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SILVER SPRING, Md. -- Choice Hotels International, Inc. (NYSE:CHH) today announced its Board of Directors has approved a quarterly cash dividend of $0.225 per share, payable on October 22, 2004 to shareholders of record on October 8, 2004. This represents a 12.5% increase over the previous quarterly rate of $0.20 and from the previous indicated annual dividend rate of $0.80 to $0.90 per share.
"This dividend increase underscores our deep commitment to enhancing shareholder value," said Charles A. Ledsinger, Jr., president and chief executive officer. "We are confident that such an increase is sustainable given the Company's prospects for future growth, our strong free cash flow and the quality of our earnings."
He added, "At the same time, we remain very much committed to our share repurchase program, which gives us another opportunity to improve shareholder value. Subject to share availability we expect to complete the repurchase of 2.8 million shares remaining under our current authorization during 2005."
During the first eight months of this year, the company purchased 2.3 million shares of common stock at a total cost of $101.3 million. Since Choice announced its stock repurchase program on June 25, 1998, the company has purchased 31.6 million shares of common stock at an average price of $19.49 per share and a total cost of $616 million, as of September 14, 2004. Total shares outstanding as of August 31, 2004, are 32.7 million.
Choice Hotels International is one of the world's largest lodging franchisors, marketing more than 5,000 hotels open or under development in 44 countries and territories under the Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, MainStay Suites, Econo Lodge and Rodeway Inn brand names. For more information on Choice, visit the company's Web site at www.choicehotels.com.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities law. Such statements are based on management's beliefs, assumptions and expectations, which in turn are based on information currently available to management. Actual performance and results could differ from those expressed in or contemplated by the forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Choice's ability to predict or control. For further information on factors that could impact Choice and the statements contained therein, we refer you to the filings made by Choice with the Securities and Exchange Commission, including its Form 10-K for the period ended December 31, 2003.
Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, MainStay Suites, Econo Lodge, and Rodeway Inn are registered trademarks of Choice Hotels International, Inc.
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