PARSIPPANY, NJ (Aug. 12, 2011) — Wyndham Worldwide Corporation (NYSE: WYN) has announced that its Board of Directors increased the Company’s share repurchase authorization by $500 million. The Board also declared a regular quarterly cash dividend of $0.15 per share on its common stock payable September 9, 2011 to shareholders of record as of August 25, 2011.
“The significant increase in our share repurchase authorization reflects our confidence in the sustainability of our business model and free cash flow generation,” said Stephen P. Holmes, chairman and CEO Wyndham Worldwide. “We remain committed to a disciplined capital deployment strategy to drive value for our shareholders through dividends, strategic acquisitions, and share repurchase. The Board’s increase of the authorization ensures we have ample capacity to continue to execute that capital deployment strategy.”
Through the third quarter to date, the Company repurchased 4.7 million shares for $141 million. Through 2011 to date, the Company repurchased 16.6 million shares for $514 million. With the $500 million increase, Wyndham Worldwide has approximately $755 million remaining on its repurchase authorization.
About Wyndham Worldwide Corporation
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses approximately 7,380 franchised hotels and vacation ownership resorts with approximately 633,700 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million members, access to approximately 97,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of vacation ownership resorts serving nearly 815,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 26,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company’s website at www.wyndhamworldwide.com
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company’s share repurchase program and dividends.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 1, 2011. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
SOURCE Wyndham Worldwide Corporation