cash, and is a measure taken in light of the potential increase of the federal tax rate on dividend income in 2013."
Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 29,000 customer locations in the U.S. and Canada through 27 distribution centers (excluding two distribution facilities the Company operates as a third party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. For more information, please visit www.core-mark.com.
Forward Looking Statements
Except for historical information, the statements made in this press release are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions or estimates, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial conditions or state other forward-looking information. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.
Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual actions and results could differ materially from those set forth in the forward-looking statements. Forward-looking statements in some cases can be identified by the use of words such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "believe," "could," "would," "project," "predict," "regular," "continue," "plan," "propose" or other similar words or expressions. These forward-looking statements are based on the current plans and expectations of our management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Factors that may cause such a difference for Core-Mark in connection with our dividend policy include, without limitation, our view on potential future capital requirements for acquisitions, investments and capital expenditures; changes in federal and state tax laws; restrictions in our current or future credit agreements; and changes in economic conditions.
For a better understanding of some of these risks, please refer to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on March 8, 2012 and Part II, Item 1A, "Risk Factors" of any quarterly report on Form 10-Q subsequently filed by us. Except as provided by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.