UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT | |||||
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported) | February 13, 2018 (February 13, 2018) | ||||
Service Corporation International | |||||
(Exact name of registrant as specified in its charter)
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Texas | 1-6402-1 | 74-1488375 | |||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | |||
1929 Allen Parkway Houston, Texas | 77019 | ||||
(Address of principal executive offices)
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(Zip Code) | ||||
Registrant’s telephone number, including area code (713) 522-5141 | |||||
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(Former name or former address, if changed since last report.) | |||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) | ||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company ¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ | |||||
Item 7.01 | Regulation FD Disclosure |
On February 13, 2018, Service Corporation International issued a press release announcing an increase in its share repurchase program authorizing the investment of approximately an additional $298 million, thereby increasing the total amount authorized and available for future share repurchases to $400 million.
On February 13, 2018, the Board of Directors declared a quarterly cash dividend of seventeen cents per share of common stock. This represents a 13.3% increase from the previous quarterly dividend paid of fifteen cents per share.
The attached Exhibit 99.1 is not filed, but is furnished to comply with Regulation FD. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits |
(d) The following exhibit is included with this report
Exhibit No. | Description | ||
99.1 | Press Release, dated February 13, 2018, announcing share repurchase increase and declaring quarterly dividend |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
February 13, 2018 | Service Corporation International | |
By: | /s/ Eric D. Tanzberger | |
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Eric D. Tanzberger | |
Senior Vice President | ||
Chief Financial Officer |
Service Corporation International Increases Share Repurchase Authorization And Quarterly Cash Dividend
HOUSTON, Feb. 13, 2018 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today announced that its Board of Directors has increased the authorized level of repurchases of its common stock by approximately $298 million. When combined with approximately $102 million of authority remaining under the existing program, this represents a total of $400 million of current share repurchase authority effective today.
The Company also announced that its Board of Directors has approved an increase in its quarterly cash dividend to seventeen cents per share of common stock. This quarterly cash dividend declared today represents a 13.3% increase from the previously declared quarterly dividend of fifteen cents per share of common stock per quarter. The quarterly cash dividend announced today is payable on March 30, 2018 to shareholders of record at the close of business on March 15, 2018. While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends, and the establishment of record and payment dates, are subject to final determination by the Board of Directors each quarter after its review of the Company's financial performance.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements have been made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate," or "predict," that convey the uncertainty of future events or outcomes. These statements are based on assumptions that the Company believes are reasonable; however, many important factors could cause the Company's actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by, or on behalf of the Company. There can be no assurance that future dividends will be
declared. The actual declaration of future dividends, and the establishment of record and payment dates, is subject to final determination by the Company's Board of Directors each quarter after its review of the Company's financial performance. Important factors which could cause actual results to differ materially from those in forward-looking statements include, among others, restrictions on the payment of dividends under existing or future credit agreements or other financing arrangements; changes in tax laws relating to corporate dividends; a determination by the Board of Directors that the declaration of a dividend is not in the best interests of the Company and its shareholders; an increase in the Company's cash needs or a decrease in available cash; or a deterioration in the Company's financial condition or results. For further information on these and other
risks and uncertainties, see the Company's Securities and Exchange Commission filings, including its 2016 Annual Report on Form 10-K/A. Copies of this document as well as other SEC filings can be obtained from the website at http://www.sci-corp.com. The Company has no obligation and makes no undertaking to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At December 31, 2017, we owned and operated 1,488 funeral homes and 473 cemeteries (of which 281 are combination locations) in 45 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. Through our businesses, we market the Dignity Memorial® brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.
For additional information contact: | ||||||||
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Investors: | Debbie Young - Director / Investor Relations | (713) 525-9088 |
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Media: | Jay Andrew - Managing Director / Corporate Communications | (713) 525-5235 | ||||||
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