Worthington Industries Increases Dividend by 20% to $0.12; Announces 10M Share Repurchase Authorization

At a meeting held June 29, 2011, the board of directors of Worthington Industries, Inc. WOR declared a quarterly dividend of $0.12 per share. The dividend is payable on September 29, 2011, to shareholders of record September 15, 2011. The $0.12 per share quarterly dividend represents a 20% increase from the previous $0.10 per share dividend. This marks the 175th consecutive quarter that Worthington has paid a dividend since it became a public company in 1968. The board of directors of Worthington Industries also authorized the repurchase of up to an additional ten million of its outstanding common shares. A prior authorization to repurchase ten million shares dated September 26, 2007, has 494,802 shares remaining on it, making the total authorized to be 10,494,802 shares, or approximately 15% of the outstanding common shares. The purchases may occur from time to time, on the open market or in privately negotiated transactions, with consideration given to the market price of the common shares, the nature of other investment opportunities, cash flow from operations and general economic conditions.