Once again, Leggett Financial News makes news.

Leggett & Platt, Inc., the corporate parent of Leggett & Platt Store Fixtures Group, announced some major financial and management news recently. As usual, this involves some impressive numbers.

30,000,000

Leggett’s Board of Directors has increased the company’s share repurchase authorization for 2008, giving the company the latitude to purchase up to 30 million shares of its outstanding stock during the year. While not a mandate, this act gives management the freedom to act throughout the year, while responding to changing economic and market conditions.

As noted in Slate, the online magazine, stock repurchases indicate an investor-friendly sign of confidence. The confidence that Leggett has moving forward is at least partly due to two men who have contributed much to the company.

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The Leggett Board also announced that Felix E. Wright, Chairman, and Harry M. Cornell, Jr., Chairman Emeritus, have chosen not to seek reelection in 2008. Mr. Cornell is the grandson of our company’s co-founder J.P. Leggett, and joined the company in 1950. Mr. Wright joined the company in 1959 when he was hired by Mr. Cornell.

“Together, Harry and Felix have served Leggett & Platt for 107 years, “ noted David S. Haffner, President, CEO. “To a large degree, though they would be reluctant to take credit, they have been the architects of our company’s success and growth over the last five decades.”

The Nominating Committee of Leggett’s Board has recommended the election of Richard T. Fisher as independent chair of Leggett’s next quarterly Board meeting. His election is expected to be readily approved. Mr. Fisher has served as the company’s Presiding Director since 2003. And, the Board he will be leading announced some more exciting news.

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In another sign of Leggett confidence and strength, the Board of Directors declared a first quarter dividend of $.25 per share, an impressive 47% increase over last year’s first quarter dividend. While this may be news, it’s also old news to Leggett shareholders.

Leggett’s dividends have increased annually for an astounding 37 consecutive years, at a compound average growth rate of better than 14%. Only one other Fortune 500 company has achieved as long a string of consecutive increases at a 14% growth rate.

Keep checking back for more impressive numbers as they’re released.

CLICK HERE for our latest financial statements, quarterly reports and press releases from our corporate parent.

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