BLOOMINGTON, Minn.– The board of directors of The Toro Company (NYSE: TTC) announced it has declared a regular quarterly cash dividend of six cents per share payable July 12, 2004 to stockholders of record June 20, 2004. As of May 27, the company had 24,833,844 shares of common stock outstanding.
In March, the company announced a stock repurchase program which included a Dutch Auction Tender Offer to purchase up to 2,500,000 shares. That offer closed on April 14, 2004 and resulted in the purchase of 55,000 shares.
The terms of the original offer included authorization for the company to
purchase up to 1,000,000 shares of its common stock, from time to time, in the open market or in privately negotiated transactions. The company continues to believe that a stock repurchase program is in the best interests of its stockholders. Accordingly, today the Board authorized management to purchase up to 2,000,000 shares in addition to the 1,000,000 already authorized.
The Toro Company has more than 5,000 employees around the world and is a leading provider of outdoor maintenance and beautification products for home, recreation and commercial landscapes.
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