Lorillard, Inc. Announces Quarterly Dividend of $1.30; Increases Stock Repurchase Program by Additional $400M

Lorillard, Inc. LO announced today the declaration of a quarterly dividend on its common stock in the amount of $1.30 per share, payable on June 10, 2011 to stockholders of record as of June 1, 2011. The Company's Board of Directors also amended its existing $1.0 billion share repurchase program to authorize an additional $400 million in repurchases, authorizing the Company to repurchase in the aggregate up to $1.4 billion of its outstanding common stock. The original $1.0 billion share repurchase program was announced on August 20, 2010. Purchases by the Company under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the Company's management. The purchases will be funded from existing cash balances.