Most of the increases were announced during the last two weeks of October and the beginning of November. I’m a little surprised that many of the increases are from natural gas producers. See Boardwalk Pipeline Partners, Enterprise Products Partners, Genesis, Linn Energy, Oneok Inc., Oneok Partners, PAA Natural Gas Storage, Pacific Northern Gas, RPC, Suburban Propane Partners, Targa Resources, TC Pipelines and Western Gas Partners. All of these companies are in the natural gas business and raised their dividends.
The companies that are interesting to me because of their lines of business include:
TMX Group, Inc. is the operator of Toronto Stock Exchange
Corus Entertainment is a broadcast and media production company in Canada.
Calavo Growers, Inc. is an avocado grower.
Visa Inc. is a credit card issuer
Mesabi Trust is the iron ore producer. If you grew up in America during the 1950s and 1960s, the Mesabi Range and its iron ore was part of state histories and an important part of understanding the steel industry in America. The legal arrangements behind this enterprise are fascinating. See a summary in the text below.
Cass Information Systems is a billing company that has an unusual relationship with a specialized commercial bank.
I think some of the dividend increases reflect companies trying to anticipate the adverse impact of the Bush tax cuts and distributing dividends during 2010 before the dividend tax rates sky-rocket in 2011.
The list of companies lifting their dividends is:
American Electric Power
Amica Mature Lifestyles Inc.
Arrow Financial Corporation
Artesian Resources Corporation
A Schulman
Banco Latinoamericano de Comercio Exterior, S.A.
Bank of Marin Bancorp
Bar Harbor Bankshares
Boardwalk Pipeline Partners, LP
Brown and Brown, Inc.
Calavo Growers, Inc.
Calumet Specialty Products Partners, L.P
Cantel Medical Corp.
Cass Information Systems, Inc.
Cintas Corp.
Citizens Financial Services, Inc.
Coca Cola Enterprises Inc.
COGECO Inc.
Cogeco Cable Inc.
Collectors Universe, Inc.
Corus Bankshares, Inc.
Corus Entertainment, Inc.
Cummins Inc.
Danvers Bancorp Inc.
Eagle Financial Services, Inc.
Eaton Corporation
Eaton Vance Corp.
Ecology and Environment, Inc.
Enterprise Products Partners L.P.
Evercore Partners Inc.
First Niagara Financial Group Inc.
FPB Financial Corp.
Freeport-McMoRan Copper & Gold Inc.
Genesis Energy LP
Global Partners LP
Goldcorp Inc.
Goodrich Corporation
Healthcare Services Group, Inc.
Holly Energy Partners, LP
Hudson Valley Holding Corp.
Interface, Inc.
Lakeland Bancorp, Inc.
Linn Energy
LMP Capital and Income Fund Inc.,
LTC Properties, Inc.
Matthews International Corporation
Mercury General Corporation
Met-Pro Corporation
Mesabi Trust
Molex Incorporated
National Retail Properties, Inc.
NewMarket Corporation
Northeast Indiana Bancorp, Inc.
NuStar Energy L.P.
Oil-Dri Corporation of America
Omega Healthcare Investors, Inc.
Oneok
Oneok Partners, LP
Oritani Financial Corp.
PAA Natural Gas Storage LP
Paccar Inc.
Pacific Northern Gas Ltd.
Parker Hannifin Corporation
PartnerRe Ltd.
Peabody Energy Corporation
Pennichuck Corporation
Perrigo Company
Prosperity Bancshares, Inc.
Rayonier
Reynolds American Inc.
RockTenn Company
Rogers Communication Inc.
RPC, Inc.
RPM International Inc.
Sara Lee Corp.
Senior Housing Properties Trust
Shenandoah Telecommunications Company
Simon Property Group, Inc.
Somerset Hills Bancorp
Standex International Corporation
Stepan Company
Stonemor Partners LP
Strayer Education Inc.
Suburban Propane Partners, L.P.
TAL International Group, Inc.
Targa Resources Partners, LP
TC PipeLines, LP
TESSCO Technologies Incorporated
Texas Instruments Inc.
TMX Group Inc.
T. Rowe Price Group, Inc.
UMB Financial Corporation
VF Corporation
Visa Inc.
Waddell and Reed Financial, Inc.
Washington Banking Company
Washington Real Estate Investment Trust
Waste Connections, Inc.
Wayside Technology Group, Inc.
Western Gas Partners, LP
WSI Industries, Inc.
American Electric Power (NYSE: AEP ) October 19, 2010, Columbus, OH management will recommend the board of directors increase the quarterly dividend by 9.5 percent, to $0.46 from $0.42 per share.
The company is expected to tell analysts that, to fund growth, the 2011 capital budget will be increased by approximately $150 million to $2.6 billion; the 2012 capital budget is expected to be $2.9 billion. To reduce risk, the company has voluntarily pre-funded $500 million into the pension plan in 2010 with an additional $150 million planned for 2011. The company also is expected to announce it has established an ongoing earnings guidance range for 2011 of between $3.00 and $3.20 per share. In its third-quarter earnings announcement this morning AEP revised its ongoing earnings guidance range for 2010 to between $2.95 and $3.05 per share, which is the midpoint of the previously announced range.
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
Amica Mature Lifestyles Inc. (TSE: ACC) October 12, 2010, Vancouver, BC, Canada posted profit for the first quarter, reflecting gain on fair value adjustment equity investments and income tax recovery.
The company also increased its quarterly dividend by 17%.
Net earnings attributable to shareholders of the parent amounted to C$1.48 million or C$0.07 per share compared to loss of C$ 0.01 million or C$0.00 per share prior year.
Consolidated revenue increased to C$11.06 million from C$10.24 million last year.
Amica Mature increased quarterly dividend to C$0.07 per share from C$0.06 per share on all issued and outstanding common shares which will be payable on December 15, 2010, to shareholders of record on November 30, 2010.
Arrow Financial Corporation (NASDAQ: AROW) October 27, 2010, Glens Falls, NY, offers commercial and consumer banking and financial products in U.S. On October 27, 2010 the company increased its quarterly dividend 3.1% to $0.25/share. The dividend is payable December 15, 2010 to shareholders of record December 3, 2010. The ex-dividend date is December 1, 2010.
Artesian Resources Corporation (Nasdaq: ARTNA) October 6, 2010, Newark, DE announced that its board of directors has approved a 0.5% increase in the Class A Non-Voting and Class B Common shareholders' dividend, raising the annual dividend to $0.7568 per share. The quarterly dividend of $0.1892 is payable on Nov. 19, 2010 to shareholders of record at the close of business on Nov. 8, 2010. This is the second dividend increase in 2010 for Artesian, which has increased its dividends each year for the last 13 years.
"We manage this company to produce sound, consistent returns for our investors while ensuring a safe, reliable water supply for our customers," said Dian Taylor, Chair, President and CEO of Artesian Resources. "Quarter after quarter, we continue to increase the value of our company while improving the services we provide to our hundreds of thousands of customers."
Artesian Resources Corporation operates as the holding company of eight wholly-owned subsidiaries offering water and wastewater services. Artesian Water Company, the principal subsidiary, is the oldest and largest investor-owned public water utility on the Delmarva Peninsula, and has been providing water service since 1905. Artesian Water distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers. Other subsidiaries include Artesian Water Maryland, Inc., Artesian Water Pennsylvania, Inc., Artesian Wastewater Management, Inc., Artesian Wastewater Maryland, Inc., Artesian Utility Development, Inc., Artesian Consulting Engineers, Inc. and Artesian Development Company.
A. Schulman, Inc. (NASDAQ: SHLM) October 14, 2010, Akron, OH a plastic and resin supplier, said its board of directors raised its quarterly dividend by half a cent to 15.5 cents per share, the company's first dividend increase since 2008. The dividend is payable Nov. 1 to shareholders of record as of Oct. 25.
A. Schulman, Inc. is a supplier of plastic compounds and resins. The Company’s customers span a range of markets including consumer products, industrial, automotive and packaging. A. Schulman operates primarily in four lines of business: masterbatch, engineered plastics, rotomolding and distribution. The Company also offers tolling services to customers through its North America, EMEA and Bayshore operations. The Company has 36 manufacturing facilities worldwide. On March 1, 2010, the Company completed the purchase of McCann Color, Inc. (McCann Color), a producer of color concentrates. On April 30, 2010, the Company acquired ICO, Inc. (ICO) through a merger by and among the Company, ICO and Wildcat Spider, LLC, a wholly owned subsidiary of the Company.
Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX) October 12, 2010, Panama City, Panama, announced its results for the third quarter ended September 30, 2010 including a quarterly cash dividend of US$0.17 per share corresponding to the third quarter of 2010.
During its meeting on October 12, 2010, the bank’s board of directors reaffirmed its commitment to a dividend policy that reflects the Bank ́s growing core business. In line with this policy, the quarterly common dividend was increased from $0.15 to $0.17 per share.
The cash dividend is payable on November 1, 2010 to stockholders registered as of October 22,
2010.
As of September 30, 2010, Bladex had 36,689,901.09 common shares outstanding of all classes.
Bladex is a supranational bank originally established by the Central Banks of Latin America and Caribbean countries to promote trade finance in the Region. Based in Panama, its shareholders include central and state-owned entities in 23 countries of the Region, as well as Latin American and international commercial banks, and institutional and retail investors.
Bank of Marin Bancorp (NASDAQ:BMRC) October 26, 2010, Novato, CA, announced that its board of directors has declared a quarterly cash dividend of $0.16 per share. The cash dividend is payable to shareholders of record at the close of business on November 3, 2010 and will be payable on November 12, 2010. The Bank has paid a dividend for the past 22 quarters.
"We are committed to sharing our success with the shareholders of Bank of Marin and are pleased to be able to increase our dividend this quarter,” said Russell Colombo, President and Chief Executive Officer. “We continue to focus on consistent, conservative growth and are very pleased with our results.”
Bank of Marin Bancorp's assets currently exceed $1 billion. Bank of Marin, as the sole subsidiary of Bank of Marin Bancorp, is the largest community bank in Marin County with fifteen offices in San Francisco, Marin and Sonoma counties. The Bank's Administrative offices are located in Novato, California. Bank of Marin offers business and personal banking, private banking and wealth management services, with a strong focus on supporting the local community.
Bar Harbor Bankshares (AMEX: BHB) October 19, 2010, Bar Harbor, ME announced that its board of directors declared a quarterly cash dividend of 26.5 cents per share of common stock, representing an increase of 0.5 cents, or 1.9% compared with the prior quarter, as well as the fourth quarter of 2009. The quarterly cash dividend is payable to all shareholders of record as of the close of business November 16, 2010 and will be paid on December 15, 2010.
Bar Harbor Bankshares is the parent company of its wholly owned subsidiary, Bar Harbor Bank & Trust. Bar Harbor Bank & Trust, founded in 1887, provides full service community banking with twelve branch office locations serving down east and mid coast Maine.
Boardwalk Pipeline Partners, LP (NYSE: BWP) October 25, 2010, Houston, TX, announced today that it has declared a quarterly cash distribution per common unit of $0.515 payable on November 8, 2010, to unitholders of record as of November 1, 2010.
Boardwalk Pipeline Partners, LP is a limited partnership engaged through its subsidiaries, Gulf Crossing Pipeline Company LLC, Gulf South Pipeline Company, LP and Texas Gas Transmission, LLC, in the interstate transportation and storage of natural gas. Boardwalk's interstate natural gas pipeline systems have approximately 14,200 miles of pipeline and underground storage fields having aggregate working gas capacity of approximately 167 Bcf.
Brown & Brown, Inc. (NYSE: BRO) October 20, 2010, Daytona Beach, FL announced that the board of directors at its regularly scheduled meeting on October 20, 2010, voted to increase the quarterly cash dividend rate to $0.08 per share, a 3.23% increase from the current rate of $0.0775 per share, with the first payment at the new dividend rate to be made on November 17, 2010, to shareholders of record on November 3, 2010. This is the seventeenth consecutive year of dividend growth for the Company.
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the seventh largest independent insurance intermediary in the United States.
Calavo Growers, Inc. (Nasdaq-GS: CVGW) November 1, 2010, Santa Paula, CA an avocado marketing and an expanding provider of other fresh perishable produce and prepared food items, today announced that its board of directors declared a $0.55 per share annual cash dividend on its common stock. The annual payout is a 10 percent increase from $0.50 per share issued last year.
The board set Dec. 11, 2010 as the payment date to all stockholders of record as of Dec. 1, 2010.
Chairman, President and Chief Executive Officer Lee E. Cole stated: “Calavo’s steadily growing annual cash dividend reflects both the sustained strength of our operating results, as well as continued confidence in the company’s prospects longer term. This performance underscores the company’s success executing its strategic agenda, providing us ample earnings to reinvest prudently in Calavo and to build further upon initiatives in progress. Most significantly, the dividend declaration is indicative of the company’s unwavering commitment to delivering the highest possible returns to our shareholders.”
Calavo Growers, Inc. is the worldwide leader in the procurement and marketing of fresh avocados. The company also is an expanding provider of other diversified-commodity-produce items, as well as the manufacturer and distributor of a growing line of prepared-food products. Founded in 1924, Calavo’s expertise in marketing and distributing fresh and prepared avocados and other perishable products enables it to serve food distributors, produce wholesalers, supermarkets and restaurants on a global basis.
Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT) October 13, 2010, Indianapolis, IN announced that the board of directors of the partnership's general partner has approved an increase in its quarterly cash distribution to $0.46 per unit ($1.84 per unit on an annualized basis) for the quarter ended September 30, 2010 on all of its outstanding limited partner units. The distribution will be payable on November 12, 2010 to holders of record of such units at the close of business on November 2, 2010. This quarterly distribution represents an increase over the quarterly distribution of $0.455 per unit paid in August 2010 for the quarter ended June 30, 2010.
In addition, the partnership will report earnings for the quarter ended September 30, 2010 on Wednesday, November 3, 2010 before the market opens.
.
Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT) ("Calumet") is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive products. Calumet also produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Indiana and has five plants located in northwest Louisiana, western Pennsylvania, and southern Texas, and a blending facility located in Burnham, Illinois.
Cantel Medical Corp. (NYSE: CMN) October 21. 2010, Little Falls, NJ, announced that its board of directors approved an increase in its semiannual cash dividend to $0.06 per outstanding share of the company's Common Stock. The dividend is payable on January 28, 2011 to shareholders of record at the close of business on January 14, 2011.
Charles M. Diker, Chairman of the Board, said, "We are pleased to announce the dividend increase, which will raise our annual dividend payment from $0.10 to $0.12 per share. The increase demonstrates Cantel's strong financial position and our confidence in Cantel's future performance."
Cantel Medical Corp. is a leading provider of infection prevention and control products in the healthcare market. Our products include specialized medical device reprocessing systems for renal dialysis and endoscopy, dialysate concentrates and other dialysis supplies, disposable infection control products primarily for the dental industry, water purification equipment, sterilants, disinfectants and cleaners, hollow fiber membrane filtration and separation products for medical and non-medical applications, and specialty packaging for infectious and biological specimens. We also provide technical maintenance for our products and offer compliance training services for the transport of infectious and biological specimens.
Cass Information Systems, Inc. (NASDAQ: CASS), October 21, 2010, St. Louis, MO, the nation's leading provider of transportation, utility and telecom invoice payment and information services, reported record third quarter 2010 earnings of $.59 per diluted share, a 28% increase over the $.46 per diluted share it earned in the third quarter of 2009. Net income for the period was $5.6 million, a 29% increase over the $4.3 million reported in 2009.
On October 18, 2010, the company's board of directors declared a fourth quarter dividend of $.16 per share payable December 15, 2010 to shareholders of record December 3, 2010. This represents a 14% increase over the prior dividend. Cass Information Systems is the leading provider of transportation, utility and telecom invoice payment and information services.
The company, which has been involved in the payables services and information support business since 1956, disburses over $24 billion annually on behalf of customers from processing centers in St. Louis, Mo., Columbus, Ohio, Boston, Mass., Greenville, S.C. and Wellington, Kansas. The support of Cass Commercial Bank, founded in 1906, makes Cass Information Systems unique in the industry.
Cintas Corp. (NASDAQ: CTAS) October 26, 2010, Cincinnati, OH board of directors voted to increase the company's dividend to shareholders and buy back $500 million of Cintas common stock.
Cintas dividend will increase to 49 cents per share, payable on Dec. 15 to shareholders of record as of Nov. 12. That's a 2 percent increase in the dividend rate.
The board also moved the dividend payment date from March to December.
Under the stock buyback plan, the company will repurchase $500 million shares at market prices. The number of shares and the timing will be determined by the board. Cintas' previous share repurchase program bought back 7.6 million shares of common stock at a cost of about $202 million.
Cintas is a manufacturer of uniforms and supplier of a variety of business goods and services, from entrance mats and restroom supplies to fire protection and document management services.
Citizens Financial Services, Inc. (OTC Bulletin Board: CZFS) October 9, 2010, Mansfield, PA, the bank holding company for First Citizens National Bank, recently declared a cash dividend for Citizens Financial Services shareholders.
A cash dividend of $.26 per share will be paid on November 5, 2010 to shareholders of record on October 15, 2010. This quarterly cash dividend is an increase of 4% over the dividend declared one year ago. CEO and President Randall E. Black stated, "Our financial strength and continued profitability gives us the affordability to continue to provide a very attractive dividend yield to our shareholders and reflects the Board of Directors desire to provide total shareholder return to our shareholder base."
Citizens Financial Services, Inc. is a $785 million bank holding company conducting business through First Citizens National Bank. First Citizens National Bank operates 17 full-service offices in Pennsylvania and New York.
Coca-Cola Enterprises Inc. (NYSE: CCE) October 22, 2010, Atlanta, GA declared a quarterly dividend of 12 cents per share.
It is the first quarterly dividend for the newly created company, which is a bottler for Coca-Cola Co. The dividend is an increase of more than 30 percent over the dividend rate paid by the former company.
The dividend is payable Dec. 9 to shareholders of record as of Nov. 26.
Coca-Cola Enterprises recently sold its North American operations to Coca-Cola Co. for $3.4 billion and became a new public company. It is the largest Western European marketer, distributor and producer for Coca-Cola.
COGECO Inc. (TSX: CGO) October 27, 2010, Montreal, QC Canada, announced today that its Board of Directors declared a quarterly eligible dividend of $0.12 per share for subordinate and multiple voting shares, representing an increase of $0.02, or 20%, when compared to the quarterly dividends of $0.10 per share declared for each quarter of fiscal 2010. The dividend will be payable on November 24, 2010, to shareholders of record on November 10, 2010.
The declaration, amount and date of any future dividend will continue to be considered and approved by the Board of Directors of the Company based upon the Company’s financial condition, results of operations, capital requirements and such other factors as the Board of Directors, at its sole discretion, deems relevant. There is therefore no assurance that dividends will be declared, and if declared, their amount and frequency may vary.
Cogeco Inc. is a diversified communications company. Through its Cogeco Cable subsidiary, Cogeco provides its residential customers with Audio, Analogue and Digital Television, as well as HSI and Telephony services using its two-way broadband cable networks. Cogeco Cable also provides, to its commercial customers, through its subsidiary Cogeco Data Services, data networking, e-business applications, video conferencing, hosting services, Ethernet, private line, VoIP, HSI access, dark fibre, data storage, data security and co-location services and other advanced communication solutions. Through its Cogeco Diffusion subsidiary, Cogeco owns and operates the Rythme FM radio stations in Montreal, Quebec City, Trois-Rivieres and Sherbrooke, as well as the FM 93 radio station in Quebec City. Cogeco's subordinate voting shares are listed on the Toronto Stock Exchange (CA:CGO 33.23, -0.17, -0.51%) . The subordinate voting shares of Cogeco Cable are also listed on the Toronto Stock Exchange (CA:CCA 39.24, +0.24, +0.62%) .
Cogeco Cable Inc. (TSX: CCA) October 27, 2010, Montreal QC Canada announced that its board of directors has declared a quarterly eligible dividend of $0.17 per share for subordinate and multiple voting shares, representing an increase of $0.03, or 21%, when compared to the quarterly dividend of $0.14 per share declared for each quarter of fiscal 2010. The dividend will be payable on November 24, 2010, to shareholders of record on November 10, 2010.
The declaration, amount and date of any future dividend will continue to be considered and approved by the board of directors of the corporation based upon the corporation’s financial condition, results of operations, capital requirements and such other factors as the board of directors, at its sole discretion, deems relevant. There is therefore no assurance that dividends will be declared, and if declared, their amount and frequency may vary.
Collectors Universe, Inc. (NASDAQ: CLCT) October 6, 2010, Newport Beach, CA , a provider of value-added authentication and grading services to dealers and collectors of high-value collectibles, today announced that its board of directors has approved an increase in its quarterly cash dividend to $0.325 per share per quarter, for an expected total annual cash dividend of $1.30 per common share. The increase will be effective beginning with the Company's quarterly cash dividend for the quarter ending December 31, 2010. The cash dividend will be paid on November 19, 2010 to stockholders of record on November 5, 2010.
Collectors Universe, Inc. is a provider of value added services to the high-value collectibles markets. The company authenticates and grades collectible coins, sports cards, autographs and stamps. The company also compiles and publishes authoritative information about United States and world coins, collectible trading cards and sports memorabilia and collectible stamps and operates its CCE dealer-to-dealer Internet bid-ask market for certified coins and its Expos trade show and conventions business.
Corus Bankshares, Inc. (NASDAQ: CORS) August 29, 2010, Chicago, IL, announced that the board of directors has approved a cash dividend of $0.25 per share. Corus' third quarter cash dividend will be paid to shareholders of record as of September 27, 2006, and will begin trading ex-dividend on September 25, 2006. The dividend will be paid on October 10, 2006.
Robert J. Glickman, President and CEO said: "I am extremely pleased to be able to announce yet another increase in our dividend to shareholders. The ability to increase our dividends in such a substantial manner is a reflection of Corus' strong financial performance. Our second quarter earnings were up 53% from the second quarter of 2005, and year-to-date earnings up 54% from the prior year." Glickman added that, "Not only is this new $0.25 dividend a 25% increase from the previously declared dividend, but it also continues a tradition of having increased dividends to our shareholders for 30 consecutive years."
Corus Bankshares, Inc. is a bank holding company headquartered in Chicago, Illinois. Corus conducts its banking operations through its wholly-owned banking subsidiary Corus Bank, N.A. (the "Bank"). The Bank is an active commercial real estate lender nationwide, specializing in condominium, hotel, office and apartment loans. As of the most recent period-end, Corus' outstanding commercial real estate loans and construction commitments totaled nearly $9 billion. Corus Bank and its holding company, Corus Bankshares, will together hold loans of up to $200 million and will seek to syndicate larger transactions.
Corus Entertainment Inc. (TSE: CJR.B) reported a 64% drop in fourth quarter profit Wednesday, but closed out the year with a much stronger position than in 2009. Earnings in the quarter were hurt by increased expenses, including higher restructuring charges of $12.9-million, cost of sales and higher interest expenses of $14.8-million.
For the period ended Aug. 31, Corus earned $6.8-million (8¢ a share), compared with $18.7-million (23¢) in the same period last year. However, for the year, Corus posted earnings of $126.7-million ($1.57), compared with a loss of $56.6-million (71¢) in 2009. Revenue, at $202.8-million, was a 3.9% improvement on $195.2-million posted in the same period last year.
For 2010, sales were up 6% to $836.2-million compared with $788.7-million in 2009.
Corus also hiked its dividends by 25%, to 6.21¢ and 6.25¢ a share for class A and class B shares, respectively.
"The advertising recovery continued in the fourth quarter, particularly for our specialty assets. This continues a trend we have seen for three successive quarters," John Cassaday, chief executive with Corus, said in a release. "We have also seen a return to growth in western Canada radio markets. Corus is well positioned to meet its guidance once again for fiscal 2011."
Corus Entertainment Inc. is a Canada-based media and entertainment company with interests in radio broadcasting, television broadcasting, and the production and distribution of children’s media content. Corus’ principal assets consist of 52 radio stations; a variety of specialty television networks focused on children and adult genres, and western Canada’s television services. It also owns Nelvana Limited, a producer and distributor of children’s programming and merchandise products; Kids Can Press, the English language publisher of children’s books; three broadcast television stations, and a cable advertising service. During the fiscal year ended August 31, 2009 (fiscal 2009), the Company’s principal business activities were conducted through two operating groups: Radio and Television. Canadian Learning Television was acquired by Corus on September 1, 2008. During fiscal 2009, It ceased operations of and completed the sale of certain assets of its residential audio service.
Cummins Inc. (NYSE: CMI) October 26, 2010, Columbus, IN today reported that both third quarter sales and profits increased sharply from the same period a year ago. The Company's continued strong performance in international markets was a primary driver of the improved results.
Sales of $3.40 billion in the third quarter rose 34 percent from $2.53 billion in the same quarter in 2009. Net income attributable to Cummins Inc. in the third quarter tripled to $283 million, or $1.44 a share, compared to $95 million, or $0.48 a share, in the same period a year ago.
Earnings Before Interest and Taxes (EBIT) was $449 million, or 13.2 percent of sales, up from $177 million or 7.0 percent of sales, excluding restructuring charges, in the third quarter of 2009.
Based on the company's performance so far this year and its forecast for the fourth quarter, Cummins raised its full-year financial guidance to an EBIT of 12.5 percent of sales on revenues of $13 billion.
"We continued to build on our strong performance this year with an outstanding third quarter," said Cummins Chairman and Chief Executive Officer Tim Solso. "Our strength in large international markets provided significant benefits to the Company and we continue to see productivity improvements in our manufacturing operations."
Sales in the company's non- U.S. markets increased 56 percent from the third quarter 2009 and accounted for 63 percent of Cummins' consolidated revenues, consistent with the first two quarters of the year.
Cummins' operating performance enabled its cash position to remain strong in the quarter and allowed the Company to continue to invest in the business to meet the increasing demands for our products.
The company also continued to return value to shareholders by repurchasing $79 million of its shares during the second quarter. The Company has now repurchased $389 million in stock under its current $500 million authorization.
In other highlights from the quarter:
Cummins increased the quarterly cash dividend on its common stock by 50 percent to 26.25 cents per share from 17.5 cents per share. Standard & Poor's increased its long-term credit rating on Cummins to BBB+ from BBB. In increasing its investment grade rating, S&P cited the company's "improved performance" and "conservative financial policy." Cummins was named to the Dow Jones World Sustainability Index for the sixth consecutive year. The index recognizes the top 10 percent of the world's largest public companies for their economic, environmental and corporate responsibility leadership.
Danvers Bancorp, Inc. (NASDAQ: DNBK) October 28, 2010, Danvers MA,the holding company for Danversbank, announced that its board of directors has declared a regular quarterly cash dividend on its common stock of $.04 per share, reflecting a 100% increase in the previous quarter's cash dividend amount of $.02 per share.
Kevin T. Bottomley, Chairman, President and Chief Executive Officer, commented on the increase in the dividend rate, "We are pleased with our financial performance to date and welcome the opportunity to share this success with our stockholders in the form of a higher return on their investment."
The dividend will be payable on December 3, 2010 to stockholders of record at the close of business on November 12, 2010.
Danvers Bancorp, Inc., is headquartered in Danvers, Massachusetts. The company has grown to $2.6 billion in assets through acquisitions and internal growth, including de novo branching. It conducts business from a main office located at One Conant Street, Danvers, Massachusetts, and 27 other branch offices located in Andover, Beverly, Boston, Cambridge, Chelsea, Danvers, Hamilton, Malden, Manchester, Middleton, Needham, Peabody, Reading, Revere, Salem, Saugus, Topsfield, Waltham, Wilmington and Woburn, Massachusetts. Financial business consists primarily of making loans to customers, including C&I loans, commercial real estate loans, owner-occupied residential mortgages and consumer loans and investing in a variety of investment securities. The bank funds these lending and investment activities with deposits from its customers, funds generated from operations and selected borrowings. The bank also provides wealth management and trust services, treasury management, debit and credit card products and online banking services.
Eagle Financial Services, Inc. (OTC Bulletin Board: EFSI) October 29, 2010, Berryville, VA the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announces third quarter 2010 financial results. The Company’s common stock is listed for trading on the Over-the-Counter (OTC) Bulletin Board under the ticker symbol EFSI.
Third Quarter 2010 Highlights included a dividend of $0.18 per share, an increase of 5.9%
John R. Milleson, President and CEO, stated, “Our third quarter results fell short of expectations and well below the company’s typical standards. The Bank’s credit quality suffered during the third quarter primarily due to declining real estate values associated with a few large loans and the continuance of the economic malaise. Accordingly, the bank increased its allowance for loan losses by $2.9 million for the third quarter. Fortunately, strong earnings allowed us to absorb this substantial provision. We will continue to diligently monitor our loan portfolio in an attempt to minimize losses associated with existing and potential credit quality issues.
Because we are confident with our ability to sustain core earnings and have no restrictions associated with government bailout programs, our board voted to increase the dividend for the quarter to $0.18 per share, marking the 25th consecutive year of a dividend increase.“
Eaton Corporation (NYSE: ETN) October 27, 2010, Cleveland, OH declared a quarterly dividend of $.58 per common share payable on November 26, 2010, to shareholders of record at the close of business on November 8, 2010. Eaton announced an increase in its dividend from $.50 to $.58 per share on July 21. The company has paid dividends on common shares every year since 1923.
Eaton Corporation is a diversified power management company with 2009 sales of $11.9 billion. Eaton is a global technology leader in electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 70,000 employees and sells products to customers in more than 150 countries.
Eaton Vance Corp. (NYSE: EV) October 20, 2010, Boston, MA declared a quarterly dividend of $0.18 per share on its common stock, an increase of 12.5 percent over the previous $0.16 per share quarterly dividend. The dividend is payable November 10, 2010 to shareholders of record on October 29, 2010.
This dividend increase marks the 30th consecutive fiscal year that the company has raised its dividend and equates to a compound annual dividend growth rate of 20 percent over that period.
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $180.7 billion in assets as of September 30, 2010, offering individuals and institutions a broad array of investment products and wealth management solutions. The company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors
Ecology and Environment, Inc. (NASDAQ: EEI) October 25, 2010, Buffalo, NY has declared an increase of the six-month dividend to 22 cents per share. This represents the 48th consecutive dividend since the company became public in 1987 and the 16th increase in 23 years.
The dividend is payable on or before December 24 to shareholders of both Class A and Class B common stock on record as of December 1. The Board of Directors has set the date of the annual shareholder meeting for January 20, 2011, for shareholders of record December 7, 2010.
Ecology and Environment, Inc., has completed more than 50,000 projects for a wide variety of clients in 96 countries, providing environmental solutions in for a variety of ecosystems.
Enterprise Products Partners L.P. (NYSE:EPD) October 14, 2010, Houston, TX, announced that the board of directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.5825 per common unit, or $2.33 per unit on an annualized basis. The quarterly distribution will be paid on Monday, November 8, 2010, to unitholders of record as of the close of business on Friday, October 29, 2010. This distribution rate, which represents a 5.4 percent increase over the $0.5525 per unit distribution rate declared with respect to the third quarter of 2009, is the 34th distribution increase since Enterprise's initial public offering in 1998 and the 25th consecutive quarterly increase.
Enterprise Products Partners L.P. is the largest publicly traded energy partnership and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. The partnership's assets include: 49,100 miles of onshore and offshore pipelines; approximately 195 million barrels of storage capacity for NGLs, refined products and crude oil; and 27 billion cubic feet of natural gas storage capacity. Services include: natural gas transportation, gathering, processing and storage; NGL fractionation, transportation, storage, and import and export terminaling; crude oil and refined products; offshore production platform services; petrochemical transportation and storage; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products
Evercore Partners Inc. (NYSE: EVR) October 28, 2010, New York, NY, increases quarterly dividend to $0.18 per share and authorizes two million share repurchase program. This increase follows a Third Quarter Financial Summary with Net Revenues of $124 million, up 48% compared to the same period in 2009 and 91% from Q2 2010.
The company also reported Adjusted Pro Forma Net Income of $14.6 million, or $0.38 per share, up 33% compared to the same period in 2009 and 626% from Q2 2010, U.S. GAAP Net Income of $3.5 million in contrast to Net Income of $2.6 million in the same period last year, Year-to-Date Financial Summary Adjusted Pro Forma Net Revenues of $274 million, up 33% compared to the same period in 2009, Adjusted Pro Forma Net Income of $27.0 million, or $0.68 per share, up 65% compared to the first nine months of 2009. The company also reported U.S. GAAP Net Revenues of $276 million, up 35% compared to the same period in 2009 and U.S. GAAP Net Income of $5.7 million or $0.25 per share up significantly from a Net Loss of ($3.2) million or ($0.22) per share in the same period last year. Record quarterly revenues iwere reported in both Investment Banking and Investment Management with Investment Banking completing $8.6 billion acquisition by Frontier Communications of access lines from Verizon and advising Sanofi-Aventis on its $18.8 billion offer for Genzyme and advising Danaos on its restructuring.
Investment Management Assets Under Management increased 9% to $16.6 billion. The company strengthened geographic capability with the acquisition of a 50% interest in G5 advisors, a boutique investment banking firm in Brazil
First Niagara Financial Group, Inc. (NASDAQ: FNFG) October 21, 2010, Buffalo, NY, posted record operating (Non-GAAP) earnings of $46.9 million or $0.23 per diluted share in the quarter ended September 30, 2010. Reported (GAAP) earnings totaled $45.6 million or $0.22 per diluted share. The Company also announced an increase in the quarterly common dividend to $0.15 per share.
“Business momentum remains strong as customers continue to respond very positively to our service excellence, deep product set, and branding efforts,” President and CEO John R. Koelmel said. “Our core franchise performance has been marked by steady top line growth as we continue to strengthen relationships, take market share and provide the right services at the right time to our customers. We’re especially proud of the consistency and quality of our performance over the past few years despite the harsh economic environment. Our strategy of playing offense has proven very advantageous across all markets and business lines.”
“We’ve worked long and hard to put ourselves into an enviable capital position. We moved early to raise additional equity at the outset of the financial crisis two years ago by tapping into highly selective investor interest for companies like ours with a clear vision and a proven business model. Our proactive capital management has allowed us to pursue our growth strategy and today affords us great flexibility. As we look to the future, the confidence in our business, combined with our strong capital levels, enables us to begin to return excess capital again to our shareholders without compromising our position of strength. The dividend increase we are announcing today attests to our attentiveness to improving shareholder returns.”
Mr. Koelmel added, “Our growth strategy is resulting in success across both of our Pennsylvania markets as well as in the legacy footprint. The reception to our products and services in the newer markets has been terrific. Our business lines are being seamlessly integrated and are proving to be an excellent fit. As a result, we expect to exceed our initial performance expectations in both Western and Eastern Pennsylvania. Our experience and proven integration expertise gives us great confidence looking ahead to combining with NewAlliance Bancshares of Connecticut. We eagerly await that addition to our franchise and the access to the highly attractive growth markets it will provide. The merger of our two strong companies will create a formidable competitor in that region.”
“That transaction, combined with the build-out of our franchise over the last 18-24 months, also means the foundation for future growth is substantially complete. Major investments in talent, systems, risk management, and infrastructure are well underway. Our operating platform has been fortified and has the capacity to support planned growth. With the NewAlliance move, the strategic framework of our desired Northeastern footprint has now been achieved. Our energies will now be fully focused on execution and mining the rich potential of what we’ve built. We look forward to further demonstrating that in the years ahead.”
FPB Financial Corp. (pinksheets: FPBF) October 20, 2010, Hammond, LA the holding company for Florida Parishes Bank, announced earnings for the quarter ended September 30, 2010 and also an increase in the amount of dividend paid to shareholders.
Fritz W. Anderson II, Chairman of the Board announced today that "On October 14, 2010, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company bearing Cusip #302549 10 0. The dividend rate increased to $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.14 per share and a special year-end dividend of $0.22 per share and will be paid on December 24, 2010 to stockholders of record at the close of business on December 10, 2010."
Net income available to common shareholders for the three month period ending September 30, 2010 decreased to $439,000; ($1.19 diluted available earnings per common share) compared to $843,000 ($2.34 diluted available earnings per common share) in the 2009 period.
Earnings for the quarter were affected by increases in net interest income of $95,000, provisions for loan losses of $270,000, non-interest expense of $296,000, and a decrease in total non-interest income of $236,000, as compared to the third quarter of 2009.
Net interest income in the quarter increased 5.0% primarily due to our net interest margin increasing to 4.98% from 4.76%.
Provisions for loan losses increased 300.0% to $360,000 due to an increase in non-performing assets and other regional economic factors. Non-performing assets increased to $3.4 million, or 1.95% of average total assets compared to $1.1 million, or 0.61% of average total assets at September 30, 2009. Net loan charge-offs totaled $61,000 for the three month period compared to $230,000 in the second quarter of 2010 and $103,000 in the three months ending September 30, 2009. Allowance for loan losses increased in the twelve month period ending September 30, 2010 to $2.6 million, or 75.6% of non-performing assets.
Non-interest expenses increased 18.9% due to increases in compensation, professional fees, and other expenses.
Non-interest income decreased $236,000 or 21.4% primarily due to a $497,000 decline in gain on sale of real estate/investments. Mortgage banking income increased $288,000, or 171.3% due to an increase in mortgage refinancing volume.
Total assets increased 2.0% to $173.8 million as compared to September 30, 2009, primarily due to an $8.8 million increase in cash and cash equivalents offset by a $7.3 million decrease in net loans. Total deposits increased $1.2 million. Non-maturity demand/transaction/saving deposits increased $8.5 million, or 11.2%.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) October 21, 2010, Phoenix, AZ announced that its board of directors has authorized an increase in its annual common stock dividend from $1.20 per share to $2.00 per share. Dividends are paid quarterly as declared by the Board with the initial quarterly dividend of $0.50 per share expected to be paid in February 2011.
James R. Moffett, Chairman of the Board of FCX, and Richard C. Adkerson, FCX's President and Chief Executive Officer, said, "Our Board's action to increase the dividend on our common stock to $2.00 per annum reflects our Company's financial strength, its strong operating performance and the positive outlook for our business and markets. The financial policy established by our Board of Directors is designed to maintain a strong balance sheet and financial flexibility to pursue aggressively investments with attractive rates of returns, while providing cash returns to shareholders from the strong cash flow generated by our operations."
The declaration and payment of dividends is at the discretion of the Board and will depend on the company's financial results, cash requirements, future prospects, and other factors deemed relevant by the board.
FCX has approximately 471 million shares of common stock outstanding.
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX has a dynamic portfolio of operating, expansion and growth projects in the copper industry and is the world's largest producer of molybdenum.
The company's portfolio of assets includes the Grasberg mining complex, the world's largest copper and gold mine in terms of recoverable reserves, significant mining operations in the Americas, including the large scale Morenci and Safford minerals districts in North America and the Cerro Verde and El Abra operations in South America, and the Tenke Fungurume minerals district in the Democratic Republic of Congo.
Genesis Energy LP (NYSE:GEL) October 13, 2010, Houston, TX, said on Wednesday that it will pay a quarterly distribution of 38.75 cents per common unit, an increase of almost 10 percent over its distribution at the same time last year.
The pipeline company said it will make the payout on Nov. 12 to unitholders of record on Nov. 2. The distribution is up 3.3 percent from its payout after the second quarter of 2010.
Genesis Energy, L.P. is a limited partnership focused on the midstream segment of the oil and gas industry in the Gulf Coast region of the United States, primarily Texas, Louisiana, Arkansas, Mississippi, Alabama and Florida. The company has a portfolio of customers, operations and assets, including refinery-related plants, pipelines, storage tanks and terminals, barges, and trucks. Genesis provides an integrated range of services to refineries, oil, natural gas and carbon dioxide (CO2) producers, industrial and commercial enterprises that use sodium hydrosulfide (NaHS) and caustic soda, and businesses that use CO2 and other industrial gases. The company’s subsidiaries include DG Marine Transportation, LLC and Quintana Capital Group II, L.P.
Global Partners LP (NYSE: GLP) October 20, 2010, Waltham, MA announced that the board of directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.4950 per unit ($1.98 per unit on an annualized basis) on all of its outstanding common and subordinated units for the period from July 1 through September 30, 2010. The distribution will be paid November 12, 2010 to unitholders of record as of the close of business November 3, 2010.
The distribution to be paid in November 2010 represents a 1.5% increase over the quarterly distribution of $0.4875 per unit paid in August 2010.
Global Partners LP, a publicly traded master limited partnership based in Waltham, Massachusetts, owns, controls or has access to one of the largest terminal networks of refined petroleum products in the Northeast. The Partnership is one of the largest wholesale distributors of gasoline, distillates (such as home heating oil, diesel and kerosene) and residual oil to wholesalers, retailers and commercial customers in the New England states and New York. In addition, the Partnership owns and supplies fuel to 190 Mobil branded retail gas stations in New England, and
Goldcorp Inc. (TSX: G, NYSE: GG) October 27, 2010, Vancouver, BC, Canada reported third quarter gold production of 596,200 ounces and lower cash costs of production, leading to record operating cash flows before working capital changes(1) of $470.6 million. Reported net earnings in the quarter were $466.5 million compared to $114.2 million in the third quarter of 2009. Adjusted net earnings(2) were $231.5 million, or $0.31 per share, compared to $140.6 million, or $0.19 per share, in the third quarter of 2009.
Quarter highlights include: Dividends paid amounted to $33.2 million. Dividend increased 100% to $0.36 per share ($0.03 per month).
"Continued strong gold demand in the third quarter, along with Goldcorp's lowest quarterly cash costs in over two years resulted in record cash margins(4) of $979 per ounce, generating significant growth in both cash flow and earnings," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Our peer-leading cash cost profile will remain supported over time by low-cost gold production from cornerstone mines including Red Lake and Penasquito. Penasquito's ability to contribute meaningfully to our third quarter earnings and record cash flows in just its first month in commercial production is indicative of its emerging position as a powerful driver of financial performance. We have begun commissioning of the high pressure grinding roll circuit, representing the completion of Penasquito construction and the final component of designed 130,000 tonne throughput capacity, which we expect to reach early in 2011.
Goodrich Corporation (NYSE: GR) October 12, 2010, Charlotte, NC has approved a seven percent increase in the company's quarterly dividend to 29 cents per share from the current level of 27 cents per share on its common stock. The dividend is payable December 30, 2010 to shareholders of record as of December 1, 2010.
Commenting on the dividend increase, Marshall Larsen, Chairman, President and Chief Executive Officer said, "This dividend increase of seven percent reflects our view that Goodrich will experience strong future growth as large commercial airplane production rates increase, the Boeing 787 enters service and commercial airplane aftermarket trends improve. Goodrich is well positioned to take advantage of this growth with excellent positions on all of the popular commercial airplanes and also on important defense and space programs with good future growth prospects."
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit
Healthcare Services Group, Inc. (NASDAQ: HCSG) October 12, 2010, Bensalem, PA reported that revenues for the three months ended September 30, 2010 increased over 9% to $195,114,000 compared to $178,829,000 for the same 2009 period. Net income for the three months ended September 30, 2010 increased approximately 12% to $9,169,000 or $.21 per basic and per diluted common share, compared to the 2009 third quarter net income of $8,225,000 or $.19 per basic and per diluted common share.
Revenues for the nine months ended September 30, 2010 increased over 12% to $571,868,000 compared to $510,134,000 for the same 2009 period. Net income for the nine months ended September 30, 2010 increased approximately 7% to $25,318,000 or $.58 per basic and $.57 per diluted common share compared to the 2009 nine month period net income of $23,776,000 or $.55 per basic and $.54 per diluted common share.
The board of directors has declared a third quarter 2010 regular quarterly cash dividend of $.2325 per common share, payable on November 5, 2010 to shareholders of record at the close of business October 22, 2010. This represents an increase over the dividend declared for the 2010 second quarter, as well as an increase of 16% over the 2009 same period payment. It is the 30th consecutive regular quarterly cash dividend payment, as well as the 29th consecutive increase since the company’s initiation of regular quarterly cash dividend payments in 2003.
Additionally, the board of directors has declared a three-for-two stock split in the form of a 50% stock dividend payable on November 12, 2010 to holders of record of its common stock at the close of business November 8, 2010. All fractional share interests will be rounded up to the nearest whole number. The effect of this action will be to increase common shares outstanding by approximately 22,000,000 shares.
Holly Energy Partners, L.P. (NYSE: HEP) October 26, 2010, Dallas, TX, announced declaration of its cash distribution, for the third quarter of 2010, of $0.835 per unit, $3.34 annualized. The distribution is a 1.2% increase over the current rate of $0.825. This increase marks the twenty-fourth consecutive quarterly increase. The distribution will be paid November 12, 2010, to unitholders of record November 5, 2010. The ex-dividend date is November 3, 2010. Yield on the distribution is 6.7%.
Holly Energy Partners, L.P. is engaged principally in the business of operating a system of petroleum product and crude oil pipelines, storage tanks, distribution terminals and loading rack facilities in west Texas, New Mexico, Utah, Arizona, Oklahoma, Idaho and Washington. It generates revenues by charging tariffs for transporting petroleum product and crude oil through its pipelines and by charging fees for terminalling refined products and other hydrocarbons, and storing and providing other services. On December 1, 2009, the company acquired certain logistics and storage assets from an affiliate at Sinclair’s refinery located in Tulsa, Oklahoma, and acquired from Holly Corporation two newly constructed pipelines consisting of a 65-mile, 16-inch crude oil pipeline.
Hudson Valley Holding Corp. (NASDAQ: HUVL) October 27, 2010, Yonkers, NY, reported net income of $4.1 million, or $0.25 per diluted share, for the third quarter ending September 30, 2010, compared to a net loss of $10.9 million or $(0.68) per diluted share during the prior quarter and net income of $6.9 million or $0.58 per diluted share during the same period last year.
Net interest income for the parent company of Hudson Valley Bank was $27.3 million in the third quarter 2010, compared to $28.6 million the same period the year prior. Non-interest income was $3.8 million in the third quarter of 2010, compared to $3.3 million the same period the year prior.
Hudson Valley, which serves middle-market commercial customers and their principals in metropolitan New York City and lower Connecticut, significantly improved profitability over the prior quarter, maintained its strong capital position and increased its quarterly dividend by 50 percent to $0.15 per share.
"Third quarter results reflect industry-wide softness in loan demand, partially offset by the early success of our push into the market for high-quality multi-family lending, as well as Hudson Valley's ability to continue growing core deposits, maintaining a low cost of funds, generating superior net interest margin and running a very efficient operation," President and Chief Executive Officer James J. Landy said. "We're also pleased to report excellent progress in executing our strategy for improving the credit quality of our loan portfolio."
Loans totaled $1.7 billion at September 30, 2010, decreasing 1.8 percent and 5.7 percent from June 30, 2010 and December 31, 2009, respectively. The decrease reflects generally soft loan demand and Hudson Valley's strategy for improving the credit quality of its portfolio. The decline has been partially offset by Hudson Valley's efforts to leverage its strong capital position and ample liquidity to make credit available to new and existing customers. For example, the multi-family loan program launched by the bank earlier this year has a very active pipeline, with more than $39 million in new multi-family loans booked and another $28 million in commitments.
Hudson Valley continued to grow core deposits to $2.2 billion at the end of the third quarter of 2010, an increase of 10.0 percent over core deposits of $2.0 billion at the end of the prior year.
As previously disclosed, earlier in 2010, Hudson Valley adopted a more aggressive approach to resolving problem loans, accruing $28.5 million in loan loss provisions and recognizing $21.1 million in charge-offs in the second quarter.
For the third quarter of 2010, Hudson Valley booked a $6.6 million provision and recognized charge-offs of $17.4 million.
Hudson Valley reduced total nonperforming loans from $70.0 million at the beginning of the third quarter of 2010 to $42.1 million at September 30. The reduction includes the transfer of $21.9 million in nonperforming loans to loans held-for-sale.
Charge-offs for the third quarter of 2010 were $17.4 million, about $14 million of which was related to the aforementioned loan sale.
"Our sale of nonperforming loans, which we believe had limited potential for productive workouts, is well underway," Landy said. "This loan sale reduces exposure to future losses. Economically, we expect to be better off by taking the hit today, moving on with these problem loans off our books, and setting ourselves up for much improved portfolio credit quality. We're comfortable with what we believe is conservative provisioning and our $36.9 million allowance for loan losses, based on our view of the portfolio at the close of the third quarter."
The Hudson Valley Board of Directors declared a cash dividend of $0.15 per share payable to all common stock shareholders of record as of the close of business November 8, 2010. The dividend will be distributed to shareholders on or about November 19, 2010.
Interface, Inc. (Nasdaq: IFSIA), October 28, 2010, Atlanta, GA a worldwide floor coverings company, announced that its board of directors has declared a regular quarterly cash dividend of $0.02 per share, representing an increase in the regular quarterly dividend. The $0.02 per share dividend is payable November 26, 2010 to shareholders of record as of November 12, 2010.
Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market.
Lakeland Bancorp, Inc. (NASDAQ: LBA) October 14, 2010, Oak Ridge, NJ, reported the following developments in the third quarter of 2010: Net Income in the third quarter of 2010 totaled $4.9 million, which compared to $2.0 million for the same period last year. Net Income Available to Common Shareholders was $3.3 million or $0.14 per diluted hare for the third quarter of 2010, as compared to $1.1 million, or $0.05 per diluted share reported in the third quarter of 2009. As previously reported, the Company repaid $20.0 million of the previously outstanding $59.0 million in preferred stock to the U.S.
Department of the Treasury under the Capital Purchase Program in the third quarter of 2010. This repayment will result in annualized savings of $1.2 million due to the elimination of the associated preferred dividends and related discount accretion. A non-cash charge of $898,000 was recorded in the third quarter of 2010, reflecting the acceleration of the preferred stock discount accretion related to the preferred stock repaid. This charge had an impact of ($0.04) per diluted share in the third quarter 2010 results. The Company declared a quarterly cash dividend of $0.06 per common share, an increase of $0.01 per common share from the previous quarter. The cash dividend will be paid on November 15, 2010 to holders of record as of the close of business on October 29, 2010. The Company also declared a dividend of 5% for the quarterly dividend payment due November 15, 2010 for the remaining preferred stock issued to the U.S. Department of the Treasury under the Capital Purchase Program.
Linn Energy (NASDAQ: LINE) October 25, 2010, Houston, TX, announced a cash distribution for the third fiscal quarter of 2010 of $0.66 per unit, or $2.64 per unit on an annualized basis, for all of its outstanding units.
This distribution represents an increase of approximately five percent over the second quarter distribution of $0.63 per unit. The distribution will be payable on November 12, 2010, to unitholders of record at the close of business on November 4, 2010.
"The five-percent increase in our quarterly cash distribution is a reflection of LINN's acquisition success, significant organic growth and positive outlook for the future," said Mark E. Ellis, President and Chief Executive Officer of LINN Energy. "We have announced or closed approximately $1.2 billion in acquisitions so far in 2010 and are financially positioned to continue the pursuit of additional accretive acquisitions. The distributable cash flow generated from these acquisitions and our successful horizontal drilling program in the Granite Wash provided us with the ability to increase our distribution this quarter. We believe our expected organic growth rate alone may provide us with the ability to consistently grow distributions while simultaneously increasing distribution coverage. Additionally, continued accretive acquisitions could serve to increase this trend even further."
LINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-20 U.S. independent oil and natural gas development company, with approximately 2.4 Tcfe of proved reserves in producing U.S. basins as of year-end 2009 (pro forma for closed and pending acquisitions in 2010).
LMP Capital and Income Fund Inc. (NYSE: SCD) New York, NY, announced a new, higher quarterly distribution rate of $0.1500 per common share payable December 30, 2010. The board of directors of the Fund also approved the new quarterly distribution rate of $0.1500 per share for calendar year 2011.
The December distribution schedule appears below: For the month of December 2010, the Ex-Date is December 21, 2010, Record Date is December 23, 2010, and the Payable Date is December 30, 2010. The amount payable is $0.15 per common share.
The Fund had previously paid a quarterly distribution of $0.1300 per share; the December 2010 distribution represents an increase of 15.4% over the prior 2010 distribution rate.
During 2010, the Fund’s managers continued along the path they began in 2009: reducing the Fund’s exposure to fixed income and increasing the Fund’s exposure to high quality, relatively high yielding equities. Consistent with this continued shift, the managers who are responsible for making allocation decisions between investments in fixed income and equity securities continue to believe that equities are more attractive than fixed income at this point in time, given the low interest rate environment and relatively high level of equity dividend yields. Additionally, the Fund’s managers took advantage of the Fund’s low borrowing costs and the pullback in equity markets over the summer to opportunistically increase the Fund’s debt leverage to $100 million, which is equivalent to a leverage ratio of approximately 20%.
The Fund’s managers also continued to place an emphasis on companies which, in their opinion, possess sound or improving balance sheets and strong free cash flows, coupled with attractive business models. The Fund's managers believe that these high-quality, dividend-paying companies can be attractive candidates for long-term investment. During 2010, many of the Fund’s equity holdings raised their dividends, increasing the income earned by the Fund.
During 2010, many areas in the fixed income market saw the emergence of record low yields. The Fund’s managers capitalized on the strong performance in the fixed income market by further reducing the fixed income portion of the portfolio. The proceeds of these sales were redeployed in equities with the aforementioned characteristics. The Fund's managers will continue to assess the fixed income markets and may increase the allocation to this sector when they believe better opportunities present themselves.
These portfolio actions resulted in the Fund earning significantly more income, which formed the basis of the increase in the distribution rate. As they have in 2009 and 2010, the Fund's distributions in 2011 are likely to continue to rely heavily on net investment income generated by the portfolio. Short-term and long-term capital gains and returns of capital are not likely to be a significant factor in the composition of the distributions.
In addition to the beneficial effect that these portfolio actions have had on the income stream generated by the portfolio, they have also driven strong performance from a total return perspective. The Fund returned 7.1% based on net asset value and 14.4% based on market price for the nine-month period ending September 30, 2010.
Under the terms of the Fund's managed distribution policy, the Fund seeks to maintain a consistent quarterly distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund's aggregate net investment income and net realized capital gains are less than the amount of the quarterly distribution level, the difference will be distributed from the Fund's assets and will constitute a return of the shareholder's capital. A return of capital is not taxable as a dividend; rather it reduces a shareholder's tax basis in his or her shares of the Fund. The Board of Directors may reduce the Fund's quarterly distribution rate in the future or terminate or suspend the managed distribution policy at any time. Any such reduction in the quarterly distribution rate, termination or suspension could have an adverse effect on the market price.
LTC Properties, Inc. (NYSE: LTC) October 20, 2010, Westlake Village, CA announced that it increased its previously declared monthly cash dividend to $0.14 per share on its common stock for the months of November and December of 2010.
On October 4, 2010, the company declared a monthly cash dividend of $0.13 per common share for the months of October, November and December 2010, payable on October 29, November 30 and December 31, 2010, respectively, to stockholders of record on October 21, November 22 and December 23, 2010, respectively. The cash dividend of $0.13 per common share for the month of October 2010 remains unchanged as do all of the previously announced payable and record dates.
The company is a self-administered real estate investment trust that primarily invests in long-term care and other health care related facilities through mortgage loans, facility lease transactions and other investments.
Magellan Midstream Partners, L.P. (NYSE: MMP) October 20, 2010, Tulsa, OK has increased the partnership’s quarterly cash distribution to 74.5 cents per unit for the period July 1 through Sept. 30, 2010.
The third-quarter distribution is 2% higher than the second-quarter 2010 distribution of 73.25 cents per unit and 5% higher than the third-quarter 2009 distribution of 71 cents. The new distribution, which equates to $2.98 per unit on an annualized basis, will be paid Nov. 12 to unitholders of record at the close of business on Nov. 5.
Magellan Midstream Partners, L.P. is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products, such as gasoline and diesel fuel, and crude oil.
Matthews International Corporation (NASDAQ: MATW) October 14, 2010, Pittsburgh, PA, declared a quarterly dividend of $0.08 per share on the company's common stock. The quarterly dividend has been increased one cent per share, or 14%, from $0.07 to $0.08. The dividend is payable November 8, 2010 to stockholders of record October 25, 2010.
Joseph C. Bartolacci, President and Chief Executive Officer, stated, "Throughout the current recession, the company's cash flow and balance sheet remained strong. Although we continue to be cautious as the economy recovers, we are confident in our long-term growth strategies. As such, we believe this dividend increase is appropriate." Mr. Bartolacci noted that Matthews has increased its dividend every year since the company became a publicly traded stock in July 1994.
Matthews International Corporation, headquartered in Pittsburgh, Pennsylvania, is a designer, manufacturer and marketer principally of memorialization products and brand solutions. Memorialization products consist primarily of bronze memorials and other memorialization products, caskets and cremation equipment for the cemetery and funeral home industries. Brand solutions include graphics imaging products and services, marking products, and merchandising solutions. The Company's products and services include cast bronze memorials and other memorialization products; caskets; cast and etched architectural products; granite memorials; cremation equipment and cremation-related products; mausoleums; brand management; printing plates and cylinders, pre-press services and imaging services for the primary packaging and corrugated industries; marking and coding equipment and consumables, and industrial automation products for identifying, tracking and conveying various consumer and industrial products, components and packaging containers; and merchandising display systems and marketing and design services.
Mercury General Corporation (NYSE: MCY) November 1, 2010, Los Angeles, CA reported for the third quarter of 2010:
The board of directors declared a quarterly dividend of $0.60 per share, representing a 1.7% increase over the quarterly dividend amount paid in 2009. The dividend is to be paid on December 30, 2010 to shareholders of record on December 16, 2010.
Net investment income of $36.0 million (after tax, $32.3 million) in the third quarter of 2010 increased by 2.2% compared to the same period in 2009. The investment income after-tax yield was 4.1% on average investments (fixed maturities at amortized cost, equities and short-term investments at cost) of $3.1 billion for the third quarter 2010. This compares with an investment income after-tax yield of 4.0% on average investments of $3.2 billion for the same period in 2009. Net investment income for the nine months of 2010 was $108.4 million (after tax $97.0 million), a decrease of 0.9% compared to the same period in 2009. The investment income after-tax yield was 4.2% on average assets of $3.1 billion for the nine months of 2010. This compares with an investment income after-tax yield of 4.1% on average investments of $3.2 billion for the same period in 2009.
Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers in many states.
Mesabi Trust (NYSE: MSB) October 15, 2010, New York. NY declared a distribution of ninety-one cents ($0.91) per Unit of Beneficial Interest payable on November 20, 2010 to Mesabi Trust unitholders of record at the close of business on October 30, 2010. This compares to a distribution of twenty-two cents ($0.22) per Unit for the same period last year. The sixty-nine cents ($0.69) per Unit increase over the same period last year is attributable to increases in the volume of shipments of iron ore pellets during the most recent quarter and for the year to date.
Mesabi Trust is a royalty trust organized under the laws of the State of New York in 1961 to derive income from an iron mine (the Peter Mitchell Mine) located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. Under various agreements the mine is operated by Northshore Mining Company (“Northshore”), a subsidiary of Cleveland-Cliffs Inc. (“CCI”). Northshore mines the ore, which is in the form of taconite, a hard rock containing approximately 21% recoverable iron, crushes it, separates the iron particles from the non-metallic, and forms the resulting concentrate into pellets which are shipped for use in steel-producing blast furnaces of customers of CCI, an international mining company, the largest producer of iron ore pellets in North America.
Northshore pays royalties to the Trust primarily based on the selling price of pellets shipped from Northshore’s pellet plant at Silver Bay, Minnesota, on Lake Superior approximately 45 miles from the mine, plus a significantly smaller royalty based on tons of ore extracted at the mine. Information about the reserve capacity and current pellet production of the mine can be found in the Trust’s most current Annual Report on From 10-K filed with the U.S. Securities and Exchange Commission, and available through the “SEC Filings” tab on this website.
The Trust is publicly held, and units of beneficial interest are traded on the New York Stock Exchange under the ticker symbol “MSB.” The Trust is a pass-through entity and its revenues are not taxed to the Trust but are taxed to the unitholders. As a condition to the Trust not being taxed as a corporation for Federal income tax purposes, the Trust is not permitted to engage in any business other than the collection and distribution of royalties and payment of expenses.
While there are a number of documents affecting the Trust, the mine and lands owned by the Trust adjacent to the mine, the two most significant documents are the Agreement of Trust dated July 18, 1961, as amended October 25, 1982, which provides for the management and administration of the Trust, and the Amendment of Assignment, Assumption and Further Assignment of Peters Lease dated August 17, 1989, which provides for the mining, processing and sale of iron ore products by Northshore and the payment of royalties to the Trust based on those sales. The payment of royalties, consisting of base royalties, bonus royalties and, at times, a minimum advance royalty, is quite detailed and is described more fully in the Trust’s most current Annual Report on From 10-K filed with the U.S. Securities and Exchange Commission, and available through the “SEC Filings” tab on this website.
The Agreement of Trust has a duration ending 21 years after the death of the last survivor of 25 individuals living at the inception of the Trust, all of whom are named in an exhibit to the Agreement of Trust and were alive several years ago when the Trustees investigated this matter. The Amendment of Assignment has a duration ending when the reserves of minerals which are the subject of that agreement are exhausted.
Met-Pro Corporation (NYSE: MPR) October 21, 2010, Harleysville, PA, Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation announced today that the company's board of directors, at their meeting on October 20, 2010, increased the quarterly dividend by 10% from $0.06 to $0.066 per share. This equates to $0.266 per share on an annualized basis.
The increased dividend will be payable on December 17, 2010 to shareholders of record at the close of business on December 3, 2010.
"We are pleased that the strength of our Company and its strong cash flow and balance sheet allow us to reward our shareholders by increasing our cash dividend," stated De Hont. "This decision confirms the Board's continued confidence in the underlying fundamental strength of our Company to create long-term sustainable growth and value for our shareholders. This is the thirty-sixth consecutive year that Met-Pro Corporation has paid either a cash or stock dividend."
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, is a leading niche-oriented global provider of product recovery, pollution control and fluid handling solutions. The Company's diverse and synergistic solutions and products address the world's growing need to meet more stringent emission regulations, reduce energy consumption and employ green technology. Through its global sales organization, internationally recognized brands, and operations in the United States, Canada, Europe and The People's Republic of China, Met-Pro's solutions, products and systems are sold to a well-diversified cross-section of customers and markets around the world. For more information, please visit
Molex Incorporated (Nasdaq: MOLX) October 26, 2010, Lisle, PA reports Q1 EPS of $0.45, ex-items, 1 cent better than the analyst estimate of $0.44. Revenue for the quarter was $897.7 million, which compares to the estimate of $867.01 million. Sees Q410 revs of $850 - $890 million and an EPS of $0.38 - $0.44, compared to the consensus EPS of $0.45 and revs of $870.24 million.
The board of directors has approved an increase in the quarterly cash dividend to $0.175 per share, $0.70 annualized. The dividend is an increase of 14.8% from the previous cash dividend of $0.1525 per share. The increase is effective for the cash dividend payable on January 25, 2011 to shareholders of record on December 31, 2010. The ex-dividend date is December 29, 2010. Yield on the dividend is 3.1%.
Molex Incorporated is engaged in the manufacture and sale of electronic components. It designs, manufactures and sells more than 100,000 products, including terminals, connectors, planar cables, cable assemblies, interconnection systems, backplanes, integrated products and mechanical and electronic switches. It also provides manufacturing services to integrate specific components into a customer’s products. The connectors, interconnecting devices and assemblies are used principally in the telecommunications, data, consumer, industrial and automotive markets. The products are used in a range of applications, including desktop and notebook computers, computer peripheral equipment, mobile phones, digital electronics such as cameras and flat panel display televisions, automobile engine control units and adaptive braking systems, factory robotics and diagnostic equipment. As of June 30, 2010, the Company operated 39 manufacturing locations located in 16 countries.
National Retail Properties, Inc. (NYSE: NNN), October 15, 2010 Orlando, FL, a real estate investment trust, declared a quarterly dividend of 38 cents per share payable November 15, 2010 to common shareholders of record on October 29, 2010. This quarterly dividend payment brings the total dividend paid for 2010 to $1.51 per share, marking the twenty-first consecutive annual dividend increase for National Retail Properties. National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2010, the company owned 1,014 Investment Properties in 43 states with a gross leasable area of approximately 11.4 million square feet.
NewMarket Corporation (NYSE: NEU) October 18, 2010, Richmond, VA declared a quarterly dividend in the amount of 44.0 cents per share on the common stock of the corporation. The dividend is payable January 1, 2011 to NewMarket shareholders of record at the close of business on December 15, 2010. This is an increase of 6.5 cents per share.
NewMarket Corporation through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products.
Northeast Indiana Bancorp, Inc., (OTC Bulletin Board: NIDB) October 27, 2010, Huntington, IN announced that it will pay a cash dividend of $0.175 per common share. This represents a 2.9% increase over the Company's previous quarter dividend of $0.17 per common share. The dividend will be payable on November 23, 2010 to shareholders of record on November 9, 2010.
Commenting on the increased cash dividend, Northeast Indiana Bancorp Chairman and CEO Stephen E. Zahn stated, "The company continues to earn the dividend as evidenced by $1.50 earnings per common share over the past four quarters. The board of directors continues to have confidence in the company's operating performance and elected to reward shareholders with an increased cash dividend."
The book value of NIDB's stock was $19.58 per common share as of September 30, 2010. The last reported trade of stock at the close of business on October 26, 2010 was $11.50 per common share and the number of outstanding shares was 1,239,946 as of the same date. The annualized dividend yield is currently 6.1% when annualizing the current quarter cash dividend of $0.175 per common share against the October 26, 2010 closing price of $11.50 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and four full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne. The company is traded on the Over the Counter Bulletin Board under the symbol "NIDB". .
NuStar Energy L.P. (NYSE: NS) October 25, 2010, San Antonio, TX announced distributable cash flow available to limited partners for the third quarter of $84.0 million, or $1.30 per unit, compared to 2009 third quarter distributable cash flow of $61.5 million, or $1.13 per unit.
The partnership also announced that its board of directors has declared a third quarter 2010 distribution of $1.075 per unit, which is $0.01 per unit or approximately 1% higher than the second quarter 2010 and third quarter 2009 distributions of $1.065 per unit. The third quarter 2010 distribution will be paid on November 5, 2010, to holders of record as of November 1, 2010. Distributable cash flow available to limited partners covers the distribution to the limited partners by 1.21 times for the third quarter of 2010.
NuStar Energy L.P. reported third quarter net income applicable to limited partners of $58.4 million, or $0.90 per unit, compared to $56.1 million, or $1.03 per unit, earned in the third quarter of 2009. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $131.0 million for the third quarter of 2010 compared to $124.4 million for the third quarter of 2009.
“I am excited to announce that our third quarter results were better than we expected when earnings guidance was provided in early August,” said Curt Anastasio, Chief Executive Officer and President of NuStar Energy L.P. and NuStar GP Holdings, LLC. “Higher than projected throughputs on our crude, refined products and ammonia pipelines and improved asphalt margins in our asphalt and fuels marketing segment caused our results to be higher than anticipated.”
“I am particularly pleased that, all three of our business segments generated higher operating income and EBITDA in the third quarter of 2010 and for the nine months ended September 30, 2010 when compared to the same periods in 2009. As a result of these strong results, we were able to increase our third quarter 2010 distribution,” said Anastasio.
NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio, with 8,417 miles of pipeline; 88 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids; and two asphalt refineries with a combined throughput capacity of 104,000 barrels per day. The partnership’s combined system has over 93 million barrels of storage capacity. One of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation, NuStar has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom.
Oil-Dri Corporation of America (NYSE: ODC) October 12, 2010, Chicago, IL announced net sales of $219,050,000 for the fiscal year ended July 31, 2010, a 7% decrease compared with net sales of $236,245,000 for the previous fiscal year. Net income for the fiscal year was $9,458,000, or $1.30 per diluted share, a 2% decrease compared with net income of $9,586,000, or $1.33 per diluted share, for fiscal 2009.
Net sales for the fourth quarter were $54,653,000, a 2% decrease compared with net sales of $55,934,000 in the same quarter one year ago. Net income for the quarter was $2,416,000, or $0.33 per diluted share, a 6% decrease compared with net income of $2,552,000 or $0.35 per diluted share, in the same quarter one year ago.
President and Chief Executive Officer Daniel S. Jaffee said, "Our business has done well this fiscal year and we are pleased with the results considering the significant distribution loss of our Cat's Pride cat litter due to the brand reduction program implemented by one of our largest customers. Despite this loss, we were able to increase Cat's Pride sales with other retail partners through strategic marketing incentives. This gave us new distribution points and strengthened customer relationships.
"The Business to Business Products Group had increased sales and a significant increase in income during the fiscal year driven by a combination of new customers and product sales mix. These increases helped to offset the Cat's Pride sales reductions. Fluids purification and animal health products both made significant contributions.
"During the year, the Board of Directors increased dividends for the seventh year in a row and authorized an additional 250,000 shares for repurchase under our Common Stock buy-back program.
"Of particular importance this fiscal year has been our cash balance that now exceeds our notes payable by over $6,000,000. We are very pleased with the continued improvements in our key metrics as indicated below."
Omega Healthcare Investors, Inc. (NYSE: OHI) October 14, 2010 Hunt Valley, MD announced a common stock dividend of $0.37 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, and declared its regular quarterly dividend for the company's Series D preferred stock.
The company's board of directors announced today a common stock dividend of $0.37 per share, to be paid November 15, 2010 to common stockholders of record on October 29, 2010. At the date of this release the company had approximately 98.2 million outstanding common shares.
The board also declared its regular quarterly dividend for the Series D preferred stock, payable November 15, 2010 to preferred stockholders of record on October 29, 2010. Series D preferred stockholders of record will be paid dividends in the approximate amount of $0.52344 per preferred share. The liquidation preference for the company's Series D preferred stock is $25.00 per share. Regular quarterly preferred dividends represent dividends for the period August 1, 2010 through October 31, 2010.
Omega Healthcare Investors, Inc. is a real estate investment trust investing in and providing financing to the long-term care industry. At June 30, 2010, the company owned or held mortgages on 395 skilled nursing facilities, assisted living facilities and other specialty hospitals with approximately 46,007 licensed beds (44,250 available beds) located in 34 states and operated by 46 third-party healthcare operating companies.
ONEOK, Inc. (NYSE: OKE) October 21, 2010, Tulsa OK increased the quarterly dividend to 48 cents per share of common stock from 46 cents per share, effective for the third quarter 2010, payable Nov. 12, 2010, to shareholders of record at the close of business Oct. 29, 2010.
"This dividend increase - our third this year - reflects our continued confidence in the company and its ability to deliver strong earnings and cash flow," said John W. Gibson, ONEOK president and chief executive officer.
ONEOK indicated previously that it expects to increase its dividend 50 percent to 60 percent between 2011 and 2013, subject to board of directors' approval.
Since January 2006, the company has increased the dividend 10 times, representing a 71 percent increase during that period.
ONEOK, Inc. is a diversified energy company. We are the general partner and own 42.8 percent of ONEOK Partners, L.P. (NYSE: OKS), one of the largest publicly traded master limited partnerships gathering, processing, storing and transporting 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 2 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 and is included in Standard & Poor's (S&P) 500 Stock Index.
ONEOK Partners, L.P. (NYSE: OKS) October 20, 2010, Tulsa, OK increased the partnership's quarterly cash distribution to $1.13 per unit from $1.12 per unit, effective for the third quarter 2010, resulting in an annualized cash distribution of $4.52 per unit. The distribution is payable Nov. 12, 2010, to unitholders of record as of Oct. 29, 2010.
"Our continued focus on growth has provided the opportunity to once again increase distribution payments to our unitholders," said John W. Gibson, chairman, president and chief executive officer of ONEOK Partners. "Our investments in new growth projects have given us the ability to expand our operating footprint and meet the needs of our customers, while, at the same time, continuing to increase distributions to unitholders."
ONEOK Partners indicated previously that it expects to increase its distribution by one cent per quarter in 2011 and between 5 percent to 10 percent annually in 2012 and 2013, subject to board of directors' approval.
ONEOK Partners has increased its distribution by 41 percent since April 2006, when a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE) became the sole general partner.
ONEOK Partners, L.P. (NYSE: OKS) is one of the largest publicly traded master limited partnerships, and 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. Its general partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified energy company, which owns 42.8 percent of the overall partnership interest. ONEOK is one of the largest natural gas distributors in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.
Oritani Financial Corp. (NASDAQ: ORIT) October 28, 2010, Township of Washington, NJ, the holding company for Oritani Bank (the "Bank") reported net income of $7.2 million, or $0.14 per basic and fully diluted share, for the three months ended September 30, 2010, as compared to net income of $4.5 million, or $0.08 per basic and fully diluted share, for the corresponding 2009 period.
The Company also reported that its Board of Directors has declared a $0.10 quarterly cash dividend on the Company's common stock. The $0.10 dividend rate represents an increase of $0.025, or 33.3%, from the Company's previous dividend rate of $0.075 per share. The record date for the dividend will be November 10, 2010 and the payment date will be November 23, 2010.
"I am extremely pleased to announce the results of a very successful quarter, as well as a 33% increase in our dividend rate, as we begin our corporate life as a fully public company," said Kevin J. Lynch, the Company's Chairman, President and CEO. "The difficult economic environment is certainly providing challenges but we have been able to deploy much of the funds raised in our recent second step stock offering and our net interest income continues to expand significantly."
Mr. Lynch continued, "Problem loan resolution remains a primary focus. I was pleased that, over the quarter, we were able to dispose of the two recently acquired REO properties at a net profit, and that we were able to finally get title to two additional properties, which will facilitate their disposal. There was a slight decrease in overall delinquencies during the quarter, and there was an increase in nonaccrual loans. Our efforts have not decreased but acceptable resolution remains difficult, due in large part to the lengthening time period required to obtain title through foreclosure via the judicial process, which is inhibiting our ability to resolve these matters."
PAA Natural Gas Storage, L.P. (NYSE: PNG) October 19, 2010, Houston, TX announced a dividend of 33.75 cents per share, an increase of about 60% over its prior dividend in July of 21.1 cents. The distribution will be payable on November 12, 2010, to holders of record of such units at the close of business on November 2, 2010.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership (“MLP”) engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products (together "LPG").
Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE: PNG), Plains All American Pipeline, L.P. is engaged in the development and operation of natural gas storage facilities. It owns and operates a diversified portfolio of strategically located assets that play a vital role in the movement of U.S. and Canadian energy supplies. On average the limited partnership handles over 3 million barrels per day of crude oil, refined products and LPG through a network of assets located in key North American producing basins and transportation gateways. As an MLP, the enterprise makes quarterly distributions of available cash to Unitholders. Since its initial public offering in 1998, the enterprise has increased its quarterly distribution by 111% to its current level (with November 2010 distribution) of $0.9500 per unit, or $3.80 per unit on an annualized basis. The common units are traded on the New York Stock Exchange under the symbol "PAA." The storage facility limited partnership is traded under the symbol “PNG.” The enterprise is headquartered in Houston, Texas.
Paccar Inc. (NASDAQ: PCAR) September 14, 2010, Bellevue, WA declared a 33 percent increase to the quarterly cash dividend from nine cents ($.09) to twelve cents ($.12) per share, payable December 6, 2010, to stockholders of record at the close of business on November 19, 2010.
“This increase in the quarterly dividend reflects improvement in PACCAR’s net income,” said Mark Pigott, chairman and chief executive officer. “While conditions in the commercial vehicle markets remain challenging, net income has more than tripled through the first two quarters of 2010 to $167.9 million ($.46 per diluted share) compared to $52.8 million ($.14 per diluted share) for the same period in 2009. PACCAR has earned a net profit for 71 consecutive years and has paid a dividend every year since 1941.”
PACCAR has invested in its production facilities throughout the recession. PACCAR held a ribbon-cutting ceremony for its new state-of-the-art engine manufacturing facility at Columbus, Mississippi during September. The ceremony was attended by Mississippi Governor Haley Barbour, state and local officials, and business and education leaders. The facility is the most technologically advanced commercial vehicle diesel engine facility in North America.
The PACCAR MX engine was recently introduced as a premium heavy-duty engine in Kenworth and Peterbilt trucks. “PACCAR’s MX environmentally friendly engine is designed to deliver outstanding performance in a wide range of applications. We are very pleased with the positive feedback we are receiving from customers regarding performance and fuel economy,” noted Craig Brewster, PACCAR vice president.
Pacific Northern Gas Ltd. (TSE: PNG) October 26, 2010, Vancouver, BC, Canada announced that its board of directors declared a 7 percent increase in the quarterly dividend to 30 cents per share on the Company's common shares. The dividend will be payable December 21, 2010 to shareholders of record at the close of business on December 7, 2010.
The net loss for the three months ended September 30, 2010 was $2.2 million compared with a net loss of $1.7 million for the corresponding period in 2009. After providing for preferred share dividends, the basic loss per common share in the three months ended September 30, 2010 was $0.64 compared with a loss per common share of $0.49 for the same period in 2009.
The company's natural gas distribution business is very seasonal, with higher sales in the colder winter months and lower sales in warmer months. Given that a substantial portion of its gas sales are used for space heating purposes, the company earns in excess of its annual net income in the first and fourth quarters of its fiscal year and generally realizes losses in the other two quarters.
The reduction in earnings for the quarter is mainly attributed to the recognition of the amortization of the Methanex termination payment of $1.6 million in the third quarter for 2009.
Residential deliveries were approximately 2% lower in the three months ended September 30, 2010 and lower by 15% in the nine months ended September 30, 2010 relative to deliveries over the same periods in 2009. Total commercial deliveries were approximately 7% higher in the three months ended September 30, 2010 and lower by 16% in the nine months ended September 30, 2010 relative to deliveries over the same periods in 2009. The lower residential deliveries were mainly due to a lower number of customers and declining use per customer in the Western system offset by higher deliveries to residential customers in the Northeast region due to colder weather experienced during the three month period ending September 30, 2010 compared to the same period in 2009. For the nine month period ended September 30, 2010, weather was 10% warmer compared to the same period in 2009, with resulting lower deliveries in 2010 compared to 2009.
Industrial deliveries were lower by approximately 32% for both the three month and nine month periods ended September 30, 2010 compared to the same periods in 2009. The decrease in industrial deliveries is comprised of a 54% decrease in large industrial customer deliveries, mainly due to the closure of the West Fraser Kitimat linerboard mill, combined with a 13% decrease in small industrial deliveries. The decrease in small industrial customer deliveries relates primarily to the Northeast system. Deferral accounts are in place that recover or refund margin differences resulting from deliveries to large industrial customers and to some small industrial customers varying from the forecast approved for rate making purposes.
Operating revenues in the three months ended September 30, 2010 were $9.7 million compared with $10.5 million in the corresponding period in 2009. The decrease was mainly due to the Methanex amortization payment no longer being amortized into income in 2010. For 2010, this amount is being recovered through customer rates and the lower volumes in the summer months results in a timing difference in its recognition in revenues. Another contributing factor to the lower revenues is the lower commodity cost of gas embedded in rates as a result of declining gas market prices. These decreases have been partially offset by the recognition of the impact of the KSL Project.
The company continues to pursue the KSL Project to loop its mainline transmission system from Kitimat to Summit Lake through its 50% ownership of Pacific Trail Pipelines Limited Partnership ("PTP"). The KSL Project would provide gas transportation services for up to 1.0 billion cubic feet per day, primarily for the proposed LNG export terminal ("Terminal") to be located approximately 15 kilometers southwest of Kitimat. The projected cost of constructing approximately 470 kilometers of up to 36 inch diameter pipeline and associated compression facilities, is $1.2 billion based on estimates made in 2006.
On January 13, 2010 Apache Corporation's subsidiary Apache Canada Ltd. ("Apache") acquired 51% of the Terminal. Apache also acquired a 25.5% interest in PTP from Galveston LNG Inc., the parent company of Kitimat LNG Inc., the original owner of the Terminal.
On May 18, 2010 EOG Resources Inc.'s Canadian subsidiary EOG Resources Canada Inc. ("EOG") agreed to acquire the shares of Galveston LNG Inc. Through the acquisition, EOG will acquire 49% of the Terminal and a 24.5% interest in PTP.
Subject to a number of conditions, construction of the KSL Project by PTP is planned to commence in 2012 for completion in 2014 when the Terminal is planned to begin operation. Conditions to construction include the securing of contracts for use of PTP's transportation capacity, financing for construction of the KSL Project, and additional regulatory approvals for the KSL Project such as a Certificate of Public Convenience and Necessity ("CPCN") from the Commission and other permits from the B.C. Oil and Gas Commission. The company will continue working to finalize transportation reservation agreements for the KSL Project with the expectation of filing an application with the Commission for a CPCN following successful negotiation of these agreements. The company can give no assurances that such agreements will be signed or other conditions will be satisfied or that construction of the KSL Project by PTP will proceed.
In the third quarter of 2010, the company commenced the detailed design phase of the KSL Project and commenced capitalization of these expenditures. These expenditures involve more detailed engineering work to provide detailed information into the design and construction plan of the project and meet the criteria for capitalization. The company has also secured contingent financial support from prospective shippers for this phase of the project. The company's share of expenditures incurred and capitalized in the third quarter relating to engineering and technical studies was $360,000. The company's share of total 2010 expenditures to September 30 was $916,000 ($655,000 after income taxes) of which $360,000 has been capitalized. The company expects its 50 percent share of the project development costs in the last quarter of 2010 will be approximately $1.9 million, the majority of which will be capitalized.
In addition to the declaration of the common share dividends, the board of directors declared a semi-annual dividend of 84.375 cents per share on the company's 6-3/4 percent cumulative, redeemable, preferred shares, payable January 1, 2011 to the shareholders of record at the close of business on December 16, 2010.
Parker Hannifin Corporation (NYSE: PH), October 28, 2010 Cleveland, OH a manufacturer of motion and control equipment and processes, announced that its board of directors increased the company's regular quarterly cash dividend to 29 cents per share of common stock and declared a dividend payable December 3, 2010 to shareholders of record as of November 10, 2010. This represents a 7 percent increase over the previous quarterly dividend of 27 cents per common share and is the company's 242nd consecutive quarterly dividend, resulting in a total distribution to shareholders of approximately $47 million.
"This increase reflects the board's confidence in the company’s financial strength and our ability to consistently generate strong cash flows over a long period of time, even through the economic downturn and now as we are in the early phase of a recovery," said Tim Pistell, Executive Vice President - Finance and Administration and Chief Financial Officer. "This is the third dividend increase we have implemented this calendar year demonstrating our commitment to strong returns for our shareholders. Our performance in the first quarter of fiscal 2011 is evidence that we continue to improve the financial performance of the company. We reported record earnings per diluted share, record total segment operating margins and continued to produce strong operating cash flow."
Parker Hannifin reported annual sales of $10 billion in fiscal year 2010. Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 55,000 people in 46 countries around the world.
PartnerRe Ltd. (NYSE,Euronext:PRE) October 25, 2010, Pembroker, Bermuda, announced that its board of directors has increased the annual dividend to $2.20 per common share, from $2.00 per common share. This marks the second increase in the common share dividend this year.
The board declared a regular quarterly dividend of $0.55 per common share. The dividend will be payable on December 1, 2010, to common shareholders of record on November 19, 2010, with the stock trading ex-dividend commencing November 17, 2010.
In other capital management activities, the company repurchased 1.1 million common shares during the third quarter of 2010 for a total cost of $82.4 million. This brings the total number of common shares repurchased during the first nine months of 2010 to 9.0 million common shares at a total cost of $682.5 million. At September 30, 2010, the company had 74.6 million common shares outstanding.
PartnerRe Ltd. is a global reinsurer, providing multi-line reinsurance to insurance companies. The company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion. At June 30, 2010, total assets were $23.6 billion, total capital was $7.9 billion and total shareholders' equity was $7.1 billion.
Peabody Energy Corporation (NYSE: BTU) October 21, 2010, St. Louis, MO, approved a 21 percent increase in the regular quarterly dividend on common stock, to $0.085 per share. The increased dividend is payable on Nov. 26, 2010, to holders of record on Nov. 4, 2010.
"Peabody Energy is again raising its dividend, recognizing our substantial operating cash flows and record liquidity levels," said Peabody Chairman and Chief Executive Officer Gregory H. Boyce. "This is the second dividend increase in the past year, and we are pleased to be able to continue to expand our total shareholder returns even as we implement our major growth initiatives around the world."
Peabody Energy is the world's largest private-sector coal company and a global leader in clean coal solutions. With 2009 sales of 244 million tons and $6 billion in revenues, Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.
Pennichuck Corporation (NASDAQ: PNNW) October 29, 2010, Merrimack, NH announced that the company's board of directors has authorized a 2.8 percent cash dividend increase above the September 1, 2010 quarterly cash dividend payment. The company will commence paying the increased dividend on December 1, 2010 to shareholders of record as of November 15, 2010. Beginning with the December 1, 2010 payment, Pennichuck's quarterly dividend will increase to $.185 per share from $.18 per share ($.74 per share versus $.72 per share per annum).
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and commercialization of real estate in southern New Hampshire.
Perrigo Company (NASDAQ: PRGO) October 27, 2010, Allegan, MI announced that its board of directors declared a quarterly dividend of $0.07 per share, payable on December 14, 2010 to shareholders of record on November 26, 2010. The new quarterly dividend of $0.07 per share represents a twelve percent increase over $0.0625 per share paid in the last four quarters.
Perrigo Company is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products. The company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The company's primary markets and locations of manufacturing facilities are the United States, Australia, Israel, Mexico and the United Kingdom.
Prosperity Bancshares, Inc. (NASDAQ: PRSP) October 22, 2010, Houston, TX will increase its quarterly dividend payout to 17.5 cents a share from 15.5 cents a share.
The dividend announcement came along with reported third-quarter earnings of $32.2 million, or 69 cents a share. Earnings increased from $31.7 million, or 68 cents a share, in the second quarter and $29.3 million, or 63 cents a share, during the third quarter of 2009.
The lender has achieved remarkably consistent earnings performance through the credit crisis, with strong asset quality. The return on average assets (ROA) for the third quarter was 1.36%, and the ROA has exceeded 1% for every quarter since the end of 2007, except for the third quarter of 2008 when it was 0.91%, according to SNL Financial.
The company said its return on equity for the third quarter was 9.06%.
CEO David Zalman said ""We continue to be cautiously optimistic about the Texas economy," adding that the company was "winning new business in all of our markets and we believe the opportunities for future growth are good."
Total assets were $9.4 billion as of September 30, increasing 6% over the past year as the company acquired the three Texas branches from U.S. Bancorp. Prosperity then acquired 19 Texas branches in April from First Bank of Creve Coeur, Mo.
Rayonier (NYSE: RYN) October 18, 2010, Jacksonville, FL, announced that its board of directors voted to increase the company's regular quarterly cash dividend by $.04 per common share, or 8 percent, from $.50 per share to $.54, effective for the fourth quarter distribution.
The fourth quarter dividend is payable Dec. 31, 2010, to shareholders of record on Dec. 10, 2010. This is the company's fifth dividend increase since its announcement to convert to a REIT structure in 2003.
"Increasing the dividend demonstrates the strength of Rayonier's balanced business mix and ability to generate cash, as well as our confidence in growing future cash flows," said Lee M. Thomas, chairman and CEO. "As a REIT, providing shareholders with an attractive, tax-advantaged dividend is one of our key objectives."
Rayonier's dividend is expected to be characterized as long-term capital gain and taxed at a maximum rate of 15 percent for most U.S. taxpayers.
Rayonier is an international forest products company with three core businesses: Timber, Real Estate and Performance Fibers. The company owns, leases or manages 2.5 million acres of timber and land in the United States and New Zealand. The company's holdings include approximately 200,000 acres with residential and commercial development potential along the Interstate 95 corridor between Savannah, Ga., and Daytona Beach, Fla. Its Performance Fibers business is one of the world's leading producers of high-value specialty cellulose fibers. Approximately 45 percent of the company's sales are outside the U.S. to customers in approximately 40 countries. Rayonier is structured as a real estate investment trust.
Reynolds American Inc. (NYSE: RAI) October 15, 2010, Winston-Salem, NC announced the following: "Reynolds American announces dividend increase, two-for-one stock split and 2011 retirement of CEO Ivey."
Reynolds American Inc. (NYSE: RAI) is the parent company of R.J. Reynolds Tobacco Company; American Snuff Company, LLC; Santa Fe Natural Tobacco Company, Inc.; and Niconovum AB.
RockTenn Company (NYSE: RKT) October 29, 2010, Norcross, GA reported that its board of directors declared a dividend of $0.20 per share on its Class A Common Stock to shareholders of record at the close of business on November 9, 2010.
The dividend, which will be paid on November 22, 2010, represents an annual dividend rate of $0.80 per share.
Rock-Tenn Company is a manufacturer of packaging products, recycled paperboard, containerboard, bleached paperboard and merchandising displays. The company operates in four segments: Consumer Packaging, Corrugated Packaging, Merchandising Displays and Specialty Paperboard Products. The Consumer Packaging segment consists of facilities that manufacture coated paperboard products and convert paperboard into folding cartons. The Corrugated Packaging segment consists of facilities that manufacture containerboard and produce corrugated packaging and sheet stock. The Merchandising Displays segment consists of facilities that produce displays. The Specialty Paperboard Products segment consists of facilities that manufacture specialty paperboard and convert paperboard into interior packaging, convert specialty paperboard into laminated paperboard products, and facilities that collect recovered paper.
Rogers Communications Inc. (NYSE: RCI) October 26, 2010, Toronto, ON, Canada is a Canadian communications and media company.
The company raised its quarterly dividend 4.1% to $0.32/share.
The dividend is payable on January 4, 2011 to shareholders of record on November 18, 2010. The ex-dividend date is November 16, 2010. The yield based on the new payout is 3.54%.
Rogers Communications Inc. is a diversified Canadian communications and media company with its operations in Canada. The Company is engaged in wireless voice and data communications services through Canada’s Wireless provider. Through Cable, it is a provider of cable television services, as well as high-speed Internet access, telephony services and video retailing. Through Media, it is engaged in radio and television broadcasting, televised shopping, magazines and trade publications, and sports entertainment. Rogers operates under three segments: wireless, cable and media. On May 31, 2009, the Company acquired K-Rock 1057 Inc.
RPC, Inc. (NYSE:RES) October 27, 2010, Atlanta, GA, dropped 0.30% to $23.44. The company announced that its board of directors have declared a 16.7% increase in the regular quarterly cash dividend from $0.06 per share to $0.07 per share payable December 10, 2010 to common stockholders of record at the close of business on November 10, 2010. The dividend will be paid on pre-split shares.
RPC, Inc. (RPC) provides a range of specialized oilfield services and equipment primarily to independent and oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Rocky Mountain and Appalachian regions, and in selected international markets. The services and equipment provided include pressure pumping services, coiled tubing services, snubbing services (also referred to as hydraulic workover services), nitrogen services, the rental of drill pipe and other specialized oilfield equipment, downhole tool rental services and firefighting and well control. RPC acts as a holding company for its operating units, Cudd Energy Services, Patterson Rental and Fishing Tools, Bronco Oilfield Services, Thru Tubing Solutions, Well Control School and others. RPC’s service lines are aggregated into two segments: Technical Services and Support Services.
RPM International Inc. (NYSE: RPM) October 7, 2010, Medina, OH announced at its annual meeting of stockholders that its board of directors declared a regular quarterly cash dividend of $0.21 per share, payable on October 29, 2010, to stockholders of record as of October 18, 2010. This payment represents a 2.4% increase over the $0.205 quarterly cash dividend paid at this time last year.
"This latest dividend increase reflects our directors' confidence in RPM's performance and strong cash flow, despite challenging economic conditions."
At the annual meeting, stockholders re-elected four Class I members of RPM's board of directors to three-year terms expiring in 2013. Those elected were Frank C. Sullivan; Thomas C. Sullivan, chairman emeritus of RPM International Inc.; William A. Papenbrock, retired partner of Calfee, Halter & Griswold LLP; and David A. Daberko, retired chairman and chief executive officer of National City Corporation, now a part of PNC Financial Services Group, Inc.
In addition, stockholders ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending May 31, 2011.
RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services serving both industrial and consumer markets. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. Industrial brands include Stonhard, Tremco, illbruck, Carboline, Flowcrete, Universal Sealants and Euco. RPM's consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP, Varathane and Testors.
Sara Lee Corp. (NYSE: SLE) October 28, 2010, Downers Grove, IL, board of directors declared a regular quarterly dividend of $.115 per share on the company's common stock. This represents an increase of 4.5 percent, for an annualized dividend pay-out of $0.46 per common share. The dividend is payable on Dec. 31, 2010, to stockholders of record at the close of business on Dec. 1, 2010. The board decided to accelerate the payment of the dividend by one week so that stockholders can benefit from the lower dividend tax rate that is currently set to expire at calendar year end. Sara Lee Corp. has paid quarterly dividends to its stockholders continuously for more than 60 years, and today's announcement represents the 259th consecutive quarterly dividend declared by the corporation.
Sara Lee is the processor and distributer of leading food and beverage brands, including Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Sara Lee and Senseo. Collectively, the brands generate nearly $11 billion in annual net sales. Sara Lee has approximately 33,000 employees in its continuing operations worldwide.
Senior Housing Properties Trust (NYSE: SNH | October 5, 2010 Newton, MA announced a higher common dividend of $0.37 per share for the quarter, reflecting an annual rate of $1.48 per share.
The dividend will be paid on or about 12 November 2010 to all shareholders of record as of the close of business on 15 October 2010.
Senior Housing Properties Trust is a real estate investment trust (REIT). As of December 31, 2009, the company owned 298 properties located in 35 states and Washington, D.C. Its portfolio includes 232 senior living properties with 26,937 living units/beds, 56 medical office, clinic and biotech laboratory buildings (MOBs) with 2.9 million square feet of space, and 10 wellness centers with approximately 812,000 square feet of interior space plus outdoor developed facilities.
Shenandoah Telecommunications Company (NASDAQ: SHEN) October 19, 2010, Edinburg, VA declared a cash dividend of $0.33 per share. The dividend is an increase of $0.01 per share or 3% over the 2009 dividend. The dividend will be payable December 1, 2010, to shareholders of record on November 9, 2009. The total payout to shareholders will be approximately $7.8 million.
Shenandoah Telecommunications Company is a holding company that provides a broad range of telecommunications services through its operating subsidiaries. The company's operating subsidiaries provide local and long distance telephone, Internet and data services, cable television, wireless voice and data services along with many other associated solutions in the Mid-Atlantic United States.
Simon Property Group, Inc. (NYSE: SPG) November 1, 2010, Indianapolis, IN,the nation's largest mall operator, reported that funds from operations for the third quarter declined 34% from last year, reflecting a significant loss on debt extinguishment.
However, the company's adjusted results reflected revenue growth, higher occupancy and improved rents.
Funds from operations per share dropped, but came in line with analysts' expectations, while quarterly revenues grew and topped their estimates. The company also adjusted its earnings forecast
The company announced that the board of directors approved the declaration of a quarterly common stock dividend of $0.80 per share, an increase of 33%. This dividend is payable on November 30, 2010 to stockholders of record on November 16, 2010.
The company also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred (NYSE: SPGPrJ) Stock of $1.046875 per share, payable on December 31, 2010 to stockholders of record on December 17, 2010.
“I am very pleased with our quarterly results and with today's significant dividend increase," said David Simon, Chairman and Chief Executive Officer. "Operating performance was strong as our U.S. regional mall and Premium Outlet portfolio generated comparable property net operating income growth of 3.6% in the third quarter. Our tenants also experienced a strong 10.6% increase in sales in the quarter as compared to the third quarter of 2009."
"It was also an eventful quarter, with the completion of several significant transactions including the acquisition of the Prime Outlets portfolio and the sale of our interests in Simon Ivanhoe. In addition, we continued enhancing our conservative balance sheet with the August $1.3 billion senior unsecured notes tender and $900 million notes issuance, extending the duration of our senior notes portfolio while decreasing the weighted average interest."
Simon Property Group, Inc. is a United States real estate company. Simon owns or has an interest in 373 retail real estate properties, including regional malls, Premium Outlets, The Mills, community/lifestyle centers and international properties comprising 256 million square feet of gross leasable area in North America, Europe and Asia.
Somerset Hills Bancorp (NASDAQ: SOMH) October 21, 2010, Bernardsville, NJ, parent company of Somerset Hills Bank (the "Bank"), reported net income available to common stockholders of $689,000, or $0.13 per diluted share, for the quarter ended September 30, 2010 versus $462,000, or $0.08 per diluted share, for the third quarter of 2009 and $601,000, or $0.11 per diluted share, for the second quarter of 2010. For the first nine months of 2010, net income available to common stockholders was $1.7 million, or $0.31 per diluted share, versus $1.1 million, or $0.19 per diluted share, for the first nine months of 2009.
Net income available to common stockholders for the nine months ended September 30, 2009 was negatively impacted by $350,000 due to accretion, dividends, and repurchase premium related to $7.4 million of preferred stock issued in January 2009 to the U.S. Treasury under the Capital Purchase Program. During the second quarter of 2009, the Company repurchased all shares of preferred stock and warrants issued to Treasury, thus eliminating any dilutive effect in prospective periods.
Stewart E. McClure, Jr., President and CEO, stated, "Despite a difficult general economy, which continues to stress much of our industry, the Bank's net income increased for the fifth consecutive quarter and return on assets reached 0.86%, reflecting strong performance in all areas of the Bank. Our asset quality metrics remain among the best in the Nation. At quarter-end, the Bank's nonperforming asset ratio was only 0.17% and loans past due 30 to 89 days were only 0.08% of total loans." Mr. McClure continued, "Our Board of Directors made a decision to increase the quarterly cash dividend by one cent to $0.06 per share, taking into consideration the Company's core earnings growth, strong capital, and sound credit quality. The dividend yield on our stock, based on the price as of the close of business yesterday, is 3.0%. Looking ahead, we have started to see modest growth potential for our loan portfolio and we expect this to continue into the fourth quarter. Meanwhile, our deposit growth remains very strong. Average core deposits increased by an annualized 20.8% from the second quarter of 2010 and now represent 84.4% of total deposits."net operating income growth of 3.6% in the third quarter. Our tenants also experienced a strong 10.6% increase in sales in the quarter as compared to the third quarter of 2009," Chairman and CEO David Simon said in a statement.
Standex International Corporation (NYSE: SXI) October 27, 2010, Salem, NH announced that its board of directors has declared a quarterly cash dividend of $0.06 per share, which is payable November 24, 2010 to shareholders of record November 8, 2010. The Company's previous quarterly cash dividend was $0.05 per share.
The dividend is the company's 185th consecutive quarterly cash dividend. Standex has paid dividends each quarter since it became a public corporation in November 1964.
"The decision to increase our quarterly dividend reflects the continued strength of Standex's balance sheet and the board's confidence in our growth strategy and the outlook for our business(1)," said President and CEO Roger Fix.
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Air Distribution Products Group, Engineering Technologies Group, Engraving Group and Electronics and Hydraulics Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, India and China.
Stepan Company (NYSE: SCL) October 20, 2010, Northfield, IL reported third quarter and year-to-date results for the period ended September 30, 2010. Net sales for the third quarter rose 12 percent to $366.8 million on a four percent increase in sales volume coupled with a nine percent increase in selling prices attributable to higher raw material costs. Third quarter net income was $19.2 million versus $19.5 million in the prior year. Year-to-date net income rose five percent to $56.9 million versus $54.3 million in the prior year. The dividend was increased by 8.3 percent to an annual rate of $1.04 per common share. This marks the forty-third consecutive annual dividend increase. Cash flow from operations remained strong with cash on hand of $111.0 million and debt, net of cash, of $66.5 million, or 16.3 percent, net debt to capitalization ratio. The company produces specialty and intermediate chemicals, which are sold to other manufacturers.
StoneMor Partners L.P. (NASDAQ: STON) October 25, 2010, Levittown, PA announced that it has increased its cash distribution to $0.5650 per unit, payable on November 12, 2010, to common and subordinated unit holders of record as of the close of business on November 5, 2010.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 256 cemeteries and 63 funeral homes in 27 states and Puerto Rico. StoneMor is the only publicly traded deathcare company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.
Strayer Education Inc. (STRA) October 28, 2010, offers academic programs via traditional classroom and online courses. October 28th the company increased its quarterly dividend 33% to $1.00/share. The dividend is payable on December 10, 2010 to shareholders of record as of November 26, 2010. The ex-dividend date is November 24, 2010. The yield based on the new payout is 3.16%.
Strayer Education, Inc. is a post-secondary education services corporation. The Company offers a range of academic programs through its wholly owned subsidiary Strayer University, Inc., both in classroom courses and online via the Internet. Strayer University is an institution of higher learning that offers undergraduate and graduate degree programs in business administration, accounting, information technology, education, health care, public administration and criminal justice at 78 physical campuses in Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, and Washington, D.C. As of December 31, 2009, the Company had more than 54,000 students enrolled in its programs. The company has also developed an online education program.
Suburban Propane Partners, L.P. (NYSE: SPH), October 21, 2010, Whippany, NJ, a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, today announced that its Board of Supervisors declared the 27th increase (since the Partnership's recapitalization in 1999) in the Partnership's quarterly distribution from $0.845 to $0.85 per Common Unit for the three months ended September 25, 2010. This represents the Partnership's 18th consecutive increase in the quarterly distribution rate, which equates to an annualized rate of $3.40 per Common Unit, an increase of $0.02 per Common Unit from the previous distribution rate, and a growth rate of 2.4% compared to the fourth quarter of fiscal 2009. The distribution at this increased rate is payable on November 9, 2010 to Common Unitholders of record as of November 2, 2010.
Suburban Propane Partners, L.P. is a publicly-traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928. The Partnership serves the energy needs of approximately 800,000 residential, commercial, industrial and agricultural customers through more than 300 locations in 30 states.
TAL International Group, Inc. (TAL) October 27, 2010, Purchase, NY, leases intermodal freight containers, and also engages in container management and sales. October 27th the company raised its quarterly dividend 14.3% to $0.40/share. The dividend is payable on December 23, 2010 to shareholders of record at the close of business on December 2, 2010. The ex-dividend date is November 30, 2010. The yield based on the new payout is 6.42%.
TAL International Group, Inc. is a lessor of intermodal containers and chassis. The company operates its business in one industry, intermodal transportation equipment, and has two business segments: Equipment leasing and Equipment trading. Equipment leasing owns, leases and disposes of containers and chassis from its lease fleet, as well as manages containers owned by third parties. Equipment trading purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container traders and users of containers for storage or one-way shipment. Its operations include the acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis. As of December 31, 2009, its total fleet consisted of 701,946 containers and chassis, including 31,137 containers under management for third parties, representing 1,139,523 20-foot equivalent units (TEU).
Targa Resources Partners LP (NYSE:NGLS) October 8, 2010, Houston, TX announced that the board of directors of its general partner has declared a quarterly cash distribution of 53.75¢ per common unit, or $2.15 per common unit on an annualized basis, for the third quarter of 2010. The approved distribution reflects an increase of approximately 2% over the previous quarter's distribution and approximately 4% over the distribution for the third quarter of 2009. This cash distribution will be paid November 12, 2010 on all outstanding common units to holders of record as of the close of business on October 18, 2010.
Targa Resources Partners is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting and selling natural gas liquids, or NGLs, and NGL products. The Partnership owns an extensive network of integrated gathering pipelines and gas processing plants and currently operates along the Louisiana Gulf Coast primarily accessing the offshore region of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the Fort Worth Basin in North Texas. Additionally, our natural gas liquids logistics and marketing assets are located primarily at Mont Belvieu and Galena Park near Houston, Texas and in Lake Charles, Louisiana with terminals and transportation assets across the United States.
TC PipeLines, LP (NASDAQ: TCLP) October 20, 2010, Houston, TX announced the board of directors of TC PipeLines GP, Inc., its general partner, declared the Partnership’s third quarter 2010 cash distribution of $0.75 per common unit. This cash distribution is an increase of $0.02 per common unit from the second quarter 2010 distribution representing a 2.7 per cent increase. The distribution represents an increase of $0.08 per common unit on an annualized basis.
“We are pleased to increase our quarterly distribution to unitholders,” said Steve Becker, president of TC PipeLines GP, Inc. “The strong business fundamentals of Northern Border and Great Lakes, which are supported by the increased volumes being moved on our pipelines to market, has enabled us to raise our quarterly distribution. Looking forward, our energy infrastructure assets are well positioned to capture natural gas volumes coming out of the U.S. Rockies on the Bison pipeline and rising volumes from the development of the Montney and Horn River shale gas plays in the Western
Canadian Sedimentary Basin.”
This cash distribution is the 46th consecutive quarterly distribution paid by the Partnership and is payable on November 12, 2010 to unitholders of record at the close of business on October 31, 2010.
TC PipeLines, LP has interests in approximately 3,700 miles of federally regulated U.S. interstate natural gas pipelines, including Great Lakes Gas Transmission Limited Partnership (46.45 per cent ownership), Northern Border Pipeline Company (50 per cent ownership), North Baja Pipeline, LLC (100 per cent ownership) and Tuscarora Gas Transmission Company (100 per cent ownership). Great Lakes is a 2,115-mile natural gas pipeline system serving markets in Minnesota, Wisconsin, Michigan and eastern Canada. The 1,249-mile Northern Border Pipeline transports natural gas from the Montana-Saskatchewan border to markets in the midwestern United States. North Baja is an 80-mile bi-directional pipeline system that transports natural gas between southwestern Arizona and a point on the California/Mexico border where it connects with a natural gas pipeline system in Mexico. Tuscarora is a 240-mile pipeline system that transports natural gas from Oregon, where it interconnects TransCanada Corporation’s Gas Transmission Northwest System, to markets in Oregon, California, and Nevada. TC PipeLines, LP is managed by its general partner, TC PipeLines GP, Inc., an indirect wholly-owned subsidiary of TransCanada Corporation. TC PipeLines GP, Inc. also holds
common units of TC PipeLines, LP. Common units of TC PipeLines, LP are quoted on the NASDAQ Global Select Market and trade under the symbol “TCLP.”
TESSCO Technologies Incorporated (NASDAQ: TESS) October 13, 2010, Hunt Valley, MD a leading provider to the wireless communication industry, today announced its results for the second quarter of fiscal 2011 ended September 26, 2010.
"It was an excellent quarter as we architected and delivered new innovative product plus value-chain solutions for our customers to deploy and use wireless-based systems," said Robert B. Barnhill, TESSCO's Chairman, President and CEO. "The convergence of wireless and the internet is creating exciting new systems and applications. TESSCO is there, supporting our customers to take advantage of the opportunities and resolve the challenges being created by this convergence.
"Our results were driven by: Earning a greater share of our customers' purchases Developing new products and solutions Designing new innovative TESSCO proprietary products Entering new markets deploying new wireless voice, data and video systems Achieving greater effectiveness and productivity through relationship focused sales -- both internet and data based. "Our goal is to continue our trend of producing record results in the months and quarters ahead through aggressive execution of a very exciting and promising value proposition and strategic plan."
The company will continue its quarterly dividend program with another $0.10 per common share cash dividend payable on November 24, 2010 to holders of record on November 10, 2010. TESSCO has paid a dividend every quarter since the quarterly dividend program was initiated in August 2009. Like the August 2010 payment, this dividend represents a fifty percent increase as compared to the dividend amount paid when the program was initiated.
Any future declaration of dividends, and the establishment of record and payment dates, is subject to further determinations of the company's board of directors.
Texas Instruments Inc. (NYSE: TXN) October 21, 2010, Dallas, TX said that its board of directors has declared a quarterly cash dividend of $0.13 per share.
This is an increase compared with the prior quarterly dividend of $0.12 per share. The new quarterly dividend is payable on November 22 to shareholders of record on November 1.
Texas Instruments is a global semiconductor company, TI innovates through design, sales and manufacturing operations in more than 30 countries.
TMX Group, Inc. (TSE: X) October 27, 2010, Toronto, ON, Canada, operator of Canada's main stock market on Wednesday reported higher quarterly earnings and a dividend hike. TMX Group Inc., owner of the Toronto Stock Exchange and other trading markets, said net income in the third quarter rose 22 per cent to $50.8 million.
Earnings per share rose to 68 cents, up from 56 cents a year earlier - beating analysts' expectations for 64 cents.
The company credited more robust trading activity and lower expenses for the improved results. Revenue was up eight per cent to $141.6 million, and expenses were two per cent lower at $68.2 million. ``We are very pleased with our third quarter results,'' TMX CEO Thomas Kloet said in a statement. ``The resurgence in activity across some of our key revenue drivers, combined with focused cost control, led to strong growth in our bottom line.''
TMX boosted its quarterly dividend to 40 cents from 38 cents, its first dividend increase since 2007.
The higher dividend is payable Nov. 26 for those who have shares as of Nov. 12.
T. Rowe Price Group, Inc. (NASDAQ: TROW) October 18, 2010, Baltimore. MD announced that its board of directors has declared a quarterly dividend of $0.27 per share payable December 28, 2010 to stockholders of record as of the close of business on December 14, 2010.
With this dividend, T. Rowe Price's total dividends declared for the year 2010 will be $1.08 per share, an increase of 8% over the $1.00 per share declared for the year 2009. This marks the 24th consecutive year since going public that T. Rowe Price has increased its annual dividend payout.
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (www.troweprice.com) is a global investment management organization with $391.1 billion in assets under management as of June 30, 2010. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
UMB Financial Corporation (NASDAQ:UMBF) October 27, 2010, Kansas City, MO, a financial services holding company, declared at its quarterly meeting yesterday an increase in its quarterly cash dividend of $0.01 per share to $0.195 per share, payable on December 30, 2010 to shareholders of record at the close of business on December 10, 2010. This represents a 5.4 percent increase, and the tenth dividend increase since July 2003 with a total quarterly dividend increase of 95.0 percent.
UMB Financial Corporation is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to commercial, institutional and personal customers nationwide. Its banking subsidiaries own and operate 133 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.
VF Corporation (NYSE: VFC) October 21, 2010, Greensboro, NC, a global leader in branded lifestyle apparel, today announced record results for the third quarter of 2010. All per share amounts are presented on a diluted basis.
Third quarter revenues rose 7% to $2,232.4 million from $2,093.8 million in the third quarter of 2009. On a constant currency basis, revenues increased 8%. Net income rose 11% to $242.8 million, while earnings per share increased 14% to $2.22. Foreign currency translation rates negatively impacted earnings per share by $.06 in the quarter.
For the first nine months of 2010, revenues increased 5% to $5,576.4 million from $5,304.9 million in the 2009 period. Net income rose 31% to $517.1 million, while earnings per share increased 32% to $4.68.
"This quarter's strong organic revenue growth and record gross margins are a testament to VF's diverse business model and powerful brands," said Eric Wiseman, Chairman and Chief Executive Officer. "The investments we're making this year to drive growth in our strongest and most profitable businesses are clearly paying off."
The board of directors declared a quarterly cash dividend of $.63 per share, an increase of $.03 per share. The dividend is payable on December 20, 2010 to shareholders of record as of the close of business on December 10, 2010. This marks the 38th consecutive year of higher dividend payments to shareholders.
Visa Inc. (NYSE: V) October 20, 2010, San Francisco, CA announced that its board of directors had declared a 20% increase in the quarterly dividend aggregate amount on its class A common stock (determined in the case of class B and class C common stock on an as-converted basis) from $0.125 per share to $0.15 per share, payable on December 7, 2010, to all holders of record of the Company's class A, class B and class C common stock as of November 19, 2010. The quarterly dividend increase raises the annual dividend rate from $0.50 per share to $0.60 per share.
"This is the second consecutive year that the board has authorized a meaningful increase in Visa's dividend, demonstrating confidence in our business and our commitment to returning excess cash to shareholders," said Joseph Saunders, Chairman and Chief Executive Officer of Visa.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks - VisaNet - that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products.
Waddell and Reed Financial, Inc. (NYSE: WDR) October 26, 2010, Overland Park, KS, reported third quarter net income of $40.5 million, or $0.47 per diluted share, compared to net income of $34.2 million, or $0.40 per diluted share, in the second quarter of 2010 and net income of $33.4 million, or $0.39 per diluted share, during the third quarter of 2009.
In a release dated Oct. 26, the Company said sales during the quarter totaled $4.7 billion, compared to sales of $5.3 billion during the second quarter and sales of $5.1 billion during the third quarter of 2009. Net inflows were $658 million, compared to inflows of $731 million during the previous quarter and inflows of $2.4 billion during the same period last year.
On Oct. 14, the board of directors of Waddell and Reed Financial approved an increase in the quarterly dividend on its Class A common stock to $0.20 per share. This represents an increase of 5.3 percent over the previous dividend per share rate. The dividend is payable on Feb. 1, 2011 to stockholders of record as of Jan. 3, 2011.
"The increase in dividend reflects our commitment to using free cash flow in a manner consistent with enhancing stockholder value," said Henry Herrmann, chairman and chief executive officer of Waddell and Reed Financial.
Waddell & Reed, Inc., founded in 1937, is one of the oldest mutual fund complexes in the United States, having introduced the Waddell & Reed Advisors Group of Mutual Funds in 1940. Distribution of investment products is through the Waddell & Reed Advisors channel (a network of financial advisors), and a wholesale channel (encompassing broker/dealer, retirement, registered investment advisors as well as the activities of its Legend subsidiary), and an Institutional channel (including defined benefit plans, pension plans and endowments and our subadvisory partnership with Mackenzie in Canada).
Through its subsidiaries, Waddell & Reed Financial, Inc. provides investment management and financial planning services to clients throughout the United States. Waddell & Reed Investment Management Company serves as investment advisor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios, Inc. and Waddell & Reed InvestEd Portfolios, Inc., while Ivy Investment Management Company serves as investment advisor to Ivy Funds. Waddell & Reed, Inc. serves as principal underwriter and distributor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios, Inc. and Waddell & Reed InvestEd Portfolios, Inc., while Ivy Funds Distributor, Inc. serves as principal underwriter and distributor to Ivy Funds.
Washington Banking Company (NASDAQ: WBCO) October 28, 2010, Oak Harbor, WA, the holding company for Whidbey Island Bank, announced today that it increased the quarterly cash dividend to common shareholders by 67%. The board declared a regular cash dividend of $0.05 per common share, payable November 24 to common shareholders of record on November 8, 2010. This is the 50th consecutive quarter that Washington Banking has paid a cash dividend to holders of common stock.
In a separate release, Washington Banking reported third quarter results, including earnings of $0.86 per diluted common share for the 2010 third quarter.
Washington Banking Company is a bank holding company based in Oak Harbor, Washington, that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers' financial needs. Whidbey Island Bank operates 30 full-service branches located in six counties in Northwestern Washington.
Washington Real Estate Investment Trust (NYSE: WRT) October 27, 2010, Rockville, MD, announced a $0.005 per share increase in the annual dividend rate. The quarterly dividend of $.43375 per share will be paid on December 30, 2010 to shareholders of record on December 15, 2010.
This is WRIT's 196th consecutive quarterly dividend at equal or increasing rates. WRIT dividends have remained equal or increased for 48 consecutive years.
WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 88 properties totaling approximately 11 million square feet of commercial space and 2,540 residential units. These 88 properties consist of 26 office properties, 19 industrial/flex properties, 18 medical office properties, 14 retail centers, 11 multi-family properties and land for development.
Waste Connections, Inc. (NYSE: WCM) October 19, 2010, Folsom, CA announced its results for the third quarter of 2010. Revenue totaled $345.8 million, a 9.4% increase over revenue of $316.0 million in the year ago period. Operating income was $75.7 million, or 21.9% of revenue, versus $64.8 million in the third quarter of 2009. Net income attributable to Waste Connections in the quarter was $41.0 million, or $0.53 per share on a diluted basis of 77.9 million shares. In the year ago period, the Company reported net income attributable to Waste Connections of $34.2 million, or $0.43 per share on a diluted basis of 79.8 million shares. The effective tax rate in the quarter was 39.2% compared to 36.0% in the year ago period.
Adjusted net income attributable to Waste Connections in the quarter was $41.4 million*, or $0.53 per share*, adjusting primarily for acquisition-related costs expensed due to the implementation of new accounting guidance for business combinations effective January 1, 2009. Adjusted net income attributable to Waste Connections in the prior year period was $35.0 million*, or $0.44 per share*, also adjusted primarily for acquisition-related costs.
"We once again are extremely pleased with our results in the quarter as we exceeded the upper end of our expectations. Increased special waste activity and MSW volumes at our landfills, combined with continuing strength in recycled commodity values and discipline in core pricing, were the primary drivers of an approximate 110 basis points expansion in adjusted operating income before depreciation and amortization* as a percentage of revenue and a more than 20% increase in earnings per share compared to the year-ago period," said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer. "Our strong operating performance and free cash flow generation continue to de-lever our balance sheet despite increasing outlays for share repurchases and acquisitions. The stock split and quarterly dividend initiation also announced today reinforce our commitment to broaden our investor base and maximize returns to shareholders, while maintaining continuing flexibility to fund our growth strategy."
Mr. Mittelstaedt added, "Recent acquisition activity brings the total annualized revenue for signed or completed transactions year-to-date to approximately $40 million. In October, we acquired an E&P waste treatment and disposal company outside Lake Charles, Louisiana, that complements the integrated asset platform we acquired in Louisiana in July. We also signed an agreement to acquire Stutzman Refuse & Disposal Inc., a provider of solid waste collection and recycling services across 14 counties in central Kansas and contiguous to our existing operations; we expect this transaction to close in early November."
Waste Connections, Inc. is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S. The company serves approximately two million residential, commercial and industrial customers from a network of operations in 27 states. The company also provides intermodal services for the movement of containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997 and is headquartered in Folsom, California.
Wayside Technology Group, Inc. (NASDAQ: WSTG) October 28, 2010, Shrewsbury, NJ reported financial results for the third quarter ended September 30, 2010.
Cash and marketable securities amount to $14.2 million, representing 55% of equity as of September 30, 2010.
Net sales for the third quarter of 2010 increased 50% or $17.7 million to $53.0 million compared to $35.3 million for the same period in 2009. Total sales for the third quarter of 2010 for our Lifeboat segment were $38.4 million compared to $23.8 million in the third quarter of 2009, representing a 61% increase. Total sales for the third quarter of 2010 for our Programmer's Paradise segment were $14.6 million compared to $11.5 million in the third quarter of 2009, representing a 27% increase.
"The third quarter of 2010 was a record quarter for us," said Simon F. Nynens, Chairman and Chief Executive Officer. "Our continued high growth rate shows that our customers are exceedingly satisfied with our service model, as we continue to expand our offerings to our valued customers."
Sales for both segments showed strong growth. The increase in net sales for the three and nine months ended September 30, 2010 compared to the same periods in 2009, was mainly a result of our continued focus on the expanding virtual infrastructure-centric business, the addition of several key product lines, and the strengthening of our account penetration.
Gross Profit for the quarter ended September 30, 2010 was $5.1 million compared to $3.7 million for the third quarter of 2009, a 39% increase. Total gross profit for the Lifeboat segment was $3.4 million compared to $2.3 million in the third quarter of 2009, representing a 47% increase. This increase in gross profit was due to aggressive sales volume growth within the Lifeboat segment. Total gross profit for the Programmer's Paradise segment was $1.7 million compared to $1.4 million in the third quarter of 2009, representing a 25% increase. This increase was primarily due to the increased sales volume.
Total gross profit, as a percentage of net sales, for the third quarter of 2010 was 9.7%, compared to 10.5% in the third quarter of 2009.
The increase in gross profit dollars and the decrease in gross profit margin as a percentage of net sales was primarily caused by the aggressive sales growth within our Lifeboat segment, competitive pricing pressure in both segments, and also in part by having won several large bids based on aggressive pricing, which we plan to continue to do.
Wayside Technology is unified and integrated technology company providing products and solutions for corporate resellers, VARs, and developers, as well as business, government and educational entities. The company offers technology products from software publishers and manufacturers such as Acronis, CA, DataCore, Dell, Flexera Software (publishers of InstallShield), GFI, Hewlett Packard, Infragistics, Intel Software, Microsoft, Mindjet, Quest Software, SolarWinds, StorageCraft Technology, TechSmith, Veeam, Vizioncore, and VMware.
Western Gas Partners, LP (NYSE: WES) October 19, 2010, Houston, TX announced that the board of directors of its general partner has declared a cash distribution of $0.37 per unit for the third quarter of 2010, representing a 6-percent increase over the prior quarter and a 16-percent increase over the third quarter of 2009. The distribution is payable on Nov. 12, 2010 to unitholders of record at the close of business on Oct. 29, 2010.
"Today's quarterly distribution represents our sixth consecutive quarterly increase of $0.01 per unit," said Western Gas Partners' President and Chief Executive Officer Don Sinclair. "This quarter, we have also included an additional $0.01 per unit as a result of the overall performance of our portfolio year-to-date."
Western Gas Partners, LP is a growth-oriented Delaware limited partnership formed by Anadarko Petroleum Corporation (NYSE: APC) to own, operate, acquire and develop midstream energy assets. With midstream assets in East and West Texas, the Rocky Mountains and the Mid-Continent, the Partnership is engaged in the business of gathering, compressing, treating, processing and transporting natural gas for Anadarko and other producers.
WSI Industries, Inc. (Nasdaq:WSCI) October 19, 2010, Minneapolis, MN reported sales for the fourth quarter ended August 29, 2010, of $5,856,000 versus the prior year fiscal 2009 fourth quarter of $3,993,000, or an increase of 47%. The Company’s net income in the current year’s fourth quarter was $348,000 or $.12 per diluted share as compared to the prior year’s quarter of $35,000 or $.01 per diluted share.
For the full year, sales for fiscal 2010 were $18,827,000, a slight increase over the prior year amount of $18,766,000. For fiscal 2010 the Company experienced net income of $637,000 or $.23 per diluted share compared to the prior year’s net loss of $159,000 or $.06 loss per diluted share.
Michael J. Pudil, chief executive officer, commented: “We are pleased to report a dramatic increase in sales and earnings in our fiscal 2010 fourth quarter as compared to the same period last year. WSI experienced a surge in activity in our fourth quarter, and due to the steps we have taken to streamline our costs and improve efficiencies, we were able to capitalize on the increase in activity. Looking forward, we anticipate that overall fiscal 2011 will also show improvement from fiscal 2010.”
The company also announced today that its board of directors has declared a quarterly dividend of $.04 per share. The dividend will be payable November 17, 2010 to holders of record on November 3, 2010. Pudil commented: “We are also pleased to announce the reinstatement of the dividend program that was suspended in January 2009 because of uncertain economic conditions. We believe that a consistent dividend program is a further sign of WSI’s financial strength and improved business outlook. It is our objective to reward our shareholders with cash dividends as well as increasing share appreciation while, at the same time, maintaining our strong financial position. We believe the dividend program helps us accomplish these goals.”
WSI Industries, Inc. is a leading contract manufacturer that specializes in the machining of complex, high-precision parts for a wide range of industries, including avionics and aerospace, energy, recreational vehicles, small engines, marine, bioscience and the defense market.
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