Sunday, August 2, 2009

Bexley Public Radio Dividend Note No. 8, August 2, 2009.

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An occasional note on dividends. This is an informal collection of some information on dividend increases for U.S. stocks.

No commentary, analysis or recommendation is offered in this informal journal.

(signed) WCRX-LP Editorial Collective.


ALCOA Inc. (NYSE: AA) July 24, 2009 declared a quarterly common stock dividend Friday of 3 cents per share payable Aug. 25 to shareholders of record at the close of business on Aug. 7.

 



ALCOA also announced revenues for the quarter were $4.2 billion, a 2 percent increase from the first quarter of 2009, but a decrease from the $7.2 billion in the second quarter of 2008. Metal prices were lower and the company's curtailed aluminum and alumina production in response to reduced demand.

The ALCOA board of directors also declared a quarterly dividend of 93.75 cents per share on ALCOA's $3.75 cumulative preferred stock payable Oct. 1 to shareholders of record at the close of business on Sept. 11.


American Water Works Co. (NYSE: AWK) July 31, 2009 announced that its board approved an increase of a penny in the company's dividend to 21 cents a share.

The new dividend is payable Sept. 1 to shareholders on Aug. 18.

American Water supplies water and wastewater services to 15 million people in 32 states and in Canada. It became a publicly traded company in April 2008, when German utility RWE AG sold a 36 percent stake. RWE has since sold additional shares and, as of June, retained about a 47 percent interest.


A. O. Smith (NYSE: AOS) July 15, 2009 is a manufacturer of electric motors and residential and commercial water heaters. The company increased its dividend 2.6% to $0.195/ share. The dividend is payable on August 17th to shareholders of record July 31st.

A O Smith has increased its dividend for 16 consecutive years. The current yield based on the new dividend is 2.29%.

Baxter International Inc. (NYSE: BAX) July 16, 2009 today reported strong financial results for the second quarter of 2009 and raised its full-year financial outlook.

Baxter’s worldwide sales in the first half of the year totaled $5.9 billion, and declined 2 percent, from $6.1 billion in the prior-year period. Excluding the impact of foreign currency, sales growth for the first six months of 2009 was 7 percent. Sales within the United States totaled $2.6 billion, an increase of 6 percent over the same period last year, while international sales declined 7 percent (and excluding the impact of foreign currency increased 8 percent) to $3.4 billion.

Cash flow from operations totaled $1.0 billion in the first half of 2009, and the company has returned $1.2 billion to shareholders through both share repurchases and dividends during the first six months of the year. Baxter repurchased 16 million shares of common stock (or 13 million on a net basis) for approximately $866 million (or $743 million on a net basis), and paid dividends totaling $318 million, an increase of 16 percent versus the prior year.

Canadian National Railway (NYSE: CNI) July 21, 2009 announced its quarterly dividend of 25.25 cents per share, an increase of about 11% over its prior dividend in June of 22.75 cents.

CARBO Ceramics Inc. (NYSE: CRR) July 21, 2009 announced today that its Board of Directors has approved an increase in the Company's dividend, raising the quarterly dividend 6% to 18 cents per common share.

The dividend is payable on August 17, 2009 to shareholders of record as of August 3, 2009.
Gary Kolstad, Chief Executive Officer and President of CARBO Ceramics, said, " This dividend increase once again reflects the Board of Directors' continued confidence in the long-term outlook for our business and in the company's ability to sustain its financial strength."

This dividend increase represents the ninth consecutive year the company increased its dividend to shareholders.
CARBO is the world's largest supplier of ceramic proppant, the provider of the world's most popular fracture simulation software, and a leading provider of fracture design and consulting services. The company also provides a broad range of technologies for geotechnical monitoring.

Chevron (NYSE: CVX) July 29, 2009 announced today that its Board of Directors has determined to increase its quarterly dividend by 5% to $.68 per share.

Chevron’s current dividend yield will now be 4.1%.

The dividend will be payable on September 10, 2009 to shareholders of record as of August 19, 2009.

This will be the 22nd consecutive year that Chevron has increased its annual dividend payment.

Chevron’s shares finished down 1.8% to close at $67.12 today. Since the beginning of 2009, the stock has dropped 9%.

Comm Bancorp Inc. (NASDAQ: CCBP) July 22, 2009 and its Board of Directors today declared a dividend of $0.28 per share for the third quarter of 2009. The dividend, which is a 3.7% increase compared to the same quarter of 2008, is payable October 1, 2009, to shareholders of record September 15, 2009. Year-to-date dividends declared totaled $0.84 per share in 2009 and $0.81 per share in 2008.

Comm Bancorp, Inc. serves the Lackawanna, Luzerne, Monroe, Susquehanna, Wayne and Wyoming counties of Pennsylvania through its subsidiary's, Community Bank & Trust Company, fifteen banking offices and one loan production office. In addition, customers can take advantage of Klick(SM) Banking, on-line banking services, by accessing the Company's web site at http://www.combk.com .

Eagle Bancorp (OTCBB EBMT) July 16, 2009 the stock holding company of American Federal Savings Bank reported net income of $2,388,000, or $2.23 per share ($1.96 per share diluted), for the year ended June 30, 2009, and announced an increase in its cash dividend to $0.26 per share.

These earnings represent an increase of $278,000, or 13.2%, compared to $2,110,000 for the year ended June 30, 2008. Earnings for the quarter ended June 30, 2009 were $905,000, or $0.84 per share ($0.74 per share diluted), an increase of 1.8% compared to $889,000 for the quarter ended June 30, 2008.

Eagle's quarterly cash dividend of $0.26 per share for the fourth quarter of Eagle's fiscal year represents an increase of $0.005 per share, or 1.96%, over the previous quarter's dividend. The dividend is payable August 28, 2009 to shareholders of record at the close of business on August 7, 2009.

El Paso Pipeline Partners (NYSE: EPB) July 21, 2009 declared its second quarter distribution of thirty three cents per share, an increase of about two percent over the prior distribution.

FFD Financial Corporation (Nasdaq: FFDF) July 14, 2009 announced that the Board of Directors declared a dividend of seventeen cents ($0.17) per share to shareholders of record on July 31, 2009, payable on August 14, 2009. The rate of $.17 per share represents an increase of one-half cent, or 3%, over the dividend paid for the same period the prior year.

This is the fifty-fourth consecutive quarter FFD Financial Corporation has paid a dividend. 

Current annual dividend yield is 6.80%.

FFD Financial Corporation operates as a holding company for First Federal Community Bank that provides general banking products and services in the north central Ohio.[SM]

General Mills (NYSE: GIS) July 14, 2009 raised its annualized dividend by 9% to $1.88 from $1.72 per share, earlier. The quarterly dividend increased by 4% to $0.47 and is payable on August 3, 2009, to shareholders on record as of July 10, 2009.

The dividend increase is a testimony of the company’s robust financial health, confidence in its key growth strategies and excellent growth prospects, going forward.

GIS reported strong fourth quarter and full year 2009 results. The company’s U.S. retail unit, which includes Pillsbury baking products and Green Giant Frozen vegetables, posted a strong 12% increase. In addition, core brands such as Yoplait and Big G cereals also posted double-digit revenue increase.

Harleysville Savings Financial Corp. (NASDAQ: HARL) July 15, 2009 announced an unusual move for a bank these days: The small Montgomery County bank, which has $825 million in assets, boosted its quarterly dividend.

The 5.6 percent increase, to 19 cents from 18 cents, comes at a time when many banks are cutting their dividends to rebuild a capital base battered by losses on loans and investments.

The company also reported a quarterly profit of $856,000, or 24 cents per share, down from $1.04 million, or 29 cents per share in the same period a year ago.

This year's results included an expense of $287,000 for a Federal Deposit Insurance Corp. special assessment to rebuild that agencies coffers.

Healthcare Services Group, Inc. (NASDAQ: HCSG) July 14, 2009 reported that revenues for the three months ended June 30, 2009 increased 16% to $170,896,000 compared to $147,918,000 for the same 2008 period. Net income for the three months ended June 30, 2009 increased over 12% to $7,815,000 or $.18 per basic and per diluted common share, compared to the 2008 second quarter net income of $6,953,000 or $.16 per basic and per diluted common share.

The Board of Directors has declared a second quarter 2009 regular quarterly cash dividend of $.19 per common share, payable on August 7, 2009 to shareholders of record at the close of business July 24, 2009. This represents a 6% increase over the dividend declared for the 2009 first quarter and a 27% increase over the 2008 same period payment. It is the 25th consecutive regular quarterly cash dividend payment, as well as the 24th consecutive increase since our initiation of regular quarterly cash dividend payments in 2003.


Hudson City Bancorp, Inc. (NASDAQ: HCBK,) July 22, 2009 second quarter profit jumped nearly 16% beating the estimates and retaining a significant growth in deposits over the period. However, the increase in net income was shadowed by rising bad loans which have accumulated over the period.

Quarterly earnings of $127.9 million, or $0.26 per share, have easily beaten the year ago result of $110.7 million, or 22 cents per share. Consensus analyst expectations were around 24 cents per share.

During the quarter, Hudson wrote down $32.5 million on loan loss provision charges. The number has increased noticeably since the first quarter 2009, when it summed up to $20 million. In effort to soothing investors, the company's representative pointed out the increase was mainly due to unfavorable economic conditions and rising unemployment.

To offset the losses from non-performing loans, the bank decreased the cost of deposits to 2.43%. Hudson achieved $1.3 billion growth in deposits over the quarter reporting a 17.5% quarter to quarter increase. At the same time the company originated $1.7 billion in new loans and bought $1.2 million of mortgage loans.

In relation to better than expected Q2 results the board of directors declared a quarterly cash dividend of $0.15 per share. The current dividend payout has been increased by 1 cent per share since the previous quarter's payout.

Inergy Holdings GP, LLC (NASDAQ: NRGP) July 27, 2009 announced an increase in its quarterly cash distribution to $0.78 per limited partner unit ($3.12 annually) for the quarter ended June 30, 2009. This represents an approximate 4% increase over the previously declared quarterly distribution of $0.75 per limited partner unit and an approximate 28% increase over the distribution for the same quarter of the prior year. 

The distribution will be paid on August 14, 2009, to unitholders of record as of August 7, 2009. [SM]

Kaydon Corporation (NYSE: KDN) July 31, 2009 today announced its results for the second fiscal quarter ended July 4, 2009.

During the second quarter of 2009, sales of friction control products totaled $64.2 million compared to $86.8 million in the prior second quarter. Sales to all major markets, except wind energy, in the first half of 2009 were below the comparable periods of the prior year. Sales to the defense market were below prior year for the quarter and year to date as the prior year's MRAP production and shipments have not thus far been replaced by this year's combined MRAP and M-ATV shipments. The recent awards for the M-ATV program have resulted in orders and will result in shipments in the second half of 2009 with additional potential orders as the program continues to ramp up.

Sales to the wind energy market were $19.8 million in the second quarter of 2009, an increase of $0.6 million compared to the second quarter of 2008. Sales to the wind energy market for the first six months of 2009 increased to $40.7 million, 17 percent higher than the first six months of 2008. While long term policy discussions and legislative proposals centering on reducing carbon emissions and promoting growth in renewable energy alternatives remain positive for the long term, the absence of a well-defined renewable electricity standard on a national basis and ongoing customer issues associated with their accessing the financing markets have impacted both current orders and shipments. The lack of visibility and readily accessible financing has resulted in customers continuing to defer receipt of shipments and to refrain from placing new orders until conditions improve.

Second quarter 2009 friction control products operating income totaled $9.8 million, compared to $22.1 million in the prior second quarter. Results of this segment were affected by lower volumes, adverse changes in product mix, higher pension and depreciation costs, and costs incurred related to labor and other cost reductions.

Sales of velocity control products were $10.2 million in the second quarter of 2009 compared to $20.0 million in the second quarter of 2008, due to reduced demand in all regions and the adverse effects of exchange rate changes. Operating income in the second quarter of 2009 totaled $0.9 million compared to $6.1 million in the second quarter of 2008 due principally to the effects of the lower volume.

Sales of sealing products were $9.6 million in the second quarter of 2009 compared to $11.7 million in the second quarter of 2008, as lower volume was only partially offset by higher pricing. Operating income declined to $0.8 million in the 2009 period due to lower volume and lost absorption in addition to costs associated with the current period's downsizing.
Sales of the Company's remaining businesses equaled $14.3 million during the second quarter of 2009 compared to $21.4 million in the prior second quarter resulting from lower demand for liquid filtration, air filtration, and metal alloy products. Operating income decreased from $3.3 million in the 2008 period to $1.1 million in the 2009 period, due to the lower volumes.

During the second quarter of 2009, the Company paid common stock dividends of $.17 per share or $5.7 million. For the third quarter of 2009, the Company declared a dividend of $.18 per share, payable on October 5, 2009. This 5.9 percent increase in quarterly dividends reflects the Company's confidence in the fundamental strength and cash generating ability of its businesses.

The Company had unrestricted cash totaling $210.7 million, $295.1 million in committed available credit and no debt outstanding as of July 4, 2009.

Readers should refer to the attached Reconciliation of Non-GAAP Measures exhibit for the calculation of free cash flow and the reconciliation of free cash flow to the most comparable GAAP measure.

Kaydon Corporation is a leading designer and manufacturer of custom-engineered, performance-critical products, supplying a broad and diverse group of industrial, aerospace, medical and electronic equipment, alternative-energy, and aftermarket customers.

Kellogg Company (NYSE: K) July 24, 2009 announced its quarterly dividend of 37.5 cents per share, an increase of about 10% over its prior dividend in May of 34 cents.

Landstar System, Inc. (NASDAQ: LSTR) Jul7 15, 2009 delivers safe, specialized transportation and logistics services to a broad range of customers worldwide. The Company identifies and fulfills shippers' needs through the coordination of individual businesses comprised of independent sales agents and third-party transportation and logistics capacity providers.

Through its operating subsidiaries, Landstar delivers excellence in complete transportation logistics services and solutions. All Landstar transportation companies are certified to ISO 9001:2000 quality management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market(R) under the symbol LSTR.

Landstar System, Inc. also announced that its Board of Directors has declared a quarterly dividend of $0.045 per share. This represents a 13 percent increase in the Company's quarterly dividend. The dividend is payable on August 28, 2009 to stockholders of record at the close of business on August 10, 2009. It is the intention of the Board of Directors to continue to pay a quarterly dividend. Under the Company's authorized share purchase programs, the Company currently has a total of 2,556,200 shares of its common stock available for purchase.

Lazard Ltd. (NYSE: LAZ) July 26, 2009 said its second-quarter profit fell nearly 18 percent on shrinking revenue across most of its financial advisory and asset management businesses, but the result beat Wall Street's expectations.

New York-based Lazard also raised its quarterly dividend in an announcement after markets closed Tuesday, and its shares rose almost 13 percent in afternoon trading.

For the three months ended June 30, New York-based Lazard reported net income of $28.2 million, or 34 cents per share, down from $34.3 million, or 54 cents per share, in the year-ago quarter.

Assuming the future conversion of ownership interests received by Lazard's senior management when the company went public in late 2005, the company posted a profit of $43.1 million, or 34 cents per share, versus a profit of $64.6 million, or 54 cents per share, a year ago.

Lindsay Corporation (NYSE: LNN) July 20, 2009 announced that its Board of Directors has declared a 7% increase in its regular quarterly cash dividend to $0.08 per share, payable August 31, 2009, to shareholders of record on August 17, 2009.

The regular quarterly cash dividend was previously $0.075 per share. 

The new annual indicated rate is $0.32 per share, up from the previous annual indicated rate of $0.30 per share.

To receive the dividend, you must own the shares prior to August 13th.

The McGraw-Hill Companies (NYSE: MHP) July 29, 2009 today approved a regular quarterly cash dividend on the Corporation's common stock. The dividend of $0.225 is payable on September 10, 2009, to shareholders of record on August 26, 2009.

The McGraw-Hill Companies has paid a dividend each year since 1937 and is one of fewer than 30 companies in the S&P 500 that has increased its dividend annually for the last 36 years. The annualized rate of $0.90 per share, which includes a 2.3% increase approved by the Board in January of 2009, represents an average compound annual dividend growth rate of 10.1% since 1974.

Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands including Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.

Meridian Bioscience, Inc. (NASDAQ: VIVO) July 16, 2009 reported record quarterly and nine-month sales of $38.2 million and $105.8 million, respectively, increases of 16% and 3% over the same periods of the prior fiscal year; reported record quarterly and nine-month operating income of $12.5 million and $35.7 million, respectively, increases of 14% and 8% over the same periods of the prior fiscal year; reported quarterly earnings and diluted earnings per share of $8.5 million and $0.21, respectively, increases of 10% and 11% compared with the same periods of the prior fiscal year, and an earnings record, excluding a tax benefit recognized in the third quarter of fiscal 2007 that did not recur; reported record nine-month earnings and diluted earnings per share of $23.8 million and $0.58, respectively, increases of 6% and 5% compared with the same periods of the prior fiscal year; declared the regular quarterly cash dividend of $0.17 per share (indicated annual rate of $0.68 per share), 21% higher than the regular quarterly rate of fiscal 2008;

ONEOK, Inc. (NYSE: OKE) July 16, 2009 today increased the quarterly dividend to 42 cents per share of common stock, effective for the second quarter 2009, payable Aug. 14, 2009, to shareholders of record at the close of business July 31, 2009. The company paid a first-quarter dividend of 40 cents per share of common stock.
"Our strong cash flow allows us to continue to increase our dividend and provide our shareholders with attractive returns in the form of dividends," said John W. Gibson, ONEOK chief executive officer.

Since January 2006, the company has increased the dividend seven times, representing a 50 percent increase during that period.

ONEOK, Inc. is a diversified energy company. We are the general partner and own 45.1 percent of ONEOK Partners, L.P. (NYSE: OKS), one of the largest publicly traded master limited partnerships, which is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. ONEOK is among the largest natural gas distributors in the United States, serving more than two million customers in Oklahoma, Kansas and Texas. Our energy services operation focuses primarily on marketing natural gas and related services throughout the U.S. ONEOK is a Fortune 500 company.

Occidental Petroleum Corporation (NYSE:OXY) July 16, 2009 said today that its Board of Directors has declared a regular quarterly dividend of $.33 per share on common stock payable October 15, 2009, to stockholders of record on September 10, 2009.

This quarterly dividend is at the same level as the dividend paid in July. Oxy's Board voted to raise the quarterly dividend in April of this year to the annual rate of $1.32 per share compared to the previous annual rate of $1.28 per share. It was Oxy's eighth dividend increase since 2002. The company has paid quarterly dividends continuously since 1975.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

Park Electrochemical Corp. (NYSE: PKE) July 26, 2009 Circuit-materials maker Park Electrochemical Corp. on Wednesday increased its quarterly dividend to 10 cents, up from the current rate of 8 cents.
The company's board of directors also declared a regular quarterly dividend of 10 cents, payable November 5 to stockholders of record at the close of business on October 7.

Shares of the company rose 13 cents to $22.21 in afternoon trading.

Realty Income Corporation (NYSE: O) July 29, 2009 today announced operating results for the second quarter ended June 30, 2009. All per share amounts presented in this press release are on a diluted per common share basis, unless stated otherwise.

COMPANY HIGHLIGHTS: (For the quarter ended June 30, 2009, as compared to the same quarterly period in 2008)
-- Revenue decreased slightly to $81.6 million from $82.1 million
-- Funds from Operations (FFO) available to common stockholders increased 0.9% to $47.2 million
-- FFO per share decreased 2.1% to $0.46 from $0.47
-- FFO per share (before Crest's contribution) was unchanged at $0.45
-- Net income available to common stockholders per share was $0.26
-- Portfolio occupancy increased to 96.6%
-- Same store rents increased 0.5% to $75.3 million
-- Dividends paid per common share increased 3.4%
-- Increased the monthly dividend for the 47th consecutive quarter to an annualized amount of $1.7085 per share


Republic Bancorp (NASDAQ: RBCAA) July 29, 2009 reported net income of $32.6 million for the first six months of 2009, a $4.1 million, or 14%, increase over the same period in 2008. Diluted Earnings per Class A Common Share increased 14% for the first six months of the year to $1.57. For the second quarter the Company achieved net income of $6.9 million, a $444,000, or 7%, increase over the second quarter of 2008. Diluted Earnings per Class A Common Share increased 6% for the second quarter to $0.33. "We are extremely pleased with the Company's performance during the second quarter and first six months of 2009. We continue to produce strong results despite the challenging economic conditions throughout the country. During the first six months of the year, when many other financial institutions across the nation reduced their work forces, cut their employee benefits and eliminated or greatly reduced their dividend payouts, Republic increased the guaranteed match portion of its 401(k) by 50% effective January 1st of this year to reward our associates for their contribution to the Company's overall success. In addition, we have continued to hire talented new associates throughout the year and we increased our quarterly cash dividend by 9% for the second quarter - the 8th consecutive year we increased our quarterly cash dividend," Steve Trager, Republic's President & CEO, noted.

Republic Bancorp, Inc. headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company and Republic Bank.

Ryder (NYSE: R) July 16, 2009 provides truck leasing and rental, logistics and supply chain management solutions worldwide. Thursday, the company raised its quarterly dividend by 8.7% to $0.25/share. The dividend is payable on September 18th to shareholders of record on August 24th. The current yield based on the new dividend is 3.74%.

The Stanley Works (NYSE: SWK) July 20, 2009 announced today that its Board of Directors approved an increase of 3.1% in its quarterly cash dividend to $.33 per common share. This extends the company's record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, September 22, 2009 to shareholders of record as of the close of business on Friday, September 4, 2009.

John F. Lundgren, Chairman and Chief Executive Officer, stated, "We remain very focused on the total return we deliver to shareholders and know that our dividend is a key component. We are proud to not only have maintained our dividend during this challenging period, but to raise it for the 42nd consecutive year in the face of this tumultuous economic environment."
The Stanley Works, an S&P 500 company, is a diversified worldwide supplier of security solutions for commercial applications as well as tools and engineered solutions for professional, industrial, construction and do-it-yourself use.
More information about The Stanley Works can be found at http://www.stanleyworks.com.

Sunoco Logistics Partners (NYSE: SXL) July 22, 2009 announced its quarterly dividend of 1 dollar and 4 cents per share, an increase of about 2% over its prior dividend in May.

TC PipeLines, LP (NASDAQ: TCLP) July 21, 2009 has declared the Partnership's second quarter 2009 cash distribution in the amount of US$0.73 per common unit. This cash distribution is an increase of $0.025 from the first quarter 2009 distribution and an increase of $0.10 on an annualized basis. 

"Following the close of the acquisition of North Baja and the resetting of the incentive distribution rights, we are pleased to increase our distribution to unitholders. The addition of North Baja to our portfolio of high quality energy infrastructure assets further enhances our ability to deliver solid, sustainable cash distributions," said Russ Girling, chairman and CEO of TC PipeLines GP.[SM]

Terra Nitrogen Company (NYSE: TNH) July 23, 2009 announced its quarterly dividend of $2.22 per share, an increase of about 6% over its prior dividend in May of $2.10.

Unum (NYSE: UNM) is a leading provider of individual and group disability coverage was formed through the June 1999 merger of Provident Cos. and UNUM Corp. Thursday, the company raised its quarterly dividend 10% to $0.0825/share. the dividend will be paid on August 21st to stockholders of record on July 31st. The current yield based on the new dividend is 2.03%.

Walgreen Co. (NYSE: WAG) July 8, 2009 (NASDAQ:WAG) today increased the quarterly dividend 22.2 percent to 13.75 cents per share from the previous rate of 11.25 cents per share. The dividend is payable Sept. 12, 2009, to shareholders of record Aug. 21, 2009. The dividend increase raises the annual rate from 45 cents per share to 55 cents per share.

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