UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2015
MATSON, INC.
(Exact Name of Registrant as Specified in its Charter)
HAWAII |
|
001-34187 |
|
99-0032630 |
(State or Other Jurisdiction of |
|
(Commission File Number) |
|
(I.R.S. Employer Identification |
1411 Sand Island Parkway |
|
|
Honolulu, Hawaii |
|
96819 |
(Address of principal executive offices) |
|
(zip code) |
Registrants telephone number, including area code: (808) 848-1211
(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))
Item 7.01. Regulation FD Disclosure.
On November 4, 2015, Matson, Inc. (the Company) issued a press release announcing that its board of directors has authorized a program to repurchase up to 3.0 million shares of the Companys outstanding common stock from time to time in the open market through November 2, 2018. The Company may enter into Rule 10b5-1 plans to facilitate purchases under the repurchase program. The repurchase program may be suspended or discontinued at any time. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a) - (c) Not applicable.
(d) Exhibits.
The exhibit listed below is being furnished with this Form 8-K.
99.1 Press Release issued by Matson, Inc., dated November 4, 2015
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
MATSON, INC. |
|
|
|
|
|
/s/ Joel M. Wine |
|
Joel M. Wine |
|
Senior Vice President and Chief Financial Officer |
Dated: November 4, 2015
Exhibit 99.1
|
|
Investor Relations inquiries: Jerome Holland Matson, Inc. 510.628.4021 jholland@matson.com |
Media inquiries: Keoni Wagner Matson, Inc. 510.628.4534 kwagner@matson.com |
FOR IMMEDIATE RELEASE
MATSON ANNOUNCES SHARE REPUCHASE PROGRAM
HONOLULU, Hawaii (November 4, 2015) Matson, Inc. (Matson or the Company) (NYSE: MATX), a leading U.S. carrier in the Pacific, today announced that its Board of Directors has authorized a share repurchase program of up to 3.0 million shares of common stock, representing approximately seven percent of the Companys currently issued and outstanding common stock, through November 2, 2018.
The share repurchase program reflects our commitment to enhancing long-term shareholder value and reaffirms our confidence in the cash flow generation of Matsons core businesses, said Matt Cox, Matsons President and Chief Executive Officer. Our financial strength provides ample capacity to fund our fleet renewal program, pay down debt and consider growth investments, while continuing to return capital to shareholders.
Shares will be repurchased in the open market from time to time at the Companys discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. The Company may enter into Rule 10b5-1 plans to facilitate purchases under the program. The repurchase program may be suspended or discontinued at any time.
About the Company
Founded in 1882, Matson is a leading U.S. carrier in the Pacific. Matson provides a vital lifeline to the economies of Hawaii, Alaska, Guam, Micronesia and select South Pacific islands, and operates a premium, expedited service from China to Southern California. The Companys fleet of 25 vessels includes containerships, combination container and roll-on/roll-off ships and custom-designed barges. Matson Logistics, established in 1987, extends the geographic reach of Matsons transportation network throughout the continental U.S. Its integrated, asset-light logistics services include rail intermodal, highway brokerage and warehousing. Additional information about Matson, Inc. is available at www.matson.com.
Forward Looking Statements
Statements in this news release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to, statements about generation of cash flow, the timing, manner and volume of repurchases of common shares pursuant to the repurchase program, and the capacity and use of funds. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.