HILLIARD, Ohio--(BUSINESS WIRE)--
Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a
leading global manufacturer of water management products and solutions
for commercial, residential, infrastructure and agricultural
applications, today announced that its Board of Directors has approved a
dividend program pursuant to which the Company intends to pay regular
quarterly cash dividends on its common stock. The Board of Directors has
declared an initial cash dividend of $0.04 per share, payable on
December 10, 2014 to stockholders of record at the close of business on
December 1, 2014. Future dividends are subject to further approval by
the Board of Directors.
Joe Chlapaty, Chairman and Chief Executive Officer of ADS commented, “We
are confident in the overall financial strength of our business and the
strong cash flow it continues to generate. We believe there are
significant opportunities ahead of us to continue delivering profitable
growth while also returning cash to our stockholders through a quarterly
dividend.”
The Company remains committed to using cash to support growth,
particularly investing in the business and making strategic acquisitions
that complement the Company’s product offerings and geographic
footprint. In addition, the Company is committed to returning a portion
of its excess cash to shareholders as indicated in this announcement.
About ADS
Advanced Drainage Systems (ADS) is the leading manufacturer of high
performance thermoplastic corrugated pipe, providing a comprehensive
suite of water management products and superior drainage solutions for
use in the construction and infrastructure marketplace. Its innovative
products are used across a broad range of end markets and applications,
including non-residential, residential, agriculture and infrastructure
applications. The Company has established a leading position in many of
these end markets by leveraging its national sales and distribution
platform, its overall product breadth and scale and its manufacturing
excellence. Founded in 1966, the Company operates a global network of 58
manufacturing plants and 29 distribution centers. To learn more about
the ADS, please visit the Company’s website at www.ads-pipe.com.
Forward Looking Statements
Certain statements in this press release may be deemed to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding the
initial public offering. These statements are not historical facts but
rather are based on the Company’s current expectations, estimates and
projections regarding the Company’s business, operations and other
factors relating thereto. Words such as “may,” “will,” “could,” “would,”
“should,” “anticipate,” “predict,” “potential,” “continue,” “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates” and similar
expressions are used to identify these forward-looking statements.
Factors that could cause actual results to differ from those reflected
in forward-looking statements relating to our operations and business
include: fluctuations in the price and availability of resins and other
raw materials and our ability to pass any increased costs of raw
materials on to our customers in a timely manner; volatility in general
business and economic conditions in the markets in which we operate,
including, without limitation, factors relating to availability of
credit, interest rates, fluctuations in capital and business and
consumer confidence; cyclicality and seasonality of the non-residential
and residential construction markets and infrastructure spending; the
risks of increasing competition in our existing and future markets,
including competition from both manufacturers of high performance
thermoplastic corrugated pipe and manufacturers of products using
alternative materials; our ability to continue to convert current demand
for concrete, steel and PVC pipe products into demand for our high
performance thermoplastic corrugated pipe and Allied Products; the
effect of weather or seasonality; the loss of any of our significant
customers; the risks of doing business internationally; the risks of
conducting a portion of our operations through joint ventures; our
ability to expand into new geographic or product markets; our ability to
achieve the acquisition component of our growth strategy; the risk
associated with manufacturing processes; our ability to manage our
assets; the risks associated with our product warranties; our ability to
manage our supply purchasing and customer credit policies; the risks
associated with our self-insured programs; our ability to control labor
costs and to attract, train and retain highly-qualified employees and
key personnel; our ability to protect our intellectual property rights;
changes in laws and regulations, including environmental laws and
regulations; our ability to project product mix; the risks associated
with our current levels of indebtedness; our ability to meet future
capital requirements and fund our liquidity needs; and the other risks
and uncertainties described in the Company’s filings with the Securities
and Exchange Commission. New risks and uncertainties emerge from time to
time and it is not possible for the Company to predict all risks and
uncertainties that could have an impact on the forward-looking
statements contained in this press release. In light of the significant
uncertainties inherent in the forward-looking information included
herein, the inclusion of such information should not be regarded as a
representation by the Company or any other person that the Company’s
expectations, objectives or plans will be achieved in the timeframe
anticipated or at all. Investors are cautioned not to place undue
reliance on the Company’s forward-looking statements and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Advanced Drainage Systems, Inc.
Michael Higgins, 614-658-0050
Mike.Higgins@ads-pipe.com
Source: Advanced Drainage Systems, Inc.