LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--
Camping World Holdings Inc. (NYSE:CWH) (the “Company,” “Camping World,”
“we,” “us” or “our”), announced today that its Board of Directors
declared a cash dividend of $0.08 per share on the Company’s Class A
Common Stock and equivalent payments to the common unit holders of CWGS
Enterprises, LLC. Payment will be made on December 20, 2016, to
stockholders of record at the close of business on December 7, 2016.
Camping World intends to pay a regular quarterly cash dividend to the
holders of its Class A common stock, funded by a regular quarterly cash
distribution by CWGS Enterprises, LLC to all common unit holders. The
dividend initiation is occurring three months earlier and at a higher
level than anticipated in the prospectus (the “Prospectus”), dated
October 6, 2016, filed with the Securities and Exchange Commission in
accordance with Rule 424(b) of the Securities Act of 1933, as amended,
on October 11, 2016 in connection with Camping World’s initial public
offering (the “IPO”).
“We are pleased to initiate our quarterly dividend program, which not
only follows through on what we told investors during our IPO, but is
also sooner and higher than initially expected. We believe this
demonstrates our confidence in our growth prospects, free cash flow
generation and long-term financial outlook” said Marcus Lemonis,
Chairman and Chief Executive Officer. “This dividend program reinforces
our commitment to delivering value to our shareholders, while continuing
to invest in our business and maintaining our strong balance sheet.”
Thomas Wolfe, Chief Financial Officer added, “We intend to initiate the
regular quarterly cash dividend at $0.08 per share, as compared to
$0.0605 per share disclosed in our Prospectus. Going forward, we will
evaluate our dividend level based on our net income and free cash flow.”
Future declarations of quarterly dividends are subject to the
determination and discretion of Camping World’s Board of Directors based
on its consideration of various factors, including the Company’s results
of operations, financial condition, level of indebtedness, anticipated
capital requirements, contractual restrictions, restrictions in its debt
agreements, restrictions under applicable law, its business prospects
and other factors that Camping World’s Board of Directors may deem
relevant. In addition to the regular quarterly dividend, Camping World
intends to pay a special cash dividend of all or a portion of excess tax
distributions to holders of Camping World Class A common stock
commencing in 2017.
About Camping World Holdings, Inc.
Camping World Holdings Inc. (NYSE: CWH) is the only provider of a
comprehensive portfolio of services, protection plans, products and
resources for recreational vehicle (“RV”) enthusiasts. Through its two
iconic brands, Camping World and Good Sam, the Company offers new and
used RVs for sale, vehicle service and maintenance along with more than
10,000 products and services through its retail locations and membership
clubs. Good Sam branded offerings provide the industry’s broadest and
deepest range of services, protection plans, products and resources
while the Camping World brand operates the largest national network of
RV-centric retail locations in the United States through 120 retail
locations in 36 states and an e-commerce platform. With both brands
founded in 1966, product and service offerings are based on 50 years of
experience and customer feedback from RV enthusiasts.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning Camping World and other matters. All statements contained in
this press release that do not relate to matters of historical fact
should be considered forward-looking statements, including, without
limitation, statements regarding our payment of a cash dividend, the
declaration and payment of future regular quarterly dividends, our
intention to pay a special cash dividend of excess tax distributions,
our expectations regarding growth, free cash flow generation, and
financial outlook, and our intention to invest in our business and
maintain a strong balance sheet.. In some cases, you can identify
forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’
‘‘should,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘anticipates,’’ ‘‘could,’’
‘‘intends,’’ ‘‘targets,’’ ‘‘projects,’’ ‘‘contemplates,’’ ‘‘believes,’’
‘‘estimates,’’ ‘‘predicts,’’ ‘‘potential’’ or ‘‘continue’’ or the
negative of these terms or other similar expressions. The
forward-looking statements in this press release are only predictions.
We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends
that we believe may affect our business, financial condition and results
of operations. Forward-looking statements involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. You should carefully consider
the risks and uncertainties that affect our business, including those
described in our filings with the Securities and Exchange Commission,
including under the caption “Risk Factors” in Item 1A of our Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission,
or SEC, on November 10, 2016. These forward-looking statements speak
only as of the date of this communication. Except as required by
applicable law, we do not plan to publicly update or revise any
forward-looking statements, whether as a result of any new information,
future events or otherwise. You are advised, however, to consult any
further disclosures we make on related subjects in our public
announcements and filings with the Securities and Exchange Commission.
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Source: Camping World Holdings Inc.