SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): October 15, 2018
KAISER ALUMINUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction
27422 Portola Parkway, Suite 200
Foothill Ranch, California
(Address of Principal Executive Offices)
(Registrant's telephone number, including area code)
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company o
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 standard provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01. Other Events.
On October 15, 2018, Kaiser Aluminum Corporation (the "Company") announced that its board of directors declared a quarterly cash dividend on its common stock of $0.55 per share. The dividend will be payable on November 15, 2018 to stockholders of record as of the close of business on October 25, 2018.
In addition, the Company announced that its board of directors authorized an additional $100 million for share repurchases, bringing the total available for future share repurchases under the program as of October 12, 2018 to $176 million including the previous authorization.
A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in the press release shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”), or otherwise subject to liability of that section. In addition, this information shall not be incorporated by reference into any registration statement or other document filed under the Securities Act, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in the filing.
Item 9.01. Financial Statements and Exhibits.
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.
KAISER ALUMINUM CORPORATION
/s/ Cherrie I. Tsai
Cherrie I. Tsai
Vice President, Deputy General Counsel and Corporate Secretary
Date: October 15, 2018
Kaiser Aluminum Announces Quarterly Dividend Payment and
$100 Million Increase in Share Repurchase Authorization
FOOTHILL RANCH, Calif. -October 15, 2018 - Kaiser Aluminum Corporation (NASDAQ:KALU) today announced that its Board of Directors has declared a quarterly cash dividend of $0.55 per share on the Company’s outstanding common stock. The dividend will be payable on November 15, 2018 to shareholders of record as of the close of business on October 25, 2018.
In addition, the Board of Directors authorized an additional $100 million for share repurchases, bringing the total available for future share repurchases under the program as of October 12, 2018 to $176 million including the previous authorization.
“Over the past decade we have invested more than $700 million in our operations to improve manufacturing efficiencies, expand capacity and capability and enhance quality which has served to strengthen our competitive position and drive earnings growth. In addition, we have returned more than $650 million in cash to shareholders through quarterly dividends and share repurchases while maintaining solid financial strength and flexibility,” said Jack A. Hockema, Chairman and CEO. “Our priorities for capital deployment remain unchanged and the increase in our share repurchase authorization underscores our commitment to return excess cash to shareholders in a disciplined and consistent manner,” stated Mr. Hockema.
Kaiser Aluminum Corporation, headquartered in Foothill Ranch, Calif., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, general engineering, and custom automotive and industrial applications. The Company’s North American facilities produce value-added sheet, plate, extrusions, rod, bar, tube and wire products, adhering to traditions of quality, innovation and service that have been key components of its culture since the Company was founded in 1946. The Company’s stock is included in the Russell 2000® index and the S&P Small Cap 600® index.
For more information, please visit the Company’s web site at www.kaiseraluminum.com. The web site includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC’s web site at www.sec.gov which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company’s annual stockholders’ meetings and other information statements as filed with the SEC. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community.
This press release contains statements based on management’s current expectations, estimates and projections that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied. These factors include: (a) the ability of the Company to maintain sustainable performance improvement, identify and successfully execute organic investments and growth opportunities, including growth from the Company’s existing platform, and improve the Company’s manufacturing cost efficiencies, expand capacity and enhance quality further strengthening its competitive position and driving earnings growth; (b) the impact of the Company's future earnings, cash flows, financial condition, capital requirements and other factors on its financial strength, flexibility, ability to pay or increase future dividends and repurchases and any decision by the Company's board of directors in that regard; and (c) other risk factors summarized in the Company’s reports filed with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2017. All information in this release is as of the date of the release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
Investor Relations and Public Relations Contact:
Melinda C. Ellsworth
Kaiser Aluminum Corporation