Green Mountain Coffee Announces New $1 Bln Stock Buyback Program

(RTTNews) - Green Mountain Coffee Roasters, Inc. (GMCR) (GMCR) said Wednesday that its Board of Directors has approved a new share repurchase authorization of up to $1 billion and declared a dividend.

The new share repurchase program will take effect upon completion of the company's current program, which has $138 million remaining of its previously authorized $500 million.

The new stock repurchase program of up to $1 billion is authorized to be executed over the next two years.

The company said its Board approved an indicated annual dividend of $1.00 per share, payable $0.25 per quarter, and on November 19 declared a quarterly cash dividend of $0.25 per share. The quarterly cash dividend will be paid on February 14, 2014 to GMCR's shareholders of record as of January 17, 2014.

The company said the share repurchases and cash dividend will be funded by cash from operations and funds available through its existing credit facility.