Dividend Note No. 34. This is my report on dividend increases for some American and Canadian enterprises. I‘m listing one hundred and eight companies that have increased dividends during this three-week period.
The remarkable characteristic of the increased dividends reported here is the large number of companies posting the increases. Like the prior report the number of companies increasing their dividends is surprising given all of the other indications of a recession reported in the press.
Real estate firms, manufacturing firms, and transportation-related companies report increased dividends.
A few banks are reporting, not just payment of dividends, but payment of increased dividends. Computers and healthcare industries are among the increases. There are still some oil and gas enterprises reporting increases. The increases are from all sectors of the economy.
Some companies probably are paying out dividends during the current year to let shareholders benefit from the lower tax rates that expire at year-end.
Abington Bancorp, Inc.
Adams Resources and Energy, Inc.
AmTrust Financial Services, Inc.
Atmos Energy Corporation
Automatic Data Processing, Inc.
Baxter International Inc.
Becton, Dickinson and Company
Black Diamond Group Limited
Campbell Soup Company
Canadian Energy Services and Technology Corp.
Canadian Tire Corporation
Chicago Rivet and Machine Co.
Cinemark Holdings, Inc.
Columbia Sportswear Company
Computer Modelling Group Ltd.
Douglas Dynamics, Inc.
Dreyfus Municipal Income, Inc.
Emerson Electric Company
Equity LifeStyle Properties, Inc.
Estée Lauder Companies Inc.
Excel Trust, Inc.
Exco Technologies Limited
First PacTrust Bancorp, Inc.
Golar LNG Limited
Group 1 Automotive, Inc.
HandQ Healthcare Investors
HINGHAM INSTITUTION FOR SAVINGS
Home Capital Group Inc.
Kimco Realty Corporation
Laclede Group, Inc.
Lancaster Colony Corporation
Leggett and Platt
Lincoln National Corporation
LMP Corporate Loan Fund Inc.
Macquarie/First Trust Global Infrastructure/Utilities Dividend and Income Fund
Marriott International, Inc.
McCormick and Company Inc.,
MDU Resources Group, Inc.,
Mesa Laboratories, Inc.
MGC Capital Corporation
Middlesex Water Company
Montpelier Re Holdings Ltd.
Monro Muffler Brake, Inc.
National Bankshares, Inc.
National CineMedia, Inc.
National Oilwell Varco, Inc.
Nationwide Health Properties, Inc.
Neenah Paper, Inc.
New England Bancshares, Inc.
New Jersey Resources
Oriental Financial Group Inc.
Pan American Silver Corp.
Pason Systems Inc.
Plazacorp Retail Properties Ltd.
Principal Financial Group, Inc.
Prudential Financial, Inc.
RGC Resources, Inc.
Royal Gold, Inc.
Safety Insurance Group, Inc.
Ship Finance International Limited
Simon Property Group
South Jersey Industries
StanCorp Financial Group, Inc.
Starwood Hotels and Resorts Worldwide, Inc.
Starwood Property Trust
S.Y. Bancorp, Inc.
Teck Resources, Limited
Textainer Group Holdings Limited
TICC Capital Corp.
Total Energy Services Inc.
Tri-State 1st Banc Inc.
Tupperware Brands Corporation
Union First Market Bankshares Corporation
Union Pacific Corporation
United Bankshares, Inc.
Wendy’s Arby’s Group, Inc.
Westjet Airlines Ltd.
Yamana Gold, Inc.
York Water Company
Aaron's, Inc. (NYSE: AAN), November 3, 2010, Atlanta, GA, is a specialty retailer of residential furniture, consumer electronics and home appliances and accessories. It announced that its quarterly dividend rate has been raised to $.013 per share.
The board of directors of Aaron's, Inc. declared a quarterly cash dividend of $.013 per share on common stock and $.013 per share on Class A common stock, payable January 4, 2011 to shareholders of record as of the close of business on December 1, 2010. This is an increase of 8.3% from the previous quarterly dividend of $.012 per share on both classes of stock.
"We have increased our quarterly dividend rate now for five consecutive years," said Robert C. Loudermilk, Jr., President and Chief Executive Officer. "This dividend increase is a result of Aaron's growth and financial performance, and we continue to remain confident in the Company's future prospects."
Aaron's, Inc., based in Atlanta, currently has more than 1,770 company-operated and franchised stores in 48 states and Canada. The company also manufactures furniture and bedding at 11 facilities in five states.
Abington Bancorp, Inc. (NASDAQ: ABBC) November 24, 2010, Jenkintown, PA announced that its board of directors at their meeting on November 23, 2010, declared a quarterly cash dividend of $0.06 per share on the common stock of the Company payable on December 21, 2010 to the shareholders of record at the close of business on December 7, 2010. The dividend represents an increase of 20% from the previous quarter's dividend of $0.05 per share.
Abington Bancorp, Inc. is the holding company for Abington Bank. Abington Bank is a Pennsylvania-chartered, FDIC-insured savings bank which was originally organized in 1867. Abington Bank conducts business from its headquarters and main office in Jenkintown, Pennsylvania as well as twelve additional full service branch offices and seven limited service banking offices located in Montgomery, Bucks and Delaware Counties, Pennsylvania. As of September 30, 2010, Abington Bancorp had $1.26 billion in total assets, $902.4 million in deposits and $212.9 million in stockholders' equity.
Adams Resources and Energy, Inc., (AMEX: AE) November 12, 2010, Houston, TX announced unaudited third quarter 2010 net earnings of $2,762,000 or $.66 per common share. Revenues for the quarter totaled $502,455,000. Current results compare to unaudited third quarter 2009 net earnings of $639,000 or $.15 per common share. For the nine months ended September 30, 2010 unaudited net earnings were $6,241,000 or $1.48 per share on revenues totaling $1,583,381,000. Net cash provided by operating activities was $26,494,000 for the nine-month period ended September 30, 2010.
Chairman K. S. "Bud" Adams, Jr. attributed the third quarter 2010 earnings increase to improved demand within the company's transportation segment where operating earnings grew by 69 percent for the comparative quarter. The company also experienced improvement within the oil and gas production segment, as losses narrowed on the strength of increased commodity prices and reduced charges for prospect impairment valuations.
Adams Resources and Energy, Inc. also announced its board of directors has declared an annual cash dividend in the amount of $.54 per common share, payable on December 15, 2010 to shareholders of record as of December 1, 2010. The 2010 cash dividend represents an eight percent increase over the prior year amount.
AmerisourceBergen Corporation (NYSE: ABC) November 11, 2010, Valley Forge, PA increased the company's quarterly dividend rate 25 percent to $0.10 per common share from $0.08 per common share.
R. David Yost, AmerisourceBergen President and Chief Executive Officer, said, "We are pleased that for the fifth consecutive year, we have increased our dividend 25 percent or more, demonstrating our continued confidence in delivering long-term shareholder value."
The quarterly dividend of $0.10 per common share will be payable December 6, 2010, to stockholders of record at the close of business on November 22, 2010.
AmerisourceBergen is one of the world's largest pharmaceutical services companies serving the United States, Canada and selected global markets. Servicing both healthcare providers and pharmaceutical manufacturers in the pharmaceutical supply channel, the Company provides drug distribution and related services designed to reduce costs and improve patient outcomes.
AmerisourceBergen's service solutions range from pharmacy automation and pharmaceutical packaging to reimbursement and pharmaceutical consulting services. With $78 billion in annual revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and employs approximately 10,000 people.
AMETEK Inc. (NYSE: AME). November 12, 2010, Paoli, PAr announced that its board of directors has declared a three-for-two stock split and approved a 50% increase in the quarterly cash dividend on its common stock.
The three-for-two split of its common stock will result in the issuance of one additional common share for every two shares owned as of the record date. The new shares are payable on December 21, 2010, to shareholders of record on December 10, 2010. Any fractional shares resulting from the stock split will be paid in cash based on the closing market price of AMETEK stock on the record date. By splitting its stock, AMETEK expects to broaden the stock's marketability and improve its trading liquidity.
After reviewing the Company's strong financial position and future expectations, AMETEK's Board of directors also has decided to increase the quarterly common stock dividend 50%, to an indicated annual rate of $.36 per share ($.24 per share on a post-split basis). The Board of directors declared the fourth quarter dividend of $.09 per share ($.06 per share on a post-split basis), payable on December 21, 2010 to shareholders of record on December 10, 2010.
Frank S. Hermance, AMETEK Chairman and Chief Executive Officer commented, "Our Four Growth Strategies have resulted in significant increases in sales, profitability and cash flow. We remain firmly committed to these strategies, in particular our disciplined acquisition strategy, and believe they will continue to drive shareholder value in the future. Anticipated strong cash flows will enable us to continue to fully fund these growth strategies, while rewarding shareholders with a higher cash dividend."
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annualized sales of $2.5 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions and Alliances, Global and Market Expansion and New Products. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital.
AmTrust Financial Services, Inc. (NASDAQ: AFSI) November 3, 2010, New York, NY announced that its board of directors approved a fourteen percent increase in the common stock quarterly cash dividend, raising it from $0.07 to $0.08 per share of common stock. The dividend will be payable on January 18, 2011 to shareholders of record as of January 3, 2011.
"'This announcement reflects our board 's increasing confidence in AmTrust's business model and continued ability to deliver strong earnings," said Barry Zyskind, President and Chief Executive Officer of AmTrust. "This represents an increase in the quarterly dividend of over 33% from the fourth quarter of last year and is consistent with our strong commitment to delivering enhanced shareholder value."
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage.
Atmos Energy Corporation (NYSE: ATO) November 3, 2010, Dallas, said that its board of directors declared a quarterly dividend increase on the company's common stock to 34 cents a share. The indicated annual dividend is $1.36. This is the 23rd consecutive year that the company has increased its dividend.
The dividend will be paid on December 10, 2010, to shareholders of record on November 26, 2010. This is the company's 108th consecutive quarterly dividend.
Atmos Energy Corporation, headquartered in Dallas, is the country's largest natural-gas-only distributor, serving over three million natural gas distribution customers in more than 1,600 communities in 12 states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also provides natural gas marketing and procurement services to industrial, commercial and municipal customers primarily in the Midwest and Southeast and manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas.
Automatic Data Processing, Inc. (NYSE: ADP) November 9, 2010, Roseland, NJ, approved a 6% increase in the cash dividend to an annual rate of $1.44 per share, Gary C. Butler, president and chief executive officer, announced.
The new quarterly dividend of 36 cents per share compares with the previous quarterly dividend rate of 34 cents per share. This increased quarterly dividend will be distributed on January 1, 2011 to shareholders of record at December 10, 2010.
The increased cash dividend marks the 36th consecutive year in which the company has raised its dividend.
Automatic Data Processing, Inc. with nearly $9 billion in revenues and about 550,000 clients, is one of the world's largest providers of business outsourcing solutions. Leveraging over 60 years of experience, ADP offers a wide range of HR, payroll, tax and benefits administration solutions from a single source. ADP's easy-to-use, cost-effective solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine and recreational vehicle dealers throughout the world. www.ADP.com.
Baxter International Inc. (NYSE: BAX) November 9, 2010, Deerfield, IL declared a quarterly dividend of $0.31 per Baxter common share. This represents an increase of approximately 7 percent over the previous quarterly rate of $0.29 per share. The dividend is payable on January 5, 2011, to shareholders of record as of the close of business on December 10, 2010.
Baxter continues to generate strong cash flow and has returned significant value to shareholders in the form of dividends and share repurchases. Since the beginning of 2010, Baxter has returned approximately $2.0 billion to shareholders through dividends totaling $688 million and share repurchases of approximately $1.3 billion (or 26 million shares).
"Our disciplined capital allocation strategy and ongoing ability to generate strong cash flow allow us to continue to invest for the long-term while returning significant value to our shareholders," said Robert J. Hombach, chief financial officer.
Baxter International Inc., through its subsidiaries, develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.
Becton, Dickinson and Company (NYSE: BDX), November 23, 2010, Franklin Lakes, NJ declared a quarterly dividend of 41 cents per common share, an increase of 4 cents per share, or 10.8%, from the previous quarter. The dividend will be payable on December 31, 2010 to holders of record on December 10, 2010. At the current rate, the annual dividend for fiscal year 2011 would be $1.64 cents per share.
"This marks the 38th consecutive year in which BD has increased our dividend, reflecting the Company's sustained strong performance and cash flow," said Edward J. Ludwig, BD Chairman and Chief Executive Officer. "We are pleased to be able to continue to create value for our shareholders while also making strategic investments for BD's future."
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world. The company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.
Black Diamond Group Limited (TSX: BDI), November 10, 2010, Calgary, Alberta, Canada announced that its board of directors has approved a 2011 capital expenditure budget of $40 million. The company plans to expend the approved capital on organic growth opportunities with investment in its three operating divisions consistent with historical weighting. Approximately $18 million is expected to be disbursed in the first half of 2011 with approximately $11 million already under firm commitment. The balance is forecast to be expended in the second half of 2011. The company anticipates it will generate sufficient cash from operations net of taxes, debt service and dividends to fund the entire capex program.
In conjunction with the approval of the 2011 capital expenditure budget the board also approved an increase in the company's monthly dividend from $.09 to $.095 or $1.14 per share per year from $1.08. The increase will be effective January 2011 for payment to shareholders in February 2011. "This 5.6% dividend increase further demonstrates the strength and stability of Black Diamond's business and overall confidence in the company's ability to fund growth and pay its shareholders," said Trevor Haynes, President and Chief Executive Officer of Black Diamond Group Limited.
Founded in 2003, Alberta-based Black Diamond Group Limited is a leading provider of temporary and permanent modular building and energy services products. Through its wholly-owned subsidiaries, Black Diamond Limited Partnership, Nortex Modular Leasing and Construction Company and through its 50% equity participation in the Black Diamond Dene Limited Partnership and Black Diamond West Moberly Limited Partnership, Black Diamond operates three complementary divisions in thirteen strategic locations across Canada and USA.
Black Diamond Camps and Logistics rents and sells remote workforce housing and provides associated services; BOXX Modular specializes in renting or selling a broad range of modular work space solutions and Black Diamond Energy Services rents and sells a full complement of oilfield equipment and services. Black Diamond provides to a full spectrum of industries including oil, gas, mining, power, construction, engineering, military, government and education.
Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB), November 18, 2010, Louisville, KY, announced that its board of directors increased its regular quarterly cash dividend on its Class A and Class B Common stock by 6.7% to $0.32 per share from the prior quarter’s $0.30 per share.
Brown-Forman Corporation manufactures, bottles, imports, exports and markets a variety of alcoholic beverage brands. Its principal beverage brands include Jack Daniel’s Tennessee Whiskey, Early Times Kentucky Whisky, Jack Daniel’s Single Barrel, El Jimador Tequila, Jack Daniel’s Ready-to-Drinks, Fetzer Wines, Gentleman Jack, Five Rivers Wines, Southern Comfort, Herradura Tequila, Southern Comfort Ready-to-Drinks, Jekel Vineyards Wines, Southern Comfort Ready-to-Pours, Korbel California Champagnes, Finlandia Vodka, Little Black Dress Wines, Antiguo Tequila, New Mix Ready-to-Drinks, Bel Arbor Wines, Old Forester Bourbon, Bonterra Vineyards Wines, Pepe Lopez Tequilas, Canadian Mist Blended Canadian Whisky, Sanctuary Wines, Chambord Liqueur, Sonoma-Cutrer Wines, Don Eduardo Tequila, Tuaca Liqueur, Early Times Bourbon and Woodford Reserve Bourbon. The Company’s principal brand in its portfolio is Jack Daniel’s, which is a spirits brand.
Campbell Soup Company (NYSE: CPB), November 18, 2010, Camden, NJ, announced that the company's board of directors has approved a 5-percent increase in its quarterly dividend to $0.29 per share from $0.275 per share, effective in the second quarter of fiscal 2011. The dividend is payable on Jan. 31, 2011 to shareholders of record at the close of business on Dec. 27, 2010.
This marks the seventh consecutive year Campbell has increased its dividend. The company has paid dividends since it became public in 1954.
Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including "Campbell's," "Pepperidge Farm," "Arnott's" and "V8." Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates.
Canadian Energy Services and Technology Corp. TSX:CEU), November 8, 2010, Calgary, Alberta, Canada, reported its financial and operating results for the three and nine months ended September 30, 2010. CES also announced that it will pay a cash dividend of $0.10 per common share on December 15, 2010 to the shareholders of record at the close of business on November 30, 2010, representing an increased dividend of $0.02 per common share to the monthly dividend.
The core business of CES is to design and implement drilling fluid systems for the North American oil and natural gas industry. CES operates in the WCSB and in various basins in the US, with an emphasis on servicing the ongoing major resource plays. The drilling of those major resource plays includes wells drilled vertically, directionally, and with increasing frequency, horizontally. Horizontal drilling is a technique utilized in tight formations like tight gas, tight oil, heavy oil, and in the oil sands. The designed drilling fluid encompasses the functions of cleaning the hole, stabilizing the rock drilled, controlling subsurface pressures, enhancing drilling rates and protecting potential production zones while conserving the environment in the surrounding surface and subsurface area. CES' drilling fluid systems are designed to be adaptable to a broad range of complex and varied drilling scenarios, to help clients eliminate inefficiencies in the drilling process and to assist them in meeting operational objectives and environmental compliance obligations. CES markets its technical expertise and services to oil and natural gas exploration and production entities by emphasizing the historical success of both its patented and proprietary drilling fluid systems and the technical expertise and experience of its personnel.
Clear, CES' environmental division, provides environmental and drilling fluids waste disposal services primarily to oil and gas producers active in the WCSB. The business of Clear involves determining the appropriate processes for disposing of or recycling fluids produced by drilling operations and to carry out various related services necessary to dispose of drilling fluids.
EQUAL, CES' transport division, provides its customers with the necessary trucks and trailers specifically designed to meet the demanding requirements of off-highway oilfield work, and trained personnel to transport and handle oilfield produced fluids and to haul, handle, manage and warehouse drilling fluids. EQUAL operates from two terminals and yards located in Edson, Alberta and Carlyle, Saskatchewan.
CES' corporate head office and the sales and services headquarters for its Canadian operations are located in Calgary, Alberta and its stock point facilities and other operations are located throughout Alberta, British Columbia, and Saskatchewan. CES' indirect wholly-owned subsidiary, AES Drilling Fluids, LLC ("AES"), conducts operations in the United States from its head office in Denver, Colorado; in the mid-continent region through its Champion Drilling Fluids division which is headquartered in Norman, Oklahoma; and in Texas, Louisiana, off-shore Gulf of Mexico and Northeast US through its Fluids Management division headquartered in Houston, Texas. AES has stock point facilities located in Oklahoma, Texas, Pennsylvania, Michigan, Colorado, North Dakota, Louisiana, and Utah.
Canadian Tire Corporation, Limited (TSE: CTC.a) November 11, 2010, Toronto, Ontario, Canada, released third quarter results reflecting a significant increase in earnings. Consolidated net earnings increased 21.0%, including a previously announced restructuring charge of $14.7 million. Adjusted net earnings were up 31.0% from the prior year.
Canadian Tire's dividend policy has been modified to pay 20-25% of the prior year's normalized basic net earnings per share, after giving consideration to the period end cash position and future cash flow requirements.
Canadian Tire also announced that it will increase the quarterly dividends to be paid in 2011 to 27.5 cents ($1.10 annualized) a share from 21 cents ($0.84 annualized) a share.
"Overall, our business is performing well" said Stephen Wetmore, President and CEO, Canadian Tire Corporation. "We have managed conservatively through challenging economic conditions and we have confidence in our continued performance which is reflected in our decision to increase our dividend payout and to repay $300 million in debt that matured this quarter."
Canadian Tire Corporation has declared a quarterly dividend of $0.275 per share on each Common and Class A Non-Voting share. The dividend is payable March 1, 2011 to Common and Class A shareholders of record as of January 31, 2011. The dividend is considered an "eligible dividend" for tax purposes.
Canadian Tire Corporation, Limited is a general retailer in Canada with 482 Canadian Tire stores across the country. Its core retail and automotive operation is strengthened by PartSource, an automotive parts speciality chain; Canadian Tire Petroleum, an independent retailer of gasoline; Mark's, under the banner "Clothes That Work," a retailer of men's, women's and work apparel; and Canadian Tire Financial Services, which has issued approximately four million Canadian Tire MasterCard credit cards. More than 58,000 Canadians work across Canadian Tire's organization from coast-to-coast in the enterprise's retail, financial services and petroleum businesses.
Chicago Rivet and Machine Co. (cAMEX: CVR), November 15, 2010, Naperville, IL, announced that its board of directors approved a 20 percent increase in the quarterly cash dividend to twelve (12) cents per share. The next dividend will be payable December 20, 2010 to shareholders of record at the close of business on December 3, 2010.
Chicago Rivet & Machine Co. operates in two segments of the fastener industry: fasteners and assembly equipment. The fastener segment consists of the manufacture and sale of rivets, cold-formed fasteners and parts and screw machine products. The assembly equipment segment consists of the manufacture of automatic rivet setting machines, automatic assembly equipment and parts and tools for such machines. The principal market for the company’s products is the North American automotive industry. The company serves a variety of customers. Its revenues are derived from sales to customers involved, directly or indirectly, in the manufacture of automobiles and automotive components. During 2009, sales to two customers exceeded 10% of the company’s consolidated revenues. Sales to Fisher & Company accounted for approximately 19% of the company’s consolidated revenues in 2009.
Cinemark Holdings, Inc. (NYSE: CNK) November 5, 2010, Plano, TX, one of the largest motion picture exhibitors in the world, announced that its board of directors has approved a new dividend policy, under which the company has increased its annual dividend from $0.72 per share of common stock to $0.84 per share of common stock. This 16.7% increase raises the company's quarterly cash dividend from $0.18 per share to $0.21 per share of common stock. The next dividend of $0.21 per share of common stock will be paid on December 7, 2010 to stockholders of record on November 22, 2010.
"This announcement reflects our board 's increasing confidence in Cinemark's consistent track record of delivering strong cash flow and operating results and we are pleased to share our ongoing success with the company's stockholders," stated Chief Executive Officer Alan Stock.
Cinemark is a domestic and international motion picture exhibitor, operating 428 theatres with 4,938 screens in 39 U.S. states, one Canadian province, Brazil, Mexico and 11 other Latin American countries as of September 30, 2010.
Cognex Corporation (NASDAQ: CGNX), November 1, 2010, Natick, MA, announced that the company's board of directors declared a cash dividend for the third quarter of 2010 of $0.08 per share, which is an increase of $0.02 per share over the prior quarter's dividend of $0.06 per share. This increase follows the 20% increase announced in May of 2010 when the company's board of directors increased the dividend from $0.05 per share to $0.06 per share.
"I am happy to report that our results for the third quarter of 2010 and our outlook for the remainder of the year is considerably better than what we had anticipated just a few months ago," said Dr. Robert J. Shillman, Chairman and Chief Executive Officer of Cognex. "In view of that fact and consistent with our philosophy, 'When Cognex wins, we all win,' the board of directors voted to increase our dividend so that we could share our success in a tangible way with our shareholders."
The dividend announced is payable on December 17, 2010, to all shareholders of record at the close of business on December 3, 2010. Cognex declared its first dividend in the third quarter of 2003, and to date it has paid nearly $101 million in dividends to its shareholders.
Cognex Corporation designs, develops, manufactures and markets machine vision sensors and systems, or devices that can "see." Cognex vision sensors and systems are used in factories around the world where they guide, inspect, gauge, identify and assure the quality of a wide range of items during the manufacturing process. Cognex is the world's leader in the machine vision industry, having shipped more than 600,000 machine vision systems, representing over $3 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts USA, Cognex has regional offices and distributors located throughout North America, Japan, Europe, Asia and Latin America.
Columbia Sportswear Company (NASDAQ: COLM) November 9, 2010, Portland, OR, a provider of global outdoor apparel, footwear, accessories and equipment industries, announced the company's board of directors approved a special cash dividend of $1.50 per share, payable on December 6, 2010 to shareholders of record on November 22, 2010. The aggregate amount of payment to be made in connection with the special cash dividend will be approximately $51 million.
Tim Boyle, Columbia's president and chief executive officer, commented, "'s announcement of a $1.50 special cash dividend to be paid before the end of the year follows last month's announcement of an 11 percent increase in the company's quarterly cash dividend, to $0.20 per share, from $0.18 per share. Our strong balance sheet, with over $230 million in cash at September 30, 2010 and zero long-term debt, allows us to provide shareholders with this additional value while maintaining our flexibility to invest in strategic growth initiatives, continue to repurchase shares and explore potential acquisition opportunities."
Columbia Sportswear Company is a leading innovator in the global outdoor apparel, footwear, accessories and equipment markets. Founded in 1938 in Portland, Oregon, Columbia products are sold in more than 100 countries and have earned an international reputation for innovation, quality and performance. Columbia products feature innovative technologies and designs that protect outdoor enthusiasts from the elements, increase comfort, and make outdoor activities more enjoyable. In addition to the Columbia(R) brand, Columbia Sportswear Company also owns outdoor brands Mountain Hardwear(R), Sorel(R), and Montrail(R).
Comerica Incorporated (NYSE: CMA), November 16, 2010, Dallas, TX, increased the quarterly cash dividend for common stock to 10 cents ($0.10) per share. The dividend is payable January 1, 2011, to common stock shareholders of record December 15, 2010.
In addition, the board has authorized the corporation to purchase up to 12,576,281 shares, or about 7 percent of its outstanding common stock at September 30, 2010, as well as outstanding warrants to purchase up to 11,479,592 shares of the corporation's common stock. The shares and the warrants may be purchased from time to time in the open market or otherwise. The shares may be held as treasury stock or retired. The new repurchase program will supersede the corporation's prior share repurchase programs.
"We have weathered the economic cycle, maintaining strong liquidity, solid capital and tight control of expenses, as well as credit metrics which are among the best in our peer group," said Ralph W. Babb Jr., chairman and chief executive officer. "The overall positive trajectory of our financial performance, coupled with the modestly improving economic environment, enabled us to increase the quarterly cash dividend at this time. We believe we are uniquely positioned as the only bank in our peer group to have redeemed TARP and eliminated trust preferred securities from its capital structure.
"With respect to the authorization to repurchase shares of common stock and warrants, until the banking industry has more clarity on regulatory targeted capital levels, we expect to remain cautious in managing our capital."
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth and Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Computer Modelling Group Ltd. (TSX: CMG) November 9, 2010, Calgary, Alberta, Canada, announced a 5% increase in its quarterly dividend to $0.20 per share on CMG's Common Shares. The dividend will be paid on December 15, 2010 to shareholders of record at the close of business on December 3, 2010.
Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. CMG, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Caracas and Dubai. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centers in approximately 50 countries. The Company's shares are listed on the Toronto Stock Exchange under the trading symbol "CMG."
All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of Computer Modelling Group Ltd. will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.
Couche-Tard, Alimentation (TSE: ATDb.) November 23, 2010, Toronto, Ontario, Canada said it will seek new opportunities to expand its convenience store network, undeterred by the collapse of its $2 billion bid for a U.S. competitor this fall.
The company, Canada's largest convenience store operator, restated its determination to grow through acquisitions as it posted a stronger-than-expected increase in quarterly earnings and raised its dividend by 25 percent. Its shares rose more than 3 percent.
"The dividend increase was a nice surprise," said Derek Dley, an analyst with Canaccord Genuity, who added that given Couche-Tard's healthy balance sheet, it will likely put some of the cash to use to make acquisitions.
During its second quarter, ended October 10, Couche-Tard acquired 25 stores in five separate deals, with most of the outlets located in central Indiana and the Mobile, Alabama, area. The Montreal-based company now operates more than 5,800 stores under banners including Mac's and Circle K.
DeVry Inc. (NYSE: DV) November 10, 2010, Downer’s Grove, IL, a global provider of educational services, announced at its annual meeting of shareholders that its board of directors approved a 20 percent dividend increase, raising its dividend from $0.20 to $0.24 per share annually. Payable on a semi-annual basis, the next dividend payment of $0.12 per share will be made on Jan. 10, 2011, to common stockholders of record as of Dec. 10, 2010.
In addition, the board of directors authorized a fifth share repurchase program, which allows DeVry to repurchase up to $50 million of its common stock through December 31, 2012. The new program will commence upon completion of the existing $50 million program.
DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry is a global provider of educational services and the parent organization of Advanced Academics, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine and Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare and technology. DeVry's institutions serve students in secondary through postsecondary education and professionals in accounting and finance.
Douglas Dynamics, Inc. (NASDAQ: PLOW), November 1, 2010, Milwaukee, WI, a North American enterprise in the design, manufacture and sale of snow and ice control equipment for light trucks, announced financial results for the third quarter ended September 30, 2010.
Douglas Dynamics' pre-season sales period is comprised of the second and third quarters combined. To encourage distributors to receive shipments prior to the peak fourth quarter retail selling season, the Company offers promotional financial and freight terms to distributors that place orders during the second quarter. These orders are then shipped during the second and third quarters. The timing of these shipments between the second and third quarters can vary year to year based upon a number of factors, including distributor inventory levels and space availability.
For 2010, pre-season orders have shifted from traditional patterns to be more heavily weighted toward the second quarter versus the third quarter. In total, pre-season net sales and adjusted EBITDA for the second and third quarters combined were up 3.3% and 16.4% respectively, over the same six-month period in the prior year.
James L. Janik, President and Chief Executive Officer of Douglas Dynamics commented, "We are pleased with our third quarter performance. We delivered solid operational and financial results, continued to realize operational efficiencies and quality improvements and successfully completed our pre-season sales period. In our pre-season sales period, we achieved a year-over-year increase in equipment shipments, grew revenue, expanded margins and improved Adjusted EBITDA. As a result, our adjusted EBITDA year-to-date is 14.5% above that of last year. In addition, during the quarter we paid our initial quarterly cash dividend, reflecting the Company's growth and commitment to delivering shareholder value."
As previously announced, pursuant to the Company's dividend policy, its board of directors declared an initial quarterly cash dividend of $0.1825 per share of the company's common stock. The declared $0.1825 per share cash dividend was paid on September 30, 2010 to stockholders of record as of the close of business on September 23, 2010.
The company also announced that its board of directors has approved a $0.0175 increase in the company's cash dividend to $0.20. Effective in the fourth quarter of 2010, this change will be an increase of 9.6% from the initial quarterly dividend paid on September 30, 2010.
James L. Janik, President and Chief Executive Officer of Douglas Dynamics commented, "The board 's decision to increase the quarterly cash dividend reflects the Company's strong cash flow from operations and our confidence in the Company's financial strength."
In accordance with the company's dividend policy, Douglas Dynamics intends to pay a regular quarterly cash dividend on its common stock in equal quarterly installments to be made in March, June, September, and December. The declaration and payment of any future dividends, however, will be at the discretion of the company's board of directors and will depend upon many factors, including the company's financial condition or earnings, legal requirements, taxes and other factors the company's board of directors may deem to be relevant.
Based on year-to-date results and visibility into current business trends, the company is maintaining its financial guidance first issued in conjunction with the company's second quarter earnings press release, issued on August 10, 2010. The company continues to expect net sales for the full year 2010 to range from $175.0 million to $205.0 million and Adjusted EBITDA of $45.0 million to $55.0 million. The estimated effective tax rate for 2010 is 43.0%, a decline from 45.6% estimated at the end of the second quarter. The decrease in the estimated effective tax rate for 2010 as compared to 2009 is due to book tax implications of the compensation expense related to the exercise of stock options, both in connection with the initial public offering and during the third quarter.
It is important to note that the company's outlook assumes that the economy will remain stable and that the snowbelt regions in North America will experience average snowfall in the company's core markets. During September and October, orders and shipments have been somewhat softer than anticipated due to a combination of unseasonably warm weather trends in the company's core markets and ongoing economic uncertainty.
Mr. Janik concluded, "We are pleased with the progress we have made so far in 2010. We maintained our focus through the third quarter, and the pre-season sales period came in moderately stronger than last year. We remain cautious in our outlook based on the hesitancy we are seeing from some of our distributors due to the fragile economy and the resulting buying trend of plowers, who are generally attempting to time their purchases closer to actual snow events. Ultimately, the amount and timing of snowfall in November and December will have an impact on our final results. While we cannot predict the timing of an eventual pick-up in end market demand, we continue to focus on improving our operational efficiency and financial strength to best position to the business to benefit as demand recovers."
Douglas Dynamics is the North American leader in the design, manufacture and sale of snow and ice control equipment for light trucks, which consists of snowplows and sand and salt spreaders, and related parts and accessories. The company sells its products under the WESTERN(R), FISHER(R) and BLIZZARD(R) brands which are among the most established and recognized in the industry.
Dreyfus Municipal Income, Inc. (NYSE: DMF) November 22, 2010, New York, NY declared from net investment income a monthly cash dividend of $0.0525 per share of common stock, payable on December 31, 2010, to shareholders of record at the close of business on December 10, 2010. The ex-dividend date is December 8, 2010. This dividend increase of $0.0050 per share of common stock from the previous dividend of $0.0475 per share of common stock declared in October is due primarily to lower borrowing costs.
Dreyfus Municipal Income, Inc. (the Fund) is a non-diversified, closed-end management investment company. The fund’s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Fund seeks to maximize income exempt from federal income tax to the extent consistent with the preservation of capital. Under normal market conditions, the Fund invests at least 80% of the value of its net assets in municipal obligations. The Dreyfus Corporation (the Manager or Dreyfus ), a wholly owned subsidiary of The Bank of New York Mellon Corporation ( BNY Mellon ), serves as the fund's investment adviser.
Elbit Systems Ltd. (Nasdaq: ESLT), November 16, 2010, Haifa, Israel, reports Q3 EPS of $1.05. Revenue for the quarter came in at $649.9 million.
The board of directors declared a dividend of $0.36 per share, $1.44 annualized. The rate is a 22% increase over the current rate of $0.295.
The dividend's record date is November 30, 2010, and the dividend will be paid on December 13, 2010. The ex-dividend date is November 26, 2010.
Elbit Systems Ltd. (Elbit Systems) is an international defense electronics company engaged in a range of programs throughout the world. The Company operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR), unmanned aircraft systems (UAS), advanced electro-optics, electro-optic space systems, electronic warfare (EW) suites, airborne warning systems, electronic intelligence systems, data links, military communications systems and radios. It also focuses on the upgrading of existing military platforms and developing new technologies for defense, homeland security and commercial aviation applications. In February 2009, the Company acquired 100% of Shiron Communications (1996) Ltd., an Israeli company that provides products for the interactive multimedia broadband satellite market. In November 2009, the Company acquired BVR Systems (1998) Ltd.
Emerson Electric Company (NYSE: EMR), November 2, 2010, St. Louis, MO, board of directors voted to increase the quarterly cash dividend from thirty-three and a half cents ($0.335) to thirty-four and a half cents ($0.345) per share of common stock payable December 10, 2010, to stockholders of record November 12, 2010.
Emerson Electric Co. is a technology company. It designs and supplies product technology and delivers engineering services in a range of industrial, commercial and consumer markets globally. It has five segments. The Process Management segment provides measurement, control and diagnostic capabilities for automated industrial processes producing items. The Industrial Automation segment brings integrated manufacturing solutions to industries worldwide. The Network Power segment provides power and environmental conditioning to help keep the telecommunication systems, data networks and critical business applications continuously operating. The Climate Technologies segment is engaged in enhancing household and commercial comfort. Its Appliance and Tools segment provides designed motors for a range of applications, appliances and integrated appliance solutions. In July 2010, it acquired Innovative Control Systems Inc.
Equifax Inc. (NYSE: EFX) November 8, 2010, Atlanta, GA announced that its board of directors has declared a quarterly dividend of $0.16 per share, a 400 percent increase from the current dividend of $0.04 per share, payable on December 15, 2010, to shareholders of record at the close of business on November 24, 2010.
The company has a long history of returning significant cash to shareholders through dividends and share repurchases. The board has decided to raise the portion of the cash distributed to shareholders as dividends, setting a target dividend payout ratio of 25% to 35% of net income adjusted for unusual items.
"The board 's decision underscores their confidence in the operating performance of the company, the strength of our balance sheet, and the long-term growth prospects that we have outlined," said Richard F. Smith, Equifax Chairman and CEO. "Our strategy is working; our business is growing. We will continue to invest, organically and through acquisition, to achieve the long-term growth targets we have set for ourselves. And we intend to continue to provide a strong and attractive return to our investors through a consistent and meaningful dividend and share buybacks."
Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 14 other countries throughout North America, Latin America, Europe and Asia.
Equity LifeStyle Properties, Inc. (NYSE: ELS), November 9, 2010, Chicago, IL, set its annual dividend policy and the board approved setting the annual dividend rate for 2011 at $1.50 per share, an increase of $0.30 over the current $1.20 per share for 2010.
The Board of directors also declared the company’s fourth quarter 2010 dividend of $0.30 per share, $1.20 annualized.
The dividend will be paid on January 14, 2011 to shareholders of record on December 31, 2010. The ex-dividend date is December 29, 2010.
Equity LifeStyle Properties, Inc. owns or has an interest in 307 quality properties in 27 states and British Columbia consisting of 110,984 sites. The Company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.
Estée Lauder Companies Inc. (NYSE: EL) November 9, 2010, New York, NY,
(announced that its board of directors voted to increase the annual dividend on the company's Class A and Class B common stock to $.75 per share. The dividend amount represents a 36% increase over the previous annual rate of $.55 per share that was paid in December 2009. The $.75 per share annual dividend on the Class A Common stock and Class B common stock will be payable on December 15, 2010 to stockholders of record at the close of business on November 29, 2010.
The Estée Lauder Companies Inc. is one of the world's leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The company's products are sold in over 150 countries and territories under the following brand names: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, M-A-C, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer, Donna Karan, Aveda, Jo Malone, Bumble and bumble, Darphin,Michael Kors, American Beauty, Flirt!, GoodSkin Labs, Grassroots Research Labs, Sean John, Missoni, Daisy Fuentes, Tom Ford, Coach, Ojon and Smashbox.
Excel Trust, Inc. (NYSE:EXL), November 10, 2010, San Diego, CA, announced financial and operating results for the third quarter ended September 30, 2010.quarter, to be paid on January 17, 2011 to stockholders of record as of December 31, 2010.
The board of directors declared a fourth quarter cash dividend of $0.12 per share, compared to a cash dividend of $0.08 per share for the previous quarter.
Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust intends to elect to be treated as a REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2010.
Exco Technologies Limited (TSX-XTC), November 25, 2010, Toronto, Ontario, Canada, announced results for its fourth quarter ended September 30, 2010. In addition, the company announced that its quarterly cash dividend will be increased 25% to $0.025 per share and will be paid December 23, 2010 to shareholders of record on December 15, 2010. The dividend is an "eligible dividend" in accordance with the Income Tax Act of Canada.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 10 strategic locations, we employ 1,796 people and service a diverse and broad customer base.
First PacTrust Bancorp, Inc. (NASDAQ: FPTB) November 4, 2010, Chula Vista, CA, the holding company for Pacific Trust Bank, announced that its board of directors has declared a quarterly cash dividend of ten cents ($0.10) per share on its outstanding common stock. The dividend will be payable on January 3, 2011 to shareholders of record as of December 10, 2010.
Gregory Mitchell, President and Chief Executive Officer of the Company, said "Following completion of a review of our third quarter operating results and 2011 earnings forecasts, the board of directors elected to increase our cash dividend from $0.05 to $0.10 per share. Based upon a closing price of $11.69 on November 3, 2010, this dividend results in annualized dividend yield of 3.45%."
First PacTrust Bancorp, Inc. is a savings and loan holding company. The company holds 100% interest in Pacific Trust Bank. The Company is a community-oriented financial institution offering a variety of financial services. The principal business consists of attracting retail deposits from the general public and investing these funds primarily in permanent loans secured by first mortgages on owner-occupied, one- to four-family residences and a variety of consumer loans. The company also originates loans secured by multi-family and commercial real estate and commercial business loans. The company offers a variety of deposit accounts having a range of interest rates and terms, which generally include savings accounts, money market deposits, certificate accounts and checking accounts.
Golar LNG Limited (NASDAQ:GLNG) November 26, 2010, Hamilton, Bermuda reports consolidated net income of $4.1 million and consolidated operating income of $21.5 million for the three months ended September 30, 2010 (the "third quarter").
In line with last quarter's stated target dividend level, the Board has decided to propose an increased cash dividend of $0.25 cents per share in respect of the third quarter of 2010. The record date for the dividend is December 8, 2010, ex-dividend date is December 6, 2010 and the dividend will be paid on or about December 22, 2010.
Golar LNG Limited (NASDAQ:GLNG) is the owner and operator of liquefied natural gas (LNG) carriers and floating storage regasification units (FSRUs). As of March 31, 2010, Golar had a fleet of 13 vessels, 10 LNG carriers, three FSRUs and a 50% interest in a further LNG carrier. On June 22, 2009, the company formed a wholly owned subsidiary, Golar LNG Energy Limited (Golar Energy). As of December 31, 2009, it owned 73.8% of Golar Energy. Golar Energy specializes in the acquisition, ownership, operation and chartering of FSRUs and the development of liquefaction projects. As of December 31, 2009, Golar Energy operated a fleet of eight LNG carriers and had a 50% interest in another LNG carrier. As of December 31, 2009, the company leased eight LNG carriers under long-term financial leases; it owned three vessels, and had a 60% ownership interest in another LNG carrier, through a joint arrangement with the Chinese Petroleum Corporation. It has also chartered-in one vessel on a short-term charter.
Group 1 Automotive, Inc. (NYSE: GPI) November 11, 2010, Houston, TX, an automotive retailer, announced that its board of directors declared a cash dividend of $0.10 per share for the third quarter of 2010. The dividend will be paid on Dec. 15, 2010, to stockholders of record on Dec. 1, 2010.
"We are pleased to be able to reward our shareholders by reinstating a dividend," said Earl J. Hesterberg, Group 1's president and chief executive officer. "After suspending the dividend due to the economic uncertainty in February of 2009, we now feel that the economy is gaining strength and, based on Group 1's operational results over the last several quarters, we are confident about the continuing recovery of the automotive retailing industry."
Group 1 owns and operates 101 automotive dealerships, 137 franchises, and 25 collision service centers in the United States and the United Kingdom that offer 32 brands of automobiles. Through its dealerships, the company sells new and used cars and light trucks; arranges related financing, vehicle service and insurance contracts; provides maintenance and repair services; and sells replacement parts.
Guess?, Inc. (NYSE: GES), November 23, 2010, Los Angeles, CA, announced that its third quarter profit rose 8% from last year, driven by strong growth in Europe and Asia. At the same time, the company raised its revenue and earnings outlook for the full year.
Guess also said that its board of directors has approved a 25% increase of its quarterly cash dividend to $0.20 per share. The board of directors has also approved a special dividend of $2.00 per share to be paid with the regular quarterly dividend. The combined dividends will be payable on December 23 to shareholders of record on December 8.
H and Q Healthcare Investors (NYSE: HQH) announced that it will increase the rate it pays pursuant to its managed distribution policy to 2% of net assets each quarter, up from the previous distribution rate of 1.25% each quarter. The increased distribution rate is effective with the Fund's next distribution payment on December 30, 2010 and is payable to holders of record on November 22, 2010 with an ex-dividend date of November 18, 2010.
Given the recent improvement in market conditions, the Fund's board of trustees believes that restoring the distribution rate pursuant to the Policy to its historical level is an appropriate step. The board of trustees also recognizes that cash flow is a consideration for many of the Fund's shareholders and believes that periodic cash distributions at the adjusted level may attract investors seeking an increased and consistent level of cash flow.
Distributions under the policy may consist of net realized long-term capital gains, net realized short-term capital gains, net investment income or return of capital. In general, the Fund will seek to realize capital gains for this purpose in a manner which the Adviser believes is consistent with prudent portfolio management and the investment objective of the Fund. The Fund may also make additional distributions for the purpose of avoiding federal income tax on the Fund and for the purpose of avoiding federal excise tax. The board of trustees will continue to monitor the policy and may change the rate of distribution or suspend distributions as it deems warranted.
H and Q Healthcare Investors is a closed-end fund that invests in public and private companies in the healthcare industry. Hambrecht and Quist Capital Management LLC, based in Boston, serves as Investment Adviser to the Fund.
Hingham Institution for Savings (Nasdaq: HIFS), November 24, 2010, Hingham, Massachusetts announced that its board of directors declared its regular quarterly cash dividend of $0.24 per share. The dividend will be paid on January 20, 2011 to stockholders of record as of January 10, 2011.
In addition to the regular quarterly dividend, Hingham's board of directors announced that it will pay a special dividend of $0.25 per share, which represents a 4.2% increase over the prior year's special dividend. This special dividend will also be paid on January 20, 2011 to stockholders of record as of January 10, 2011.
Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, stated, "The Bank continues to show exceptional results in earnings, return on equity, and balance sheet growth while maintaining strong asset quality. This positive performance has allowed our Board to approve the regular quarterly dividend along with an increased special dividend. This sixty-eighth consecutive quarterly dividend and the sixteenth consecutive annual special dividend demonstrate our commitment to a healthy dividend policy that reflects confidence in our ongoing success."
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in the Commonwealth. The bank's main offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Scituate, Norwell, Weymouth as well as the South End of Boston.
Home Capital Group Inc. (TSX: HCG), November 2, 2010, Toronto, Ontario, Canada, has approved the payment of an increased quarterly dividend to 18.0 cents per share on the outstanding common shares of the company, which is equivalent to an annual dividend of 72.0 cents per share. The dividend is payable on December 1, 2010 to shareholders of record at the close of business on November 15, 2010.
Gerald M. Soloway, CEO of Home Capital, stated, "This represents an increase of 12.5% in the quarterly dividend and is the 12th increase in the last 6 years, reflecting Home Capital's strong growth, profitability and commitment to enhancing long-term shareholder value."
The above-mentioned dividend on the common shares is designated as an "eligible" dividend for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering deposit, residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending, Visa and payment card services. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia and Quebec.
Intel Corporation (NASDAQ: INTC) November 12, 2010, Santa Clara, CA announced that its board of directors has approved a 15 percent increase in the quarterly cash dividend to 18 cents per share (72 cents per share on an annual basis), beginning with the dividend that will be declared in the first quarter of 2011.
"Intel remains on track to have our best year ever and we continue to generate strong cash flows," said Paul Otellini, Intel president and CEO. "Our ongoing operational performance and confidence in our business going forward provide the ability to return more cash to shareholders."
Intel began paying a cash dividend in 1992 and has paid out approximately $20 billion to its shareholders in dividends. Intel cash dividends for the first through third quarters of 2010 total approximately $2.6 billion.
ITEX Corporation (OTC Bulletin Board : ITEX), November 15, 2010, Bellevue, WA, operates under the mark The Membership Trading Community(SM),and is a leading marketplace for cashless business transactions in North America. It announced that its board of directors has approved a 60 percent increase in the quarterly cash dividend to 4 cents per share (16 cents per share on an annual basis).
The next quarterly dividend will be paid on December 20, 2010 to stockholders of record as of the close of business on December 10, 2010.
"We continue to generate positive cash flow providing us the ability to return more cash to stockholders, without jeopardizing future strategic opportunities," said Steven White, ITEX Chairman and CEO. "We have confidence in our operational performance going forward and we will manage available and future cash resources wisely in order to deliver a consistent dividend that current and future shareholders can rely upon."
ITEX, The Membership Trading Community(SM), is a network of participating member businesses. Members increase sales through an exclusive distribution channel managed by franchisees, licensees and corporate-owned locations, by utilizing ITEX dollars to exchange goods and services. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for processing cashless business transactions. ITEX is headquartered in Bellevue, WA.
Johnson Controls (NYSE: JCI), November 17, 2010, Milwaukee, WI, approved a 23% increase in the company's quarterly cash dividend, to $0.16 per common share from $0.13 per common share. A quarterly dividend at the new rate is payable January 4, 2011 to shareholders of record at the close of business on December 10, 2010.
The new indicated annual dividend is $0.64 per share, up from $0.52 per share.
"Johnson Controls is committed to providing shareholder value, and the increase of our dividend is reflective of our financial performance and our confidence in delivering record earnings in 2011 and the future growth of the company," said Chairman and Chief Executive Officer Stephen A. Roell. "We are proud of our legacy of paying consecutive dividends since 1887 and being able to reward our shareholders with a significantly higher dividend."
Johnson Controls has said that it expects to continue to increase its payout ratio to shareholders over the next several years.
Johnson Controls is a global diversified technology and industrial leader serving customers in over 150 countries. It has 130,000 employees. Its products develop energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles.
Kimco Realty Corporation (NYSE: KIM), November 2, 2010, New Hyde Park, NY, announced that its board of directors approved a quarterly dividend increase of 12.5 percent to $0.18 per common share. The annualized dividend of $0.72 per common share represents an $0.08 increase over the previous annualized dividend of $0.64 per common share.
Concurrently, the board declared the first quarter dividend of $0.18 per common share, payable on January 18, 2011 to shareholders of record on January 3, 2011, representing an ex-dividend date of December 30, 2010.
The company also announced that its board of directors declared quarterly dividends for the company’s preferred shares as follows:
The Series F depositary shares, each representing 1/10 of a share of 6.65% Series F cumulative redeemable preferred shares, quarterly dividend of $0.415625 per preferred depositary share will be paid on January 18, 2011 to shareholders of record on January 3, 2011, representing an ex-dividend of December 30, 2010.
he Series G depositary shares, each representing 1/100 of a share of 7.75% Series G cumulative redeemable preferred shares, quarterly dividend of $0.484375 per preferred depositary share will be paid on January 18, 2011 to shareholders of record on January 3, 2011, representing an ex-dividend of December 30, 2010.
The Series H depositary shares, each representing 1/100 of a share of 6.90% Series H cumulative redeemable preferred shares, a dividend of $0.646875 per preferred depositary share will be paid on January 18, 2011 to shareholders of record on January 3, 2011, representing an ex-dividend date of December 30, 2010. This dividend payment represents the period from August 30, 2010 through and including January 14, 2011.
Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of September 30, 2010, the company owned interests in 948 shopping centers comprising 137 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE under the symbol KIM and included in the SandP 500 Index, the company has specialized in shopping center acquisitions, development and management for over 50 years.
Laclede Group, Inc. (NYSE: LG), November 18, 2010, St. Louis, MO, board increased the quarterly dividend from 39 1/2 cents per share to 40 1/2 cents per share on its common stock, which represents $1.62 per share on an annualized basis. The dividend will be payable on January 4, 2011, to shareholders of record on December 10, 2010.
This marks the 64th consecutive year for the payment of cash dividends by The Laclede Group, and its predecessor, Laclede Gas Company, on its common stock. It also marks the 8th consecutive year in which the Company has increased its dividend on an annualized basis.
Headquartered in St. Louis, Missouri, The Laclede Group, Inc. is a public utility holding company committed to providing reliable natural gas service through its regulated core utility operations, while engaging in non-regulated activities that provide opportunities for sustainable growth. Its subsidiary Laclede Gas Company, the regulated operations of which are included in the Regulated Gas Distribution segment, serves nearly 630,000 residential, commercial and industrial customers in the City of St. Louis and parts of 10 counties in eastern Missouri. Laclede Group's primary non-regulated business, Laclede Energy Resources, Inc., is included within the Non-Regulated Gas Marketing segment.
Lancaster Colony Corporation (NASDAQ: LANC) November 15, 2010, Columbus, OH announced that its board of directors has declared a quarterly cash dividend of 33 cents per share on the company's common stock, marking 48 consecutive years of increasing regular cash dividends. Lancaster Colony is one of only 17 U.S. companies to have increased cash dividends each year for 48 years. The dividend will be payable December 31, 2010 to shareholders of record on December 10, 2010. As of the record date for 's annual shareholder meeting, there were 27,992,229 common shares outstanding.
The board also authorized the repurchase of an additional two million shares of the company's common stock as part of an ongoing stock repurchase program.
John B. Gerlach, Jr., chairman and chief executive officer of Lancaster Colony, said, "The dividend reflects the company's continued strong financial position and will be the 190th consecutive quarterly cash dividend paid by the company since September 1963." He noted that the indicated annual payout for the current fiscal year ending June 30, 2011 is $1.29 per share, up from the $1.18-1/2 per share paid in fiscal 2010.
Lancaster Colony Corporation is a diversified manufacturer and marketer of consumer products focusing primarily on specialty foods for the retail and foodservice markets. The company also manufactures and markets candles for the food, drug and mass markets. It is also engaged in the distribution of various products, including glassware and candles, to commercial markets. The company operates in two segments: Specialty Foods and Glassware and Candles. The food products the company manufactures and sells include salad dressings and sauces marketed under the brand names Marzetti, T. Marzetti, Cardini’s, Pfeiffer and Girard’s; fruit glazes, vegetable dips and fruit dips marketed under the brand name T. Marzetti; Greek yogurt vegetable dips marketed under the brand name Otria; frozen breads marketed under the brand names New York BRAND and Mamma Bella. It sells candles, candle accessories, and other home fragrance products in a variety of sizes, forms and fragrance.
Landauer, Inc. (NYSE: LDR), November 26, 2010, Glenwood, IL, announced that its Board of directors increased the regular quarterly cash dividend to $0.55 per share for the first quarter of fiscal 2011. This increase represents an annual rate of $2.20 per share compared with $2.15 last year. The dividend will paid on January 3, 2011 to shareholders of record on December 10, 2010.
Landauer is a leading provider of technical and analytical services to determine occupational and environmental radiation exposure and is the leading domestic provider of outsourced medical physics services. For more than 50 years, the Company has provided complete radiation dosimetry services to hospitals, medical and dental offices, universities, national laboratories, nuclear facilities and other industries in which radiation poses a potential threat to employees.
Landauer's services include the manufacture of various types of radiation detection monitors, the distribution and collection of the monitors to and from clients, and the analysis and reporting of exposure findings. The Company provides its dosimetry services to approximately 1.6 million people in the United States, Japan, France, the United Kingdom, Brazil, Canada, China, Australia, Mexico and other countries. In addition, through its Global Physics Solutions subsidiary, the Company provides therapeutic and imaging physics services to healthcare providers.
Leggett and Platt, Incorporated (NYSE: LEG), November 11, 2010, Carthage, MO fourth quarter dividend is $.27 per share, an increase of 3.8% versus 4Q 2009. Indicated dividend yield is 5.3% (based on yesterday's $20.39 closing stock price).
Annual dividends have increased for 39 consecutive years, at a 14% compound growth rate.
Leggett and Platt's board of directors announced a dividend of $.27 per share for the fourth quarter, a 3.8% increase versus the dividend declared in the fourth quarter 2009. The dividend will be paid on January 14, 2011 to shareholders of record on December 15, 2010.
The company knows of only one other member of the SandP 500 that has achieved 39 consecutive annual dividend increases at a 14% compound annual growth rate.
Leggett and Platt is a manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in most homes, offices, and automobiles. The 127-year-old firm is comprised of 19 business units, 20,000 employee-partners, and more than 140 manufacturing facilities located in 18 countries.
Leggett and Platt is the leading independent U.S. manufacturer of: a) components for residential furniture and bedding; b) office furniture components; c) drawn steel wire; d) automotive seat support and lumbar systems; e) carpet underlay; f) power foundations; and g) bedding industry machinery.
Lincoln National Corporation (NYSE: LNC), November 11, 2010, Radnor, PA, declared a quarterly dividend on common shares to $0.05 per share, $0.20 annualized. The dividend is an increase from the current rate of $0.01.
The dividend is payable on February 1, 2011 to shareholders of record at the close of business on January 10, 2011. The ex-dividend date is January 6, 2011.
Yield on the dividend is 0.8%.
In addition, the company announced its intention to repurchase up to $125 million of its common stock over a 15-month period and to redeem all $150 million in outstanding 6.75% Series F Trust Preferred Securities issued by Lincoln National Capital VI (CUSIP 53404M 20 1) and guaranteed by Lincoln.
Littelfuse, Inc. (NASDAQ: LFUS) November 4, 2010, Chicago, IL, reported financial results for the third quarter of 2010 and announced that it will begin paying a quarterly dividend in the fourth quarter of 2010.
Littelfuse announced that its board of directors has approved the initiation of a quarterly cash dividend of $0.15 per common share. The first quarterly payment will be made on December 6, 2010 to shareholders of record at the close of business on November 22, 2010.
"As a result of successful execution of our major profit improvement initiatives over the last several years, we expect to generate substantially higher earnings and cash flow in the future than in the past," said Hunter. "We believe that after funding our organic growth programs, ongoing acquisitions similar to those we have completed over the last several years and opportunistic share repurchases, we will have excess cash that we will return to our shareholders in the form of a quarterly dividend. Our intent is to gradually increase this dividend over time."
Littelfuse provides circuit protection, offering a portfolio of circuit protection products and solutions. Technical support, design and manufacturing expertise is offered by Littelfuse for product components in virtually every product that uses electrical energy, including portable and consumer electronics, automobiles, industrial equipment and telecom/datacom circuits. In addition to its Chicago, Illinois, world headquarters, Littelfuse has over 20 sales, distribution, manufacturing and engineering facilities in the Americas, Europe and Asia. Technologies offered by Littelfuse include Fuses; Gas Discharge Tubes (GDTs); Positive Temperature Coefficient Devices (PTCs); Protection Relays; PulseGuard(R) ESD Suppressors; SIDACtor(R) Devices; Silicon Protection Arrays(SPA(TM)); Switching Thyristors; TVS Diodes and Varistors.
LMP Corporate Loan Fund Inc. (NYSE: TLI), November 12, 2010, New York, NY, sets new increased distribution rate and announces distribution for the month of November 2010. The new monthly distribution rate is $0.0525 per common share for November 2010. The Fund had previously paid a
monthly distribution of $0.0510.
The distribution schedule appears below:
Month Ex-Date November 17, 2010
Record Date November 19, 2010
Payable Date November 26, 2010
In declaring the new rate, the Fund has increased its distributions to a level that better reflects the current level of net investment income available from its investment portfolio.
LMP Corporate Loan Fund Inc., a non-diversified, closed-end management investment company, is managed by Legg Mason Partners Fund Advisor, LLC, a wholly-owned subsidiary of Legg Mason, Inc. and is sub-advised by Citigroup Alternative Investments LLC, an indirect wholly-owned subsidiary of Citigroup Inc.
Macquarie/First Trust Global Infrastructure/Utilities Dividend and Income Fund (NYSE: MFD), November 11, 2010, Wheaton, IL, increased its regularly scheduled quarterly distribution to $0.225 per share. The distribution will be payable on December 1, 2010 to shareholders of record as of November 22, 2010. The ex-dividend date is expected to be November 18, 2010.
The Fund is a non-diversified, closed-end management investment company, investing predominantly in listed infrastructure and utilities companies in selected developed countries globally. The Fund’s investment objective is to seek a high level of current return consisting of dividends, interest and other similar income, while attempting to preserve capital.
First Trust Advisors L.P., the Fund’s investment advisor, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of approximately $38 billion as of October 31, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.
Macquarie Capital Investment Management LLC ("MCIM") and Four Corners Capital Management, LLC ("Four Corners") are the Fund's investment sub-advisors. Both MCIM and Four Corners operate within Macquarie Funds Group (“MFG”) and are wholly-owned, indirect subsidiaries of Macquarie Group Limited ("Macquarie Group"). Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Macquarie Funds Group is the global investment management business of Macquarie Group. The Fund's Core Component, which consists primarily of equity securities and equity-like securities issued by infrastructure issuers, is managed by MCIM, which started operations in 2004 with the launch of the Fund. MCIM and its Australia-based affiliates managed approximately $2.5 billion of assets as of October 31, 2010, in MFG’s Infrastructure Securities portfolios, which includes the Fund. The Fund's Senior Loan Component is managed by Four Corners. Four Corners was founded in 2001 and became a wholly-owned, indirect subsidiary of Macquarie Group in 2008. Four Corners managed approximately $1.4 billion of assets as of October 31, 2010, with an emphasis on Senior Loans.
Marriott International, Inc. (NYSE: MAR), November 4, 2010, Bethesda, MD, announced that its board of directors declared a quarterly cash dividend of eight and three-quarter cents ($0.0875) per share of common stock, more than double the cash dividend of four cents ($0.04) per share of common stock declared by the Board in the previous quarter, and returning it to its level prior to the effects of the downturn. The cash dividend declared was last at eight and three-quarter cents per share of common stock in the first quarter of 2009.
The dividend is payable on January 7, 2011 to shareholders of record on November 18, 2010.
Marriott also announced that the board has increased the authorization to repurchase the company's Class A common stock to 25 million shares. Shares may be purchased in the open market or in privately negotiated transactions.
Mattel, Inc. (NASDAQ: MAT), November 15, 2010, El Segundo, CA, announced that the Mattel board of directors has authorized the company to increase its previously announced share repurchase program by an additional $500 million. Repurchases will take place from time to time, depending on market conditions.
The share repurchase program is one component of the company's capital and investment framework, which was announced in February 2003. Under this program, Mattel has repurchased about 117 million shares of common stock for an aggregate of approximately $2.3 billion.
Additionally, the company announced that the Mattel board of directors has approved the company's common stock annual dividend for 2010 of eighty-three cents per share, an increase over the seventy-five cent annual dividend paid in 2009. The dividend for 2010 is payable on December 16, 2010, to stockholders of record on December 3, 2010.
Mattel's Board of directors also has determined to switch from paying dividends to stockholders on an annual basis to a quarterly basis commencing in fiscal year 2011. Quarterly dividends are expected to be announced at the same time Mattel announces quarterly results.
"The increased annual dividend for 2010 and increase in Mattel's share repurchase program demonstrates the Mattel Board of directors' commitment to returning excess funds to stockholders," said Robert A. Eckert, chairman and chief executive officer of Mattel.
Mattel is the worldwide leader in the design, manufacture and marketing of toys and family products including brands like Barbie®, Hot Wheels®, Matchbox®, American Girl®, Radica® and Tyco R/C®, as well as Fisher-Price® brands, including Little People®, Power Wheels® and a wide array of entertainment-inspired toy lines. Mattel employs approximately 27,000 people in 43 countries and territories and sells products in more than 150 nations. At Mattel, we are "Creating the Future of Play."
McCormick and Company, Incorporated (NYSE: MKC), November 23, 2010, Sparks, MD, declared an increase in the quarterly dividend from $0.26 to $0.28 per share on its common stocks, payable January 14, 2011 to shareholders of record December 31, 2010. This marks the 25th consecutive year that the Company has increased its quarterly dividend.
Said Alan D. Wilson, Chairman, President and CEO, "Our dividend is an important way to share our success with McCormick's shareholders. We are delivering high performance and have increased the dividend at an 11% compound annual growth rate since 2000."
McCormick has paid dividends every year since 1925.
McCormick and Company, Incorporated is a global leader in flavor, with the manufacturing, marketing and distribution of spices, seasonings, specialty foods and flavorings to the entire food industry -- retail outlets, food manufacturers and food service businesses.
MCG Capital Corporation (Nasdaq: MCGC), November 2, 2010, Arlington, VA, third quarter dividend was increased from $0.13 to $0.14.
This increase comes after two years of not paying a dividend at all. MCGC has now paid or announced three in a row, each higher than the prior one. Moreover, management made encouraging noises about the prospect of future dividend increases in the future, to be achieved from maximizing earnings in the current capital structure.
MCG Capital Corporation is a solutions-focused commercial finance company that provides capital and advisory services to middle-market companies throughout the United States. The Company is an internally managed, non-diversified, closed-end investment company. It conducts some of its activities through wholly owned, special-purpose financing subsidiaries. Its investment portfolio is composed primarily of middle-market companies in which it has made up to $75 million of debt and equity investments. Typically, these middle-market companies have $20 million to $200 million in annual revenue. As of December 31, 2009, it had debt and equity investments in 59 portfolio companies. Its diversified investment portfolio spans 30 industries. Approximately 40% of its portfolio is composed of investments in industries that consist less than 5% of its portfolio.
MDU Resources Group (NYSE: MDU), November 11, 2010, Bismarck, ND, board of directors increased the company's quarterly common stock dividend to 16.25 cents per share, for an annualized dividend of 65 cents per share. The previous quarterly dividend was 15.75 cents per share.
"This is the 20th consecutive year that the company has increased its common stock dividend," said Harry J. Pearce, chairman of the board . "We are very proud to be one of a small number of companies that have delivered such results to their shareholders."
MDU Resources has paid dividends for 73 consecutive years, stretching back to 1937, which Pearce said is a result of the company's strong commitment to providing shareholders with a good return on their investment.
"The dividend increase also reflects our confidence in our company and in our diversified business strategy, which is helping us profitably navigate a very difficult economy," he said. "This diversification, supported by a healthy balance sheet and good cash flow, will put us in a strong position for growth as the economy recovers."
The board of directors also declared dividends on preferred stock as follows:
$1.12-1/2 per share on 4.50 percent Series Preferred $1.17-1/2 per share on 4.70 percent Series Preferred $1.27-1/2 per share on 5.10 percent Series Preferred
The dividends are payable January 1, 2011 to stockholders of record December 9, 2010.
MDU Resources Group, Inc., provides natural resource products and related services that are essential to energy and transportation infrastructure, including regulated businesses, an exploration and production company and construction companies. MDU Resources includes regulated electric and natural gas utilities and regulated natural gas pipelines and energy services, natural gas and oil production, construction materials and contracting, and construction services.
Mesa Laboratories, Inc. (Nasdaq: MLAB), November 8, 2010, Lakewood, CO, announced that its board of directors has declared a regular quarterly dividend of $0.12 per share of common stock, $0.48 annualized. The dividend is a 9.1% increase from the current rate of $0.11 per share. The dividend will be payable December 15, 2010, to shareholders of record on November 29, 2010. The ex-dividend date is November 25, 2010.
Mesa Laboratories, Inc. designs, manufactures and markets instruments and disposable products used for industrial applications and healthcare. For industrial applications, which includes pharmaceutical, food and beverage, medical devices and petrochemical, the company markets the DATATRACE data logging systems, NUSONICS Concentration Analyzers, Pipeline Interface Detectors and Flow Meter products, TORQO motorized torque testing system and RAVEN and SGM BIOTECH Biological Indicators. For healthcare applications, the Company markets Dialysate Meters used in kidney dialysis and RAVEN and SGM BIOTECH Biological Indicators, which are used by hospitals and dental offices to assure sterility. On December 18, 2009, Mesa purchased the assets associated with the bottle cap torque testing products of Vibrac, LLC. On April, 27, 2010, the Company completed the purchase of SGM BIOTECH, Inc.
Middlesex Water Company (NASDAQ: MSEX), November 3, 2010, Iselin, NJ, reported third quarter net income of $5.7 million, which is a 42.4% increase over net income of $4.0 million reported for the same quarter of 2009. Third quarter operating revenues of $29.6 million were $4.1 million, or 16.0%, higher when compared to the same period in 2009. Diluted earnings per share for the quarter were $0.36, compared to $0.29 in 2009, a 24.1% increase.
The company's board of directors approved an increase in the company's quarterly cash dividend to $0.1825 from $0.1800. The new dividend rate is payable December 1, 2010 to shareholders of record as of November 15, 2010. This dividend increase raises the annual dividend to $0.73 from $0.72 per share of common stock.
Middlesex Water Company, organized in 1897, provides regulated and unregulated water and wastewater utility services primarily in New Jersey and Delaware through various subsidiary companies.
MKS Inc. (TSE: MKX), November 23, 2010, Waterloo, Ontario, Canada, (MKS) announced its financial results for the second quarter of fiscal year 2011 and a 14% increase to its quarterly cash dividend. All amounts are reported in US dollars under United States Generally Accepted Accounting Principles.
MKS Inc., the global application lifecycle management (ALM) technology leader, enables software engineering and IT organizations to seamlessly manage their worldwide software development activities. With its flagship product, MKS Integrity, MKS offers support for all software development activities through a single enterprise application, resulting in better global collaboration and higher productivity. MKS supports customers worldwide with offices across North America, Europe and Asia.
Montpelier Re Holdings Ltd. (NYSE: MRH) November 16, 2010, Hamilton, Bermuda; announced that its board of directors has agreed to increase the regular quarterly dividend payable on the company's issued common shares by 11%. The board has declared a quarterly dividend of $0.10 per common share, payable on January 14, 2011, to all shareholders of record as of December 31, 2010.
The board of directors of the company currently intends to maintain the regular dividend at the increased level in future periods, and will consider further adjustments in dividend policy periodically. Any future determination to pay dividends or distributions to shareholders will remain at the discretion of the board and will be dependent upon many factors, including the company's results of operations, cash flows, financial position, capital requirements, general business opportunities, legal, tax, regulatory and contractual restrictions.
Montpelier Re, through its operating subsidiaries, is a premier provider of global property and casualty reinsurance and insurance products.
Monro Muffler Brake, Inc. (NASDAQ: MNRO) November 15, 2010, Rochester, NY, a provider of automotive undercar repair and tire services, announced that its board of directors has approved a 33% increase in the company's quarterly dividend to $.12 per share. The increased dividend rate will be effective commencing with the regular quarterly dividend payable on December 13, 2010 to shareholders of record as of December 3, 2010, including shares of common stock to which the holders of the Company's Class C Convertible Preferred Stock are entitled.
Separately, the company's board of directors has declared a three-for-two stock split of the company's common stock to be effected in the form of a 50% stock dividend. The stock split will entitle all shareholders of record at the close of business on December 13, 2010 to receive one additional share of the company's common stock for every two shares of common stock held on that date. The additional shares will be distributed to shareholders on or about December 23, 2010. Cash will be paid in lieu of issuing fractional shares based on the closing price of the company's common stock on December 13, 2010 (as adjusted for the stock split). Monro has approximately 20 million shares outstanding and, after giving effect to the stock split, will have approximately 30 million shares outstanding.
Following the three-for-two stock split on December 23, 2010, it is anticipated that, in declaring the fourth and final quarterly cash dividend in March 2011 for the 2011 fiscal year, the board would ratably reduce the dividend payment from $.12 per share to $.08 per share (a reduction of 33%) to reflect the stock split (an increase of 33%). As a result, the aggregate amount to which each shareholder would be entitled would remain unchanged.
"In addition to increasing our dividend five times in the last five years, we are pleased to announce our third stock split in the last seven years, which we anticipate will enhance the attractiveness of our stock to a wider group of investors and further increase the liquidity of our shares," said Robert G. Gross, Chairman and Chief Executive Officer. "While we remain focused on generating strong organic growth and expanding our market share through opportunistic acquisitions, we are also firmly committed to maximizing shareholder value. Over the past decade, Monro has increased comparable store sales every year. Further, incorporating our estimated diluted earnings per share range from $2.00 to $2.06 for fiscal 2011, we are on track to generate compound annual earnings growth of approximately 30% over the last three years. Both the dividend increase and the stock split underscore the confidence of the Board and management team in the future prospects of the Company and our ability to continue to achieve strong, long-term financial performance."
Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire, Tread Quarters Discount Tires, Autotire and Tire Warehouse. The Company currently operates 784 stores in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine, Illinois and Missouri. Monro's stores provide a full range of services for brake systems, steering and suspension systems, tires, exhaust systems and many vehicle maintenance services.
National Bankshares, Inc. (NASDAQ: NKSH) November 10, 2010, Blacksburg, VA announced that its board of directors approved a semi-annual cash dividend of $0.47, payable on December 1, 2010 to stockholders of record on November 19, 2010. Total dividends for 2010 are $0.91 per share, an increase of 8.3% over stockholder dividends paid in 2009.
James G. Rakes, Chairman, President and CEO of National Bankshares, Inc. said, "We are fortunate to have been able to maintain a high level of earnings, despite the economic downturn. The company traditionally shares its higher earnings with stockholders in the form of higher dividends, and we are pleased be able to do so again this year."
National Bankshares, Inc. is a financial holding company that is the parent of the 119 year-old National Bank of Blacksburg, which does business as National Bank from 25 offices in Southwest Virginia. The Company has a second non-bank subsidiary that serves the same markets as National Bankshares Investment Services and National Bankshares Insurance Services.
National CineMedia, Inc. (NASDAQ: NCMI), November 4, 2010, Centennial, CO, the managing member and owner of 48.2% of National CineMedia, LLC, the operator of the largest digital in-theatre network in North America, announced consolidated results for the third quarter and nine months ended September 30, 2010.
The company announced that its board of directors has authorized the company's third quarter cash dividend of $0.20 per share of common stock. This is an increase of $0.02 or 11.1%. The dividend will be paid on December 2, 2010, to stockholders of record on November 18, 2010. The company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the board of directors dependent on available cash, anticipated cash needs, overall financial condition, future prospects for earnings and cash flows as well as other relevant factors.
In addition, the company announced a change in the tax treatment of previously paid dividends. Of the dividends paid in 2007, 2008 and 2009, 19.99%, 72.36% and 78.31%, respectively, are to be treated as non-dividend distributions for U.S. federal income tax purposes. Corrected IRS Forms 1099-DIV will be mailed to registered stockholders (who have received dividends for shares in certificate form) on November 8, 2010 reflecting the portion of the dividend that is an ordinary dividend (Box 1a), along with the portion of such ordinary dividend that constitutes a qualified dividend (Box 1b) and the portion that is a non-dividend distribution (Box 3). Stockholders who have received dividends for shares in street name (through a bank or broker) with dividends deposited into a brokerage account should receive a corrected IRS Form 1099-DIV from that institution.
A portion of the dividends paid to stockholders during 2010 are also expected to be treated in part as ordinary dividends and in part as non-dividend distributions. However, the company cannot definitively determine the tax treatment of these distributions until the completion of its fiscal year ending December 30, 2010. Stockholders will receive a Form 1099-DIV for 2010 in February 2011. The company may subsequently issue a corrected Form 1099-DIV after completion of its 2010 fiscal year U.S. federal income tax returns if the actual characterization of the 2010 distributions is different from the original reported characterization.
NCM operates NCM Media Networks, a leading integrated media company reaching U.S. consumers in movie theaters, online and through mobile technology. The NCM Cinema Network and NCM Fathom present cinema advertising and events across the nation's largest digital in-theater network, comprised of theaters owned by AMC Entertainment Inc., Cinemark Holdings, Inc. (CNK 17.81, -0.01, -0.06%) , Regal Entertainment Group (RGC 13.45, +0.04, +0.30%) and other leading regional theater circuits. NCM's theater advertising network covers 170 Designated Market Areas(R) (49 of the top 50) and includes approximately 17,300 screens (15,700 digital). During 2009, over 690 million patrons attended movies shown in theaters currently included in NCM's network (excluding Consolidated Theatres, Rave Cinemas and RC Theatres). The NCM Fathom Events broadcast network is comprised of over 550 locations in 156 Designated Market Areas(R) (49 of the top 50). The NCM Interactive Network offers 360-degree integrated marketing opportunities in combination with cinema, encompassing over 40 entertainment-related web sites, online widgets and mobile applications.
National Oilwell Varco, Inc. (NYSE: NOV) November 18, 2010, Houston, TX, announced that its board of directors has approved a 10 percent increase in the regular quarterly cash dividend to $0.11 per share of common stock, payable on December 17, 2010 to each stockholder of record on December 3, 2010.
Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "This dividend increase reflects the company's strong financial condition and our confidence in our business going forward."
National Oilwell Varco is a worldwide enterprise in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
Nationwide Health Properties, Inc. (NYSE: NHP) November 4, 2010, Newport Beach, CA, announced that its board of directors declared a quarterly common stock cash dividend of $0.47 per share, a $0.01 increase from the prior quarterly dividend of $0.46 per share. The dividend will be paid on December 3, 2010 to stockholders of record on November 19, 2010.
Nationwide Health Properties, Inc. is a real estate investment trust that invests primarily in healthcare real estate in the United States. As of June 30, 2010, the company's portfolio of properties, including mortgage loans and properties owned by unconsolidated joint ventures, totaled 628 properties among the following segments: 283 senior housing facilities, 206 skilled nursing facilities, 120 medical office buildings, 11 continuing care retirement communities, 7 specialty hospitals and 1 asset held for sale. For more information on Nationwide Health Properties, Inc., visit our website at http://www.nhp-reit.com.
Neenah Paper, Inc. (NYSE: NP) November 18, 2010, Alpharetta, GA announced that its board of directors has approved a 10 percent increase in the annual dividend on the company's common stock, from $0.40 per share to $0.44 per share. The dividend will continue to be paid in four equal quarterly installments, with the next installment at the new higher rate of $0.11 per share scheduled to be paid in March 2011.
"We have always been committed to paying shareholders an attractive dividend. With the completion of our transformation out of pulp to focus solely on specialty products and premium papers, Neenah Paper is a company that generates strong and consistent cash flows and has a very sound capital structure. The decision by the board to increase the dividend reflects our successful transformation and their confidence in our ability to continue this performance in the future," said Sean Erwin, Chairman and Chief Executive Officer of the Company.
Neenah Paper is a leading global manufacturer of premium, performance-based papers and specialty products used in a variety of applications including filtration, printing and writing, and as backing and component materials for various specialized industrial and consumer applications. Products are marketed under well-known brands such as CLASSIC(R), ENVIRONMENT(R), CRANE(R), KIMDURA(R), Gessner(R), JET-PRO(R) SofStretch(TM) and varitess(R). Based in Alpharetta, Georgia, the company has paper manufacturing operations in the United States and Germany.
New England Bancshares, Inc. (NASDAQ: NEBS) announced that the company's board of directors declared a cash dividend for the quarter ended September 30, 2010 of $0.03 per share, a 50% increase over its previous dividend of $0.02. President and Chief Executive Officer, David J. O'Connor, commented “We are pleased with our current and previous quarter's performance and feel our shareholders should share in our confidence of our financial strength and stability.” The cash dividend will be payable on December 15, 2010 to stockholders of record on November 26, 2010.
New England Bancshares, Inc. is a bank holding company for New England Bank (the Bank). The Bank is a Connecticut chartered commercial bank. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits primarily in residential real estate loans, commercial real estate loans, and commercial loans, and construction and consumer loans. The Company operated the Bank and Enfield Federal Savings and Loan Association (Enfield Federal) as separate subsidiaries until May 2009, when Enfield Federal was merged with and into the Bank, and the combined bank was renamed New England Bank. On June 8, 2009, the Company acquired Apple Valley Bank and Trust Company (Apple Valley).
New Jersey Resources (NYSE: NJR), November 17, 2010, Wall, NJ, has unanimously declared a 5.9 percent increase in the quarterly dividend rate to $.36 per share from $.34 per share. The new quarterly rate will be effective with the dividend payable January 3, 2011 to shareowners of record on December 15, 2010. The new annual dividend rate will be $1.44 per share. NJR has paid quarterly dividends continuously since its inception in 1952.
"The board 's action is an acknowledgement of our consistent financial performance led by continued strong results from our core regulated business, New Jersey Natural Gas," said Laurence M. Downes, chairman and CEO of NJR. "Our performance and strong financial profile provide us with the opportunity to reward our shareowners by increasing our dividend and invest in growing our company consistent with our business strategy."
The board also approved $9.4 million to fund additional investments in the company's residential solar program. Since inception in March 2010 with an initial investment of $3.5 million, over 800 inquiries were received indicating strong acceptance of the program. Through September 30, 2010, over 100 contracts have been executed with 59 completions, totaling nearly 400 kilowatts of installed capacity. The program qualifies for a 30 percent federal investment tax credit, which is immediately accretive to earnings. The cash payback period for projects is typically less than five years.
New Jersey Resources, provides reliable and renewable energy and natural gas services including transportation, distribution and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With over $2.5 billion in annual revenues, NJR safely and reliably operates and maintains 6,700 miles of natural gas transportation and distribution infrastructure to serve nearly half a million customers; develops and manages a diverse portfolio of more than 2.3 Bcf/day of transportation capacity and 50 Bcf of storage capacity; and provides appliance installation, repair and contract service to nearly 150,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve(R), NJR is helping customers save energy and money by promoting conservation and encouraging efficiency.
Nike Inc. (NYSE: NKE) November 18, 2010, Beaverton, OR announced that it would be raising its dividend by 15% to 31 cents per share, up from 27 cents per share.
“We are pleased to increase our dividend for the ninth year in a row,” said Mark Parker, President and CEO of NIKE, Inc. “Over the last five years we have returned more than $2 billion to shareholders through dividend payments. 's increase illustrates the strength of our balance sheet and the acceleration of our business. We are confident our strategies will continue to drive long-term profitable growth and strong cash flows that will fuel investments for the future and enable us to return cash to shareholders.”
NSTAR (NYSE: NST), November 18, 2010, Boston, MA, announced that its board of trustees voted to increase the dividend on its common shares to an annualized rate of $1.70 per share, a 6.3% increase over the previous rate of $1.60. This is the company's 487th consecutive dividend and the thirteenth consecutive year that NSTAR has increased the dividend. The company has one of the longest consecutive payment records on the New York Stock Exchange.
The board declared a quarterly dividend of $0.425 per share, payable February 1, 2011 to shareholders of record as of January 7, 2011.
Chairman, President and Chief Executive Officer Thomas J. May said, "The dividend action taken by our board reflects the solid financial condition of our company and the confidence we have in our future. The increase is in line with our goal of maintaining a healthy balance between dividends paid to our shareholders and earnings reinvested into the business to maintain the high levels of reliability and service quality results for our customers."
Also, the board of directors of NSTAR Electric Company, a wholly owned subsidiary of NSTAR, declared the following preferred stock dividends payable February 1, 2011 to holders of record as of January 7, 2011:
A quarterly dividend of $1.0625 per share on NSTAR Electric's cumulative preferred stock, 4.25% series; and A quarterly dividend of $1.195 per share on NSTAR Electric's cumulative preferred stock, 4.78% series.
NSTAR, headquartered in Boston, is an energy delivery company with revenues of approximately $3 billion and assets of $8 billion that serves 1.4 million customers in Massachusetts, including approximately 1.1 million electric distribution customers in 81 communities and 300,000 natural gas distribution customers in 51 communities. On October 18, 2010, NSTAR announced a stock-for-stock merger of equals transaction with Northeast Utilities. announced that its Board of Trustees voted to increase the dividend on its common shares to an annualized rate of $1.70 per share, a 6.3% increase over the previous rate of $1.60. This is the company's 487th consecutive dividend and the thirteenth consecutive year that NSTAR has increased the dividend. The company has one of the longest consecutive payment records on the New York Stock Exchange.
Nov. 24, 2010, 2:37 p.m. EST
Oriental Financial Group Inc. (NYSE: OFG), November 24, 2010, San Juan, Puerto Rico, announced it has increased its regular quarterly cash dividend per common share by 25%, to $0.05 per share, from $0.04 per share, for the fourth quarter ending December 31, 2010. The payable date is January 14, 2011, to holders of record on December 31, 2010, with an ex-dividend date of December 29, 2010.
On an annualized basis, the dividend increases to $0.20 per share, from $0.16, and represents a 1.68% yield based on yesterday's closing price of $11.88. "The dividend increase is a tangible recognition by the Board of the strong current positioning and improving outlook for Oriental as we grow our banking activities," said Jose Rafael Fernandez, Vice Chairman of the Board , President and Chief Executive Officer.
Most recently, Oriental announced a book value per common share of $14.01 and tangible common equity to total assets of 8.72% as of September 30, 2010.
Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 46th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 30 financial centers.
Pan American Silver Corp. (TSE: PAA), November 8, 2010, Vancouver, British Columbia, Canada, announced that in view of its solid operational and financial results reported during recent quarters, the board of directors has approved an increase to the frequency of the company's dividend distributions from a semi-annual to a quarterly basis.
In conjunction with the move to quarterly distributions, the company declared its third dividend in 2010 and first quarterly dividend, in the amount of $0.025 per share, which will be paid out on or about Wednesday, December 1, 2010 to holders of record of Pan American's common shares as of the close of business on Friday, November 19, 2010. Specific distribution dates and the amounts of future quarterly dividends will be determined by the board on an ongoing basis.
Geoff Burns, President and CEO, commented, "It is a great pleasure to be in a position to increase the frequency of our dividends to our shareholders, allowing them to benefit directly from the company's increasing prosperity."
Pan American Silver's mission is to be the world's largest and lowest cost primary silver mining company by increasing its low-cost silver production and silver reserves. The company has eight mining operations in Mexico, Peru, Argentina and Bolivia. Pan American also owns the Navidad project in Chubut, Argentina and is the operator of the La Preciosa project in Durango, Mexico.
Pason Systems Inc. (TSE: PSI), November 2, 2010, Calgary, Canada, declared an increase in its semi-annual dividend to seventeen cents (C$0.17)from sixteeen cents (C$0.16) per share on the company's common shares. The dividend will be paid on January 3, 2011 to shareholders of record at the close of business on December 15, 2010.
The board of directors of Pason Systems Inc. (with Mr. Jim Hill, the significant shareholder through J.D. Hill Investments Ltd., abstaining from voting) declared the dividend upon recommendation of a special committee of independent directors. The increase marks the third consecutive increase in the semi-annual dividend. It also represents the largest per share increase over a 12-month period in Pason's history and reflects the board 's confidence in the financial strength of the Company and its business prospects. The special committee considered the advisability and fairness of this semi-annual dividend as part of its adoption of a semi-annual dividend policy in November of 2003.
Pursuant to the Canadian Income Tax Act, dividends paid by the company to Canadian residents are considered to be "eligible" dividends.
Pason Systems Inc. is a provider of instrumentation systems to land-based and offshore drilling rigs worldwide. The company's rental and sold solutions, which include data acquisition, wellsite reporting, remote communications, and web-based information management, maximize rig uptime, improve work efficiency, and minimize operating costs.
Plazacorp Retail Properties Ltd. (TSE: PLZ), November 19, 2010, Frederictown, New Brunswick, Canada, announced that its board of directors have approved a 5.19% increase of their annual dividend payment from 19.25 cents to 20.25 cents per common share for 2011. In addition, the company announced its results for the quarter ended September 30, 2010.
Michael Zakuta, Plazacorp's President and CEO, said, "This represents the eighth consecutive annual increase in the Plazacorp dividend. This track record of dividend increases is a strong confirmation of Plazacorp's ability to continue to grow and build a portfolio of stable high quality retail properties. We are pleased to be able to reward our shareholders and still maintain some of the lowest pay-out ratios in our industry."
The increased dividend will be effective for the regularly scheduled dividend payment dates for 2011 that are expected to be February 14, May 16, August 15, and November 14 in the amount of 5.0625 cents per common share at each payment date, subject to board approval at that time.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns interests in 106 properties comprising 4.7 million square feet of retail real estate.
Principal Financial Group, Inc. (NYSE: PFG) November 1, 2010, Des Moines, IA announced that its board of directors has declared an annual dividend of $0.55 per share, payable on Dec. 3, 2010 to shareholders of record as of November 19, 2010. This is a 10 percent increase from the $0.50 annual dividend declared on October 26, 2009.
The Principal Financial Group offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. The Principal Financial Group has $305.7 billion in assets under management2 and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.
Prudential Financial, Inc. (NYSE: PRU) November 9, 2010, Newark, NJ, announced that its board of directors has declared an annual dividend for 2010 of $1.15 per share of Common stock. The dividend is a 64% increase from the prior rate of $0.70.
The dividend is payable on December 17, 2010, to shareholders of record at the close of business on November 23, 2010. The ex-dividend date is November 19, 2010.
RGC Resources, Inc. (NASDAQ: RGCO), November 23, 2010, Roanoke, VA , declared a quarterly dividend of $0.34 per share on the company's common stock. The indicated annual dividend is $1.36 per share, a $0.04 per share increase over the prior level. The dividend will be paid on February 1, 2010 to shareholders of record on January 14, 2011. This is the company's 267th consecutive quarterly cash dividend.
RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries including Roanoke Gas Company, Diversified Energy Company and RGC Ventures of Virginia, Inc.
Royal Gold, Inc. (NASDAQ: RGLD) (TSX:RGL), November 17, 2010, Denver, CO, announced that its board of directors increased the company's annual dividend for its shares of common stock from $0.36 to $0.44, payable on a quarterly basis of $0.11 per share. Royal Gold has regularly increased its annual dividend since 2001.
The board declared the dividend of $0.11 per share will be payable on January 21, 2011, to shareholders of record at the close of business on January 7, 2011. The quarterly dividend of US$0.11 is also payable to holders of exchangeable shares of RG Exchangeco.
Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalties and similar interests. The company's portfolio consists of 188 properties on six continents, including interests on 34 producing mines and 24 development stage projects. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL."
Safety Insurance Group, Inc. (NASDAQ: SAFT), November 2, 2010, Boston, MA, reported third quarter 2010 results. Net income for the quarter ended September 30, 2010 was $15.4 million, or $1.03 per diluted share, compared to $17.0 million, or $1.11 per diluted share, for the comparable 2009 period. Net income for the nine months ended September 30, 2010 was $43.3 million, or $2.87 per diluted share, compared to $43.9 million, or $2.79 per diluted share, for the comparable 2009 period. Safety's book value per share increased to $43.88 at September 30, 2010 from $41.20 at December 31, 2009. Safety paid $0.50 per share in dividends to investors during the quarter ended September 30, 2010, compared to $0.40 per share during the comparable 2009 period. Safety paid $1.60 per share in dividends to investors during the year ended December 31, 2009.
The board of directors approved and declared a quarterly cash dividend of $0.50 per share on the issued and outstanding common stock, payable on December 15, 2010 to shareholders of record at the close of business on December 1, 2010.
Safety Insurance Group, Inc. is the parent of Safety Insurance Company, Safety Indemnity Insurance Company, and Safety Property and Casualty Insurance Company which are Boston, MA, based writers of property and casualty insurance. Safety is a leading writer of personal automobile insurance in Massachusetts.
Sanders Morris Harris Group Inc. (NASDAQ: SMHG), November 9, 2010, Houston, TX, reported third quarter earnings from continuing operations of $1.3 million, or $0.05 per share. In the year-earlier period, the Company earned $1.9 million, or $0.07 per share, adjusted to reflect the sale of its Capital Markets division. The Company also stated that it is increasing its quarterly cash dividend by 11% to $0.05 per share of common stock.
Sanders Morris Harris Group is a wealth/asset management company that manages approximately $12.1 billion in client assets. Client assets include the gross value of assets under management directly or via outside managers and assets held in brokerage accounts for clients by outside clearing firms. Its corporate philosophy of investment in common aligns its interests with those of its clients. Sanders Morris Harris has more than 540 employees in 20 states.
Schawk, Inc. (NYSE: SGK), November 18, 2010, Des Plaines, IL, a provider of brand point management services, enabling companies of all sizes to connect their brands with consumers to create deeper brand affinity, reported that its board of directors has increased its quarterly cash dividend to $0.08 per share, from the prior quarterly dividend of $0.04 per share. The dividend will be paid on December 30, 2010, to Schawk, Inc. Class A common stockholders of record as of December 13, 2010. This will be the 134th consecutive quarterly dividend paid by Schawk, Inc. and its predecessor company.
Additionally, the company announced that it has amended its debt agreements with its lenders to provide for greater flexibility with regard to dividends and other restricted payments, such as stock buybacks. As a result, the company has reinstituted its share repurchase program, which had been suspended in June 2009, that authorizes the company to repurchase, at its discretion, up to 2 million shares of company common stock per year subject to the restricted payment limitations of the Company's amended debt agreements. Share repurchases may occur from time-to-time through open market purchases, privately negotiated transactions and/or transactions structured through investment banking institutions as permitted by securities laws and other legal requirements. Market conditions will influence the timing and the number of shares repurchased, if any. The program does not obligate the company to repurchase any specific number of shares and may be suspended or terminated at any time without notice. Any shares repurchased will be funded using the company's existing cash balance and its revolving credit facility and will be held as treasury shares.
President and Chief Executive Officer David A. Schawk, commented, "Over the past several quarters Schawk has improved its operating results and has strengthened its balance sheet. The increased dividend and the reinstatement of the share repurchase program reflect our confidence in the business and our belief in the long-term growth opportunities for the company."
Schawk, Inc. is a provider of brand point management services, enabling companies of all sizes to connect their brands with consumers to create deeper brand affinity. With a global footprint of 40 offices, Schawk helps companies create compelling and consistent brand experiences by providing integrated strategic, creative and executional services across brand touchpoints. Founded in 1953, Schawk is trusted by many of the world's leading organizations to help them achieve global brand consistency.
Ship Finance International Limited (NYSE: SFL), November 23, 2010, Hamilton, Norway, announced its preliminary financial results for the quarter ended September 30, 2010.
The board of directors declared a quarterly dividend of $0.36 per share. This is the third consecutive dividend increase in 2010.
The dividend will be paid on or about December 30, 2010 to shareholders of record as of December 8, 2010. The ex-dividend date will be December 6, 2010.
The profit share accrued in the third quarter was $5.8 million, or $0.07 per share, compared to $11.4 million, or $0.14 per share in the second quarter of 2010. The reduced profit share was caused by a softer tanker spot market in the third quarter.
Under US GAAP, the ultra-deepwater drilling units West Polaris, West Hercules and West Taurus and the Panamax dry bulk carrier Golden Shadow are accounted for as 'investment in associate' using the 'equity method'. Our investment is a combination of intercompany loans and equity. In our Income Statement, the net contribution from these unconsolidated subsidiaries is recognized as a combination of 'interest income from associate' and 'results in associate.'
The company reported total net operating revenues on a consolidated basis of $73.5 million, or $0.93 per share, in the third quarter of 2010. This number excludes charter hire classified as 'repayment of investments in finance lease', and also excludes substantial charter revenues earned by the assets classified as 'investment in associate'.
Simon Property Group, Inc. (NYSE: SPG), November 1, 2010, Indianapolis, IN, announced results for the quarter ended September 30, 2010.
Net income attributable to common stockholders was $230.6 million, or $0.79 per diluted share, in the third quarter of 2010 as compared to $105.5 million, or $0.38 per diluted share, in the prior year period. Third quarter 2010 results reflect the impact of transaction expenses of $47.6 million, or $0.14 per share, as well as the following transactions: 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.
Simon Property Group, Inc. (Simon) 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.
Snap-on Incorporated (NYSE: SNA), November 4, 2010, Kenosha, WI, board of directors declared a quarterly common stock dividend of $0.32 per share payable December 10, 2010, to shareholders of record on November 19, 2010. This represents a per share increase of $0.02, or 6.7%, over Snap-on's previous quarterly dividend of $0.30 per share.
"We believe our dividend is an important component of total return to our shareholders. It's an essential part of our capital allocation strategy, as evidenced by Snap-on's payment of consecutive quarterly cash dividends, without interruption or reduction, since 1939," said Nick Pinchuk, Snap-on chairman and chief executive officer. "This increase in Snap-on's quarterly dividend underscores our commitment to create long-term value for our shareholders and reflects our current performance as well as our belief that Snap-on is well-positioned for the future."
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as customers in industry, government, agriculture, aviation and natural resources. Products and services are sold through the company's franchisee, company-direct, distributor and Internet channels. Founded in 1920, Snap-on is a $2.4 billion company headquartered in Kenosha, Wisconsin.
South Jersey Industries (NYSE: SJI), November 22, 2010, Folsom, NJ, announced that its board of directors voted to increase the company’s regular quarterly dividend from $0.33 to $0.365 per share. The increase equates to an annualized dividend of $1.46, a $0.14 per share increase over the previous level. This marks the 12th year in a row that SJI has increased its dividend.
“Our strong performance in 2010, coupled with very attractive growth opportunities in both the regulated utility and our non-regulated businesses, supported this significant dividend increase,” stated Edward J. Graham, SJI chairman, president and CEO. “Over the past five years, SJI’s board has approved dividend increases averaging over 10 percent, well above the base targeted level cited in its dividend policy of 6 percent to 7 percent per year, to emphasize its continued confidence in SJI’s future,” continued Graham. Since the end of 2005, SJI has raised its annual dividend by $0.56 per share, an increase of 62 percent.
Factors that the board considers when setting the dividend include future earnings expectations, payout ratio, and dividend yield relative to those at peer companies as well as returns available on other income-oriented investments. SJI recognizes that dividends are an important income source for many of our shareholders, and remains committed to providing a secure, growing dividend.
The dividend is payable December 29, 2010 to shareholders of record at the close of business December 10, 2010. SJI has paid dividends for 59 consecutive years.
StanCorp Financial Group, Inc., (NYSE: SFG), November 8, 2010, Portland, OR, declared an annual cash dividend of $0.86 per share, payable December 3, 2010, to shareholders of record on November 19, 2010. The annual cash dividend of $0.86 per share represents a 7.5% increase over last year's dividend of $0.80 per share.
"StanCorp has built a solid capital base, and we continue to grow book value, creating long-term value for shareholders," said Greg Ness, president and chief executive officer. "During these difficult economic times, our strong capital position has allowed us to maintain our history of steadily increasing dividends to shareholders while also carrying out an active share repurchase program."
StanCorp Financial Group, Inc., through its subsidiaries marketed as The Standard -- Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities -- is a leading provider of financial products and services. StanCorp's subsidiaries serve approximately 7.6 million customers nationwide as of September 30, 2010, with group and individual disability insurance, group life, ADandD, dental and vision insurance, absence management services, retirement plans products and services, individual annuities and investment advice. For more information about StanCorp Financial Group, Inc., visit its Web site at www.stancorpfinancial.com.
Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT), November 22, 2010, White Plains, NY, announced that its board of directors has declared the company's annual cash dividend of $0.30 per share, an increase of 50% from the prior year. The dividend will be paid on December 30, 2010 to shareholders of record on December 16, 2010.
Starwood Hotels and Resorts Worldwide, Inc. is a hotel and leisure company with 1,025 properties in 100 countries and approximately 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W, Le Meridien and the recently announced Aloft and Element. Starwood Hotels also owns Starwood Vacation Ownership, Inc., a developers and operators of high quality vacation interval ownership resorts.
Starwood Property Trust (NYSE: STWD), November 9, 2010, Greenwich, CT, (the "Company"), a commercial real estate finance company that is structured as a real estate investment trust, announced operating results for the third quarter 2010.
As previously announced for the quarter ended September 30, 2010, the company declared a dividend of $0.33 per share which was paid on October 15, 2010 to shareholders of record on September 30, 2010.
On November 9, 2010, the company declared a dividend of $0.40 per share for the quarter ending December 31, 2010, payable on January 17, 2011 to common shareholders of record as of December 31, 2010.
S.Y. Bancorp, Inc. (NASDAQ: SYBT), November 17, 2010, Louisville, KY, parent company of Stock Yards Bank and Trust Company, with offices in the Louisville metropolitan area, Indianapolis and Cincinnati, announced that its board of directors has voted to increase the company's quarterly cash dividend 6% to $0.18 per common share. The new rate will go into effect with the next payment on January 3, 2011, payable to stockholders of record as of December 13, 2010.
Commenting on the announcement, David Heintzman, Chairman and Chief Executive Officer, said, "With a goal of maximizing returns for our stockholders, we are pleased that our strong financial performance enables us to increase our cash dividend once again, thereby allowing our stockholders to participate directly in the growth we have achieved. This decision to increase our cash pay-out stands in contrast to what seems to be a prevailing trend with many other financial institutions, where capital conservation has forced reductions in or the entire elimination of cash dividends to stockholders, and continues our efforts to utilize our strong capital position and ongoing earnings growth to build stockholder value over the long term."
Louisville, Kentucky-based S.Y. Bancorp, Inc., with $1.9 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank and Trust Company, which was established in 1904.
Sysco Corporation (NYSE: SYY) November 12, 2010, Houston, TX, announced that the board of directors has approved a four percent increase in the quarterly cash dividend to $0.26 per share from the current $0.25 per share. The new dividend is payable on January 28, 2011, to common shareholders of record at the close of business on January 7, 2011.
"We understand the importance of the dividend to our shareholders and are pleased to once again increase the annual dividend," said Bill DeLaney, Sysco's president and chief executive officer. "Fiscal year 2011 will be the 42nd year in a row that we have paid a dividend to our shareholders -- a testament to Sysco's consistently strong balance sheet and cash flow throughout the years."
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. The company operates 180 distribution facilities serving approximately 400,000 customers. For the fiscal year 2010 that ended July 3, 2010, the company generated more than $37 billion in sales.
Teck Resources Limited (TSE: TCK), November 17, 2010, Vancouver, British Columbia, Canada, announced that it will pay an eligible dividend of $0.30 per share on its outstanding Class A common shares and Class B subordinate voting shares on January 4, 2011, to shareholders of record at the close of business on December 15, 2010. This represents a 50% increase in the semi-annual dividend rate.
"This dividend increase reflects our confidence in our current balance sheet strength and our ability to fund our strong portfolio of growth assets," said Don Lindsay, president and CEO.
TELUS Corporation (USA) (Public, NYSE:TU), November 5, 2010, Burnaby, British Columbia, Canada, announced that the company is raising its dividend from $0.50 to $0.525 per quarter. This is a 5% increase, which follows another 5% increase that was announced in May.
The company has also announced that, starting with the March dividend, it will stop giving a discount on reinvested dividends. TELUS Corporation is a Canada-based telecommunications company, providing a range of telecommunications products and services. It also provides data, Internet protocol (IP), voice and wireless services to Central and Eastern Canada. The wholly owned subsidiary of the Company is TELUS Communications Inc. (TCI). The company operates in two business segments: wireless and wireline. On January 29, 2008, TELUS also made a small acquisition of privately held Fastvibe Corporation, a provider of Web-streaming solutions. In September 2009, the Company acquired Black's Photo Corporation, an imaging and digital retailer based in Canada.
Tennant Company (NYSE: TNC) November 9, 2010, Minneapolis board of directors authorized a 21 percent increase in the company's quarterly cash dividend to 17 cents per share from 14 cents per share. The dividend is payable on December 15, 2010, to shareholders of record on November 30, 2010.
"Tennant has reported solid 2010 financial performance to date and the dividend is an important component of total return to our shareholders," said Chris Killingstad, Tennant Company's president and chief executive officer. "The increase in our quarterly dividend demonstrates our confidence in our business. We remain committed to profitably growing our traditional business and expanding our global leadership position in chemical-free cleaning. We believe our growth strategies, operational discipline, and strong financial position and cash flows will ensure further value-creation potential for shareholders."
The dividend increase will result in a 5 percent increase to the annual dividend payout for the year 2010 and a 15 percent increase to the annual dividend payout for the year 2011. The company has increased its annual cash dividend payout for 39 consecutive years.
Minneapolis-based Tennant Company (TNC 35.47, +1.41, +4.14%) is a world leader in designing, manufacturing and marketing solutions that help create a cleaner, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; chemical-free cleaning technologies; and specialty surface coatings for protecting, repairing and upgrading floors. Tennant's global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, Minn.; Holland, Mich.; Louisville, Ky; Uden, The Netherlands; the United Kingdom; Sao Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries.
Textainer Group Holdings Limited (NYSE: TGH), November 4, 2010, Hamilton, Bermuda, the world's largest lessor of intermodal containers based on fleet size, reported results for the third quarter and nine months ended September 30, 2010.
On November 3, 2010, Textainer's board of directors approved and declared a quarterly cash dividend of $0.27 per share on Textainer's issued and outstanding common shares, payable on November 24, 2010 to shareholders of record as of November 15, 2010. This dividend is an increase of $0.02 per share from the prior quarter and will be the thirteenth consecutive quarterly dividend since Textainer's October 2007 initial public offering.
Textainer has operated since 1979 and is the world's largest lessor of intermodal containers based on fleet size. It has a total of 1.5 million containers, representing about 2.3 million TEU, in its owned and managed fleet. The company leases containers to more than 400 shipping lines and other lessees. It also leases dry freight containers, which are by far the most common of the three principal types of intermodal containers, as well as specialized and refrigerated containers. The company has also been one of the largest purchasers of new containers among container lessors over the last 10 years. It is also one of the largest sellers of used containers, having sold more than 100,000 containers last year to more than 1,000 customers. Operations are worldwide via a network of regional and area offices and independent depots.
THL Credit, Inc. (NASDAQ: TCRD) November 9, 2010, Boston, MA Announced third quarter 2010 financial results and quarterly dividend of $0.10 per share. The prior quarter dividend was $0.05.
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. THL Credit invests primarily in private subordinated debt, or mezzanine debt, in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. THL Credit's investment activities are managed by THL Credit Advisors LLC, an investment adviser registered under the Investment Advisers Act of 1940.to stockholders of record as of Nov. 30, 2010.
"We are pleased with the quantity and quality of prospective transactions in the middle market and have seen a noticeable uptick in actionable investment opportunities since August," said James K. Hunt, chief executive officer of THL Credit. "In addition to the two new investments in the third quarter, we have closed on three additional transactions totaling $36 million in the fourth quarter and have two others currently under accepted term sheets. While the nature of junior capital investing lends itself to some lumpiness in deployment, we remain unwavering in our underwriting discipline and will not sacrifice quality for expediency of closing. Ultimately, our shareholders will be rewarded by the quality of our investments."
TICC Capital Corp. (NASDAQ: TICC), November 4, 2010, Greenwich, CT, announced its financial results for the quarter ended September 30, 2010 and a distribution of $0.24 per share for the fourth quarter of 2010. The payable date is December 31, 2010. The record date is December 10, 2010. This is an increase from the $0.22 paid the previous quarter.
TICC Capital Corp. is a business development company primarily engaged in the business of providing capital to technology-related companies. TICC concentrates its investments in companies having annual revenues of less than $200 million and/or a market capitalization or enterprise value of less than $300 million, with a focus on businesses in the following sectors: computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, diversified technology, medical device technology, information technology infrastructure or services, Internet, telecommunications and telecommunications equipment and media.
The company’s investment activities are managed by TICC Management, LLC, an investment adviser that is registered under the Investment Advisers Act of 1940.
Timken Company (NYSE: TKR), November 9, 2010, Canton, OH. Following its third-quarter earnings release highlighting the company's continued strong financial performance, the board of directors of The Timken Company declared a quarterly cash dividend of 18 cents per share, an increase of five cents per share, or 38 percent, over the previous quarterly amount. This is the second time this year that the dividend has been increased. The dividend is payable on December 2, 2010, to shareholders of record as of November 22, 2010. It will be the 354th consecutive dividend paid on the common stock of the company.
Chairman Ward J. "Tim" Timken, Jr., said, "The Timken Company continues to be well-positioned to capitalize on growth in our targeted markets. The dividend increase represents our continuing confidence in the company's future and our determination to return greater value to shareholders."
The Timken Company produces innovative friction management and power transmission products and services. The company had sales of $3.1 billion in 2009, operations in 27 countries/territories and approximately 17,000 employees.
Total Energy Services Inc. (TSE:TOT), November 10, 2010, Calgary, Alberta, Canada, posted a major increase in third-quarter profits.
Total Energy, which provides contract drilling along with transportation services and equipment sales and rental, earned $9.6 million, or 30 cents per diluted share in the quarter. That was up from $2.2 million, or eight cents per share, in the same 2009 quarter.
Revenue rose to $55.2 million from $20 million, and the company increased its quarterly dividend a penny to four cents, payable Jan. 31 to shareholders of shareholders of record at the close of business Dec. 31.
"Despite prolonged wet weather conditions that hampered field operations throughout much of Western Canada, and continued weakness in natural gas prices, activity levels increased significantly in all three of Total Energy's business divisions during the third quarter relative to the prior year," the company said in a news release.
Total Energy Services Inc., formerly Total Energy Services Trust, is an energy services company. Effective May 20, 2009, the Company became the operator of the business of the Trust and its subsidiaries. Through its operating divisions and its wholly owned limited partnerships, Bidell Equipment Limited Partnership and DC Energy Services Limited Partnership, the company has two core energy service business sectors: the Drilling Services sector, which comprises contract drilling services and the rental and transportation of equipment to the oil and gas industry, and the Production Services sector, which consists of the fabrication, sale, rental and servicing of new and used natural gas compression equipment (Bidell Equipment). The provides contract drilling services, the rental and transportation of equipment in drilling and production processes and the manufacturing, sale, rental and servicing of natural gas compression equipment to oil and gas exploration and production companies.
Tri-State 1st Banc Inc. (OTC: TSOH), November 21, 2010, East Liverpool, OH declared its regular quarterly dividend in the amount of $.05 per share on both its common stock and preferred series A stock for the 4th Quarter of 2010.
Also, in recognition of the successful year 2010 for the company, the board of directors voted to pay a special year-end bonus of $.02 per share to both classes of shareholders of the company. The two payments total $.07 per share for the Quarter resulting in a 40 percent increase in dividends over the $.05 per share paid for each of the first three quarters of 2010 and the 4th Quarter dividend paid a year ago in December of 2009.
The dividends were declared at a meeting of the board of directors on Nov. 17, 2010, and will be paid on Dec. 20, 2010, to shareholders of record on Nov. 29, 2010. The company has paid a dividend to its shareholders each year since 1990. As a Financial Holding Company, Tri-State is required to receive approval of the Federal Reserve Bank for payment of all dividends. A letter was received dated Nov. 9th indicating the Federal Reserve Bank approval of both the regular and special dividends.
"This is the first time that it has been appropriate for our company to increase dividends since the country found itself in economic turmoil in early 2008," Charles B. Lang, chairman of Tri-State 1st Banc Inc., said. "Many financial institutions at that time found it prudent to reduce or even eliminate dividend payments to shareholders in order to conserve capital. We are pleased to be among the first companies to begin restoring a better dividend return on investment to shareholders."
Tupperware Brands Corporation (NYSE: TUP), November 4, 2010, Orlando, FL announced that its board of directors declared a 30 cent dividend, payable to shareholders of record as of December 17, 2010 that will be paid on January 4, 2011. The $1.20 per share annual dividend implied reflects a 20% increase in the quarterly dividend from 25 cents per quarter paid during 2010, and represents a payout ratio on an annual basis of 34% based on the mid point of the company's GAAP diluted earnings per share outlook range provided last month.
Rick Goings, Chairman and CEO commented, "This increase, as well as our share repurchase program, allow us to continue our efforts for shareholders to participate in our growth. We are executing our business models well, and going forward expect to be able to achieve our longer range annual local currency sales growth target of 6-8%, and to continue to generate strong cash flow. This gives us the flexibility to allocate capital internally for growth and to our shareholders, while maintaining conservative leverage profile."
Tupperware Brands Corporation is a portfolio of global direct selling companies, selling innovative, premium products across multiple brands and categories through an independent sales force of 2.6 million. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products for consumers through the Armand Dupree, Avroy Shlain, BeautiControl, Fuller Cosmetics, NaturCare, Nutrimetics, Nuvo and Swissgarde brands.
Union First Market Bankshares Corporation (NASDAQ: UBSH), November 3, 2010, Richmond, VA, has declared a quarterly dividend of $0.07 per share. This dividend represents a 16.67% increase from the $0.06 quarterly dividend paid on August 31, 2010 and the $0.06 quarterly dividend paid on November 30, 2009.
Third quarter net income available to common shareholders, which deducts dividends and discount accretion on preferred stock from net income, was $7.5 million or $0.29 per fully diluted share, compared to $8.2 million or $0.32 per share, in the second quarter and $1.9 million or $0.13 per share, for the third quarter last year.
Based on the stock's closing price of $13.17 on October 25, 2010, the dividend yield is 2.13%. The dividend is payable on November 30, 2010 to shareholders of record as of November 18, 2010.
Union First Market Bankshares Corporation is one of the largest community banking organizations based in Virginia and provides full service banking to the Northern, Central, Rappahannock, Tidewater, and Northern Neck regions of Virginia through its bank subsidiary, Union First Market Bank. Union First Market Bank operates 91 locations in the counties of Albemarle, Caroline, Chesterfield, Essex, Fairfax, Fauquier, Fluvanna, Hanover, Henrico, James City, King George, King William, Lancaster, Loudoun, Nelson, Northumberland, Richmond, Spotsylvania, Stafford, Warren, Washington, Westmoreland, York, and the independent cities of Charlottesville, Colonial Heights, Fredericksburg, Newport News, Richmond, Roanoke, and Williamsburg. Union Investment Services, Inc. provides full brokerage services; Union Mortgage Group, Inc. provides a full line of mortgage products; and Union Insurance Group, LLC offers various lines of insurance products. Union First Market Bank also owns a non-controlling interest in Johnson Mortgage Company, LLC.
Union Pacific Corporation (NYSE: UNP) November 18, 2010, Omaha, NB, announced that its board of directors voted to increase the quarterly dividend on the company's common shares by 15 percent to 38 cents per share. The increased dividend is payable January 3, 2011, to stockholders of record on November 30, 2010.
"As we generate strong and growing free cash flow, we are returning more cash to our shareholders," said Jim Young, Union Pacific chairman and chief executive officer. "UP's strategy to operate a safe, productive, service-oriented railroad is delivering record results, allowing us to increase the dividend for the second time in 2010. For the year, the annual dividend increase totals 41 percent, reflecting both our confidence in the future and our commitment to increasing shareholder returns."
Union Pacific has paid dividends on its common stock for 111 consecutive years.
Union Pacific Corporation owns one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, links 23 states in the western two-thirds of the country. Union Pacific serves many of the fastest-growing U.S. population centers and provides Americans with a fuel-efficient, environmentally responsible and safe mode of freight transportation. Union Pacific's diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad emphasizes excellent customer service and offers competitive routes from all major West Coast and Gulf Coast ports to eastern gateways. Union Pacific connects with Canada's rail systems and is the only railroad serving all six major gateways to Mexico, making it North America's premier rail franchise.
United Bankshares, Inc. (NASDAQ: UBSI), Washington, D.C. and Charleston, WV, announced that its board of directors declared a fourth quarter dividend of $0.30 per share for shareholders of record as of December 10, 2010. Dividends per share of $1.20 for the year 2010 represents a 3% increase over the $1.17 per share paid for the year of 2009. The dividend payout of approximately $13.1 million on 43.6 million shares is payable January 3, 2011.
The year 2010 marks the 37th consecutive year of dividend increases to United shareholders. During this 37 year period, the dividend has increased from $0.06 to $1.20, which represents an annual compound growth rate over 9%.
"We continue to be committed to rewarding our shareholders even in these most difficult of times," commented Richard M. Adams, United's Chairman of the Board and Chief Executive Officer. "While we have been affected by the greatest challenges to our industry since the Great Depression, we continue to perform much better than most. Our ability to increase dividends to our shareholders over the past 37 years is evidence of our consistency of earnings, sound asset quality, and capital adequacy. Only one other major banking company in the USA has achieved such a record," Adams stated.
United Bankshares, with $7.6 billion in assets, has 112 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C.
Universal Corporation (NYSE: UVV), November 4, 2010, Richmond, VA, announced that the board of directors has declared a quarterly dividend of forty-eight cents ($0.48) per share on the common shares of the company, payable February 14, 2011, to common shareholders of record at the close of business on January 10, 2011. Universal has raised its common dividend every year since 1971.
In addition, the board of directors declared a quarterly dividend of $16.875 per share on the Series B 6.75% Convertible Perpetual Preferred Stock, payable December 15, 2010, to shareholders of record as of 5:00 p.m. Eastern Time on December 1, 2010.
Headquartered in Richmond, Virginia, Universal Corporation is one of the world's leading tobacco merchants and processors and conducts business in more than 30 countries. Its revenues from continuing operations for the fiscal year ended March 31, 2010, were $2.5 billion.
Vectren Corporation (NYSE: VVC), November 5, 2010, Evansville, IN, announced the board of directors has declared a quarterly common stock dividend of 34 1/2 cents per share, a 1/2 cent increase over the previous quarter. The dividend will be payable December 1, 2010 to shareholders of record at the close of business on November 15, 2010.
"We are pleased to announce that for the 51st consecutive year the annual dividends paid by Vectren and its predecessor companies have increased," said Carl L. Chapman, President and CEO of Vectren Corporation. "This record displays our commitment to the dividend and the value it provides to our shareholders."
Vectren Corporation is an energy holding company headquartered in Evansville, Indiana. Vectren's energy delivery subsidiaries provide gas and/or electricity to more than one million customers in adjoining service territories that cover nearly two-thirds of Indiana and west central Ohio. Vectren's nonutility subsidiaries and affiliates currently offer energy-related products and services to customers throughout the Midwest, Northeast and Southeast. These include gas marketing and related services; coal production and sales; and energy infrastructure services.
Wendy's/Arby's Group, Inc. (NYSE: WEN), November 12, 2010, Atlanta, GA, the third largest quick-service restaurant company in the United States, reported results for the third quarter ended October 3, 2010.
Roland Smith, President and Chief Executive Officer of Wendy's/Arby's Group, stated: "The third quarter was a difficult one for both brands. While the Wendy's(R) brand outperformed many quick service restaurant peers with system-wide same-store sales of -1.7%, the lack of growth resulted in sales deleverage. This deleverage effect combined with commodity cost increases caused Wendy's third quarter restaurant margins to fall by approximately 200 basis points year-over-year, excluding the impact of incremental advertising for Wendy's new breakfast. Arby's(R) systemwide same-store sales were -5.9%. Company-operated restaurant margins were impacted by sales deleverage and commodity cost increases as restaurant margins fell by 170 basis points. On a consolidated basis, adjusted EBITDA1 was slightly lower than our expectations at approximately $100 million; however, we are reiterating our adjusted EBITDA guidance for 2010.
"These third quarter results are simply not satisfactory to us. We will not be satisfied until we are driving consistent and positive same-store sales, capturing the operating leverage inherent in the business and growing free cash flow. We continue to believe Wendy's/Arby's Group has significant long-term earnings growth potential. In addition to developing more high quality, differentiated menu items at both brands, we will use our balance sheet strength to expand the breakfast daypart at Wendy's, continue our remodeling program at both brands and significantly grow our international presence. The Arby's brand turnaround is also a key focus and we are encouraged with results from our everyday value menu, evidenced by a 5.5% company-operated same-store sales increase in October," Smith said.
"Our goal is to create superior and sustainable value for stockholders. As a strong cash flow generator, in addition to investing in organic growth opportunities, we believe in the importance of returning capital to our stockholders. Since the beginning of our repurchase activity last year, we have purchased approximately $245 million of our common stock and are pleased to announce an additional $170 million authorization , bringing the current amount available for repurchase up to $250 million. Additionally, our board of directors has authorized a 33% increase in our quarterly cash dividend, which further demonstrates a commitment to delivering stockholder value as we implement our longer-term growth initiatives," Smith said.
Westjet Airlines Ltd. (TSE: WJA) November 3, 2010, Calgary, Alberta, Canada
declared an initial quarterly dividend of five cents per share on Wednesday, to be paid Jan. 21 next year to shareholders of record on Dec. 15.
The company is planning to buy back up to 5% of its outstanding shares. Net earnings in the quarter ended Sept. 30 were $54 million, compared to $31 million one year ago.
Westjet posted a 72% jump in third-quarter earnings Wednesday and said it would begin to pay dividends to shareholders and buy back its own stock.
The airline said its earnings had increased for the 22nd consecutive quarter to $54 million.
It will begin paying a quarterly dividend of $0.05 per share starting January 21.
WestJet is a Canadian airline, offering scheduled service throughout its 71-city North American and Caribbean network. WestJet pioneered low-cost flying in Canada. WestJet offers increased legroom, leather seats and live seatback television provided by Bell TV on its modern fleet of 90 Boeing Next-Generation 737 aircraft. With future confirmed deliveries for an additional 45 aircraft through 2017, WestJet strives to be one of the five most successful international airlines in the world.
Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:YAU), November 3, 2010, Toronto, Ontario, Canada, announced that its board of directors has approved an increase to the annualized dividend to US$0.12 per share, or US$0.03 per share quarterly. This represents a 50% increase to the US$0.08 annual dividend announced last quarter and a 200% increase over the 2009 annualized dividend. This quarterly dividend is effective for the fourth quarter and will be payable on January 14, 2011, to shareholders of record at the close of business on December 31, 2010.
The board of directors also declared a special dividend of US$0.01 per share. This special dividend will top up the previously declared third quarter dividend and is payable on November 26, 2010 to shareholders of record at the close of business on November 12, 2010.
"This third increase to our annual dividend this year and the special dividend is a reflection of our robust and growing cash flows and cash balances. Our approach to paying dividends demonstrates our confidence in the commodity price environment and our ability to execute on our future growth and growing cash flows," commented Peter Marrone, Chairman and Chief Executive Officer. "We have a track record of paying dividends, we have done so for 17 consecutive quarters. We see this as an important additional way to deliver value to our shareholders."
Both of these dividends are an "eligible dividend" for Canadian tax purposes.
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. Yamana plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and by targeting other gold consolidation opportunities with a primary focus in the Americas.
York Water Company (NASDAQ: YORW), November 22, 2010, York, PA, announced that the board of directors at their November 22nd meeting increased the quarterly dividend from $0.128 per share to $0.131 per share, an increase of 2.3%. The dividend is payable January 14, 2011 to shareholders as of record date December 31, 2010.
This is the 560th consecutive dividend to be paid by The York Water Company and is the fourteenth consecutive year that the Company has increased its dividend. York Water, which is the oldest investor owned utility in the nation, has paid dividends for 194 consecutive years beginning in 1816. This is believed to be the longest record of consecutive dividends in America.