Generated (PDF) a strong $702 million in free cash flow and used the strength of our balance sheet to:
– Reinvest $125 million in capital expenditures;
– Make seven acquisitions totaling $305 million;
– Pay $188 million in dividends;
– Repurchase 8 million shares at an average of 49.13 per share;
– Pay $250 million to fund the asbestos settlement trust.
—Kirk Hachigian, chairman, president, and chief executive officer: “Funding Growth While Returning Cash to Shareholders,” Cooper Industries, 2011 annual report.
Why am I sure no shareholders of Cooper Industries care that Mr. Hachigian is chair, prez, CEO, and chief bottle-washer of the Eaton-acquired Fortress Cooper.
Spain, Jaime, Greece, Greece, China, Mark, Priscilla, Spain, Rain, Greece, the Red Sox, more Mark, Mark! You get the picture.
Read the above as antidote to our “crisis” news. Cooper employs 26,000 people who saw the—their—stock vault from share-buyback $49.13 to north of $70.
Spain, Jaime, Greece, Greece, China, Mark, Priscilla, Spain, Rain, Greece, the dreaded Yankees, more Mark, Mark! You get the picture.
For sanity, consider Cooper. Discuss.