Staples 2014 Annual Report Download - page 110

16 STAPLES Form 10-K
iPART II
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
NASDAQ
Our common stock is traded on the NASDAQ Global Select Market under the symbol “SPLS”. The following table sets forth for
the periods indicated the high and low sales prices per share of our common stock on the NASDAQ Global Select Market, as
reported by NASDAQ.
High Low
Fiscal Year Ended January 31, 2015
First Quarter $13.78 $11.04
Second Quarter 13.50 10.70
Third Quarter 13.28 10.82
Fourth Quarter 18.33 12.55
Fiscal Year Ended February 1, 2014
First Quarter $15.19 $12.08
Second Quarter 17.22 13.34
Third Quarter 17.30 13.72
Fourth Quarter 16.34 13.01
Cash Dividend
Since 2004, we have returned cash to our stockholders
through cash dividends. We paid quarterly dividends for fiscal
year 2014 of $0.12 per share on April 17, 2014, July 17,
2014, October 16, 2014 and January 15, 2015 resulting in a
total dividend payment of $307.0 million or $0.48 per share.
We paid quarterly dividends for fiscal year 2013 of $0.12 per
share on April 18, 2013, July 18, 2013, October 17, 2013 and
January 16, 2014, resulting in a total dividend payment of
$312.5 million or $0.48 per share. We paid quarterly dividends
for fiscal year 2012 of $0.11 per share on April 12, 2012,
July 12, 2012, October 18, 2012 and December 12, 2012,
resulting in a total dividend payment of $294.1 million or $0.44
per share.
Our payment of dividends is permitted under our public notes
and existing financing agreements, although our revolving
credit agreement restricts the payment of dividends in the
event we are in default under such agreement or such payout
would cause a default under such agreement. While it is our
intention to continue to pay quarterly cash dividends in 2015
and beyond, any decision to pay future cash dividends will
be made by our Board of Directors and will depend upon our
earnings, financial condition and other factors. On March 3,
2015, our Board of Directors approved the payment of a cash
dividend of $0.12 per share to be paid on April 16, 2015 for
stockholders of record on March 27, 2015.
In connection with our planned acquisition of Office Depot,
Staples has obtained financing commitments from Bank of
America Merrill Lynch and Barclays for a $3 billion asset-based
credit facility and a $2.75 billion 6-year term loan (see Note R
- Subsequent Event in the Notes to the Consolidated Financial
Statements). We expect that the terms of the agreements
that will govern this indebtedness will restrict us from paying
dividends in certain circumstances, and will otherwise restrict
us from paying dividends in excess of $0.15 per share,
per quarter.