This is my Dividend Note No. 28 as of August 3, 2010..
These are sixty-four companies which increased dividends during the last two weeks of July and the first three days of August. Most are American companies.
Some of the companies with interesting lines of business are the following: Malaga Financial is interesting because its banking subsidiary does not have any delinquent loans. Buckeye Technologies, Inc. manufactures specialty fibers and nonwoven materials. CARBO Ceramics, Inc. is supplier of a ceramic proppant, used in the oil drilling industry. RPC, Inc. provides specialized oilfield services and equipment to oilfield companies in the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets.
These are the companies with increased dividends or initiated the payment of dividends.
Airgas, Inc.
Altera Corp.
American Water Works Company, Inc.
A.O. Smith Corporation
Applied Industrial Technologies
Aptargroup, Inc.
Aqua America
Atrion Corporation
AVX Corporation
Barrick Gold Corp.
British American Tobacco
Buckeye Technologies Inc.
CARBO Ceramics Inc.
Centerra Gold
Community Trust Bancorp
Crane Co.
Cummins, Inc.
Digital Realty
Donaldson Company, Inc.
DTE Energy
Duncan Energy Partners L.P.
Eaton Corp.
El Paso Pipeline Partners, L.P.
Enbridge Energy Partners L.P.
Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
Flaherty & Crumrine Preferred Income Fund Incorporated
Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated
FPB Financial Corp.
General Electric Company
Genesis Energy, L.P.
Herbalife Ltd.
International Flavors and Fragrances Inc.
Kaydon Corporation
Lindsay Corp.
Landstar System, Inc.
Malaga Financial Corporation
National Retail Properties, Inc.
Nationwide Health Properties, Inc.
Newmont Mining Corporation
Norfolk Southern Corporation
Omega Healthcare Investors, Inc.
ONEOK, Inc.
Orrstown Financial Services, Inc.
PetMed Express. Inc.
PPG
Proctor and Gamble
Republic Services, Inc.
Resources Connection, Inc.
RPC, Inc.
Ryder System, Inc.
Sealed Air Corporation
Solera Holdings, Inc.
Spectra Energy Partners, LP
Stanley Black and Decker, Inc.
Starbucks Corporation
TESSCO Technologies Incorporated
UDR Inc.
Vanguard Natural Resources, LLC
ViewPoint Financial Group, Inc.
Walgreen Co.
W and T Offshore, Inc.
Western Gas Partners, LP
Westfield Financial, Inc.
Airgas, Inc. (NYSE: ARG) July 21, 2010 Radnor, PA announced that its board of directors increased the quarterly cash dividend on the company's common stock to $0.25 per share from $0.22. The dividend will be payable on September 30, 2010 to shareholders of record as of September 15, 2010.
"We are pleased to raise our dividend on the strength of our outstanding financial performance, including robust earnings growth and cash flow," said Airgas Chairman and Chief Executive Officer Peter McCausland. "The steady improvement we are seeing in our business as the economy recovers gives us further confidence in our growth prospects, financial strength, and operating performance goals."
Airgas, Inc. through its subsidiaries, is the largest U.S. distributor of industrial, medical, and specialty gases, and hard goods, such as welding equipment and supplies. Airgas is also one of the largest U.S. distributors of safety products, the largest U.S. producer of nitrous oxide and dry ice, the largest liquid carbon dioxide producer in the Southeast, and a leading distributor of process chemicals, refrigerants, and ammonia products. More than 14,000 employees work in approximately 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telesales channels.
Altera Corp. (NASDAQ: ALTR) ) July 20, 2010, San Jose, CA, announced that its second-quarter net income rose 18 percent as revenue surged and beat analyst expectations. This chip maker also increased its quarterly dividend.
Net income in the quarter grew to $180.6 million, or 58 cents per share, from $153.2 million, or 50 cents per share, in the same period a year earlier.
Revenue grew 68 percent to $469.3 million.
Altera also increased its quarterly cash dividend to 6 cents from 5 cents. The next quarterly dividend will be paid Sept. 1 to shareholders of record Aug. 10.
Altera is a semiconductor company. The company designs, manufactures and markets programmable logic devices (PLDs), HardCopy application-specific integrated circuits (ASICs), pre-defined design building blocks, known as intellectual property (IP) cores, and associated development tools. Altera is a supplier of complementary metal oxide semiconductor (CMOS) PLDs. The company’s PLDs consist of field-programmable gate arrays (FPGAs) and complex programmable logic devices (CPLDs), which are semiconductor integrated circuits, or chips, that its customers program to perform logic functions in their electronic systems. Its HardCopy ASICs enables its customer transition designs from FPGAs to non-programmable implementations. Altera’s IP cores can be licensed by customers to add functions to their PLD designs.
American Water Works Company, Inc. (NYSE: AWK) July 30, 2010, Voorhees, NJ announced that its board of directors increased its quarterly cash dividend payment by five percent from $0.21 to $0.22 per share.
The regular quarterly cash dividend is payable on September 1, 2010 to all shareholders of record as of August 18, 2010.
"We are pleased with the Board's decision to increase our dividend as it reflects our solid financial performance to-date," said Don Correll, president and CEO of American Water. "This is our ninth consecutive declaration since going public in 2008."
Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 16 million people in 35 states and Ontario and Manitoba, Canada.
A.O. Smith (NYSE: AOS) July 23, 2010, Milwaukee, WI, board of directors has approved an eight percent increase in the company's quarterly cash dividend to a rate of $.21 per share.
The dividend is payable on Aug. 16 to shareholders of record July 30.
"The stability provided by our 136 years in business, as well as our record operating performance and cash flow generation in 2009, give us the confidence to increase our dividend in what continues to be a fragile economic recovery," Paul W. Jones, chairman and chief executive officer, commented.
A. O. Smith has paid cash dividends on its stock every year since 1940. This is the eighth time in the last nine years that the company has increased its quarterly cash dividend.
A. O. Smith Corporation, with 2009 sales of $2.0 billion, is a global company applying technology and energy-efficient solutions to products marketed worldwide. The company is a manufacturer of residential and commercial water heating equipment, offering a comprehensive product line featuring the best-known brands in North America and China. A. O. Smith is also one of the largest manufacturers of electric motors for residential and commercial applications in North America.
Applied Industrial Technologies (NYSE: AIT) July 20, 2010, Cleveland, OH increased its quarterly dividend by 13%.
Applied Industrial said it bumped its quarterly cash dividend higher to 17 cents per share from 15 cents. The new dividend is payable on Aug. 31 to shareholders of record on Aug. 16. Applied Industrial Chairman and CEO David Pugh said the dividend increase is based "on our good cash flows and the recent improvement in the North American industrial economy."
The new dividend pushes Applied Industrial's annualized dividend rate to 2.62% from 2.31%.
With approximately 460 facilities and 4,500 employee associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 3 million parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also offers maintenance training, plus solutions to meet inventory and storeroom management needs that help provide enhanced value to its customers. For its fiscal year ended June 30, 2009, Applied posted sales of $1.9 billion.
Aptargroup, Inc. (NYSE: ATR) July 20, 2010, Crystal Lake, IL reported record quarterly earnings per share. The company's board of directors also announced a 20% increase to the quarterly cash dividend.
Commenting on the quarter, Peter Pfeiffer, President and CEO, said, "This was an exceptional quarter for us across the board. Our decision to reduce certain costs during the economic downturn last year without sacrificing critical research or capacity was the right move. We put ourselves in position to take advantage of rising demand as our customers' businesses regained their momentum. And this momentum, which we saw in the first quarter, carried over into the second quarter. Demand was particularly strong from the fragrance, cosmetic, and personal care markets and appears to be a blend of increased consumer consumption and the absence of inventory destocking that occurred last year. Sales to the food, beverage, and pharmaceutical markets were also quite good in the quarter. Each business segment posted increases in sales and income."
Pfeiffer continued, "Increased volumes drove improved capacity utilization and, combined with our cost containment efforts, contributed to record operating income of $74 million and record earnings per share. Reported diluted earnings per share increased 63% to a record $.67 per share, compared to $.41 per share in the prior year. Prior year earnings per share included the negative effect of $.03 per share from charges related to our consolidation/severance program."
Aptargroup is a global supplier of dispensing systems for the fragrance/cosmetic, personal care, pharmaceutical, household and food/beverage markets. Aptargroup is headquartered in Crystal Lake, Illinois, with manufacturing facilities in North America, Europe, Asia and South America.
Aqua America, Inc. (NYSE: WTR) August 3, 2010, Bryn Mawr, PA, declared a dividend increase of $0.01 per share from $0.145 per share to $0.155 per share for the December 1, 2010 quarterly dividend, to all shareholders of record on November 17, 2010. This represents a 6.9 percent increase to the quarterly dividend. This increase is equivalent to $0.04 above the company's current annualized dividend rate of $0.58 to $0.62.
The Board also declared the regular $0.145 per share quarterly common stock cash dividend to be paid on September 1, 2010 to shareholders of record on August 17, 2010. Aqua has paid a consecutive quarterly dividend for more than 60 years.
(Editor’s note by LF: from public sources, the foregoing record dates and payment dates are incongruous).
This is the company's twentieth dividend increase in 19 years. Aqua America Chairman and CEO Nicholas DeBenedictis said, "The Board approved this action after a strategic session to review the company's five-year business plan. This decision demonstrates the Board's continued confidence in the long-term growth potential of our business model."
Aqua America, Inc. is a U.S.-based publicly traded water and wastewater utility holding company, serving approximately three million people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, South Carolina and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.
Atrion Corporation (NASDAQ: ATRI) August 3, 2010, Allen TX, announced an increase in its quarterly cash dividend from 36 cents per share to 42 cents per share. The board of directors declared a quarterly dividend of 42 cents per share on its outstanding shares of common stock. This dividend will be payable on September 30, 2010 to stockholders of record at the close of business on September 15, 2010.
Atrion Corporation develops and manufactures products primarily for medical applications.
AVX Corporation (NYSE: AVX) July 27, 2010, Greenville, SC declared a dividend of $0.045 per common share for the quarter ended June 30, 2010.
This dividend will be paid to shareholders of record on August 2, 2010 and will be disbursed on August 13, 2010.
AVX, headquartered in Greenville, South Carolina, is a manufacturer and supplier of a broad line of passive electronic components and related products.
Barrick Gold Corporation (NYSE: ABX) July 29, 2010, Toronto, Ontario, Canada, the world’s largest producer of the metal, said second-quarter profit increased 59 percent and raised its dividend as prices climbed to a record.
Net income rose to $783 million, or 79 cents a share, from $492 million, or 56 cents, a year earlier. Profit excluding one-time items was 77 cents a share. Sales gained 34 percent to $2.64 billion.
Chief Executive Officer Aaron Regent reiterated plans to boost the company’s gold output this year to as much as 8 million ounces, from 7.4 million last year, helped by new production from the Cortez Hills project in Nevada. The company also raised its dividend 20 percent to 12 cents on a quarterly basis and said future dividends will be quarterly instead of semi-annual.
The outlook for the metal remains “positive,” even as investor concerns about Europe’s sovereign-debt problems have eased, Barrick Chief Financial Officer Jamie Sokalsky said on a conference call with investors.
“Sovereign-debt issues around the world aren’t likely to go away in the foreseeable future,” Sokalsky said. “The main drivers of investment demand, and hence, higher gold prices are still in place.”
British American Tobacco Plc (AMEX BTI), July 28, 2010, London, England, United Kingdom, reported a higher profit for the first half of the fiscal, with revenues rising 8% from last year.
The company raised its interim dividend by 19%. The cigarette maker expects another year of good growth in both earnings and dividends.
The company reported first-half profit attributable to shareholders' equity of GBP 1.53 billion (about $2.38 billion) or 76.5 pence per share, compared to GBP 1.45 billion or 72.8 pence per share last year.
Pre-tax profit rose to GBP 2.28 billion from GBP 2.12 billion in the previous year.
Results for both periods included restructuring and integration costs, effects of amortization of trademarks and associates' adjusting items.
Adjusted earnings per share totaled 87.1 pence, up from 77.3 pence per share last year.
Revenues grew 8% to GBP 7.30 billion from GBP 6.78 billion in the comparable period a year earlier, which the company attributed to a favorable foreign currency impact, continued good pricing momentum and additional volumes from last year's acquisition of PT Bentoel Internasional Investama Tbk or Bentoel. Revenue growth was 4% on a currency-neutral basis.
In Asia-Pacific, revenue grew 17% to GBP 1.811 billion and strong performance was seen in Australia, New Zealand, Bangladesh and Sri Lanka.
British American Tobacco plc is a holding company that owns, directly or indirectly, investments in the numerous companies constituting the British American Tobacco Group of companies. Its brand portfolio includes Dunhill, Kent, Lucky Strike and Pall Mall. Dunhill sells in approximately 120 countries. 41 billion Dunhill cigarettes were sold during the year ended December 31, 2009. Kent is sold in more than 70 countries. Lucky Strike's markets incude Germany, Spain, Japan, France, Italy, Argentina and Chile. Pall Mall offers a range of cigarette and make-your-own products. On June 17, 2009, it acquired 85% stake in Indonesia’s cigarette maker PT Bentoel Internasional Investama Tbk.
Buckeye Technologies Inc. (NYSE: BKI) August 3, 2010, Memphis, TN, announced that its board of directors has declared its first regular quarterly cash dividend in the amount of $0.04 per common share payable on September 15, 2010 to shareholders of record as of the close of business on August 16, 2010.
Chairman and Chief Executive Officer John B. Crowe, said "We are pleased to be able to initiate a regular dividend for the first time in the Company's history. As we have discussed in recent quarterly earnings calls, Buckeye is now well positioned to take a more balanced approach in its allocation of capital as a result of the success we have had over the last several years in reducing our debt and growing our cash flow. In July, we have reduced our total debt well below the bottom end of our target debt range of $200 - $250 million. In addition, this fall we will complete the first phase of our Foley energy independence project and expect to begin realizing savings from this project in the first quarter of calendar 2011. The dividend amounts to approximately $6.5 million on an annual basis, which represents a payout ratio based on adjusted fiscal 2010 net income (excluding special items) of 18%. This in essence is cash flow that was formerly used to reduce our debt and pay our interest expense and now will be used to return cash to shareholders."
Mr. Crowe continued, "Our objectives for returning cash to shareholders in the form of dividends are to increase shareholder returns and to broaden our shareholder base. We expect that Buckeye will continue to generate cash flow from operations sufficient to pay this dividend and grow it over time while also continuing to invest in high-return projects and growth opportunities. Repurchasing shares continues to be another option, subject to market conditions and bond covenant restrictions. Our objective with share repurchases would be to increase shareholder value by generating returns greater than our cost of capital. Currently, we have authorization to repurchase 5.6 million shares, and we would anticipate that any stock repurchases would be made from time to time on an opportunistic basis through open market purchases."
Buckeye, a manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.
CARBO Ceramics Inc. (NYSE: CRR) July 20, 2010, Houston, TX, announced that its board of directors has approved an increase in the Company's quarterly dividend to 20 cents per common share, or $0.80 per common share on an annualized basis.
This represents an increase of 11% over the Company's previous quarterly dividend and marks the tenth consecutive year the Company has increased its dividend to shareholders. The dividend is payable on August 16, 2010 to shareholders of record as of August 2, 2010.
Gary Kolstad, Chief Executive Officer and President of CARBO Ceramics, said, "Given the confidence our Board of Directors has about our long-term outlook and financial strength, it is fitting that the Company reward its shareholders with an increase to the quarterly dividend amount."
CARBO is the world's largest supplier of ceramic proppant, (proppant is a sand used in the oil drilling industry), the provider of the world's most popular fracture simulation software, and a provider of fracture design and consulting services. The company also provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring.
Centerra Gold, Inc. (TSE: CG) July 31, 2010, Toronto, Ontario, Canada reported higher-than-expected quarterly earnings yesterday, as increased production and strong gold prices helped the miner return to profit after a loss a year ago.
The Canadian gold miner's net earnings came in at $29.8 million, or 13 cents a share, which compares with a net loss of $79.6 million, or 36 cents a share, a year earlier, when lower gold recoveries and increased costs took a toll. The company also announced an inaugural dividend of six cents per share, to be paid out in September.
Community Trust Bancorp, Inc., (NASDAQ: CTBI) July 27, 2010, Pikeville, KY increased its cash dividend to $0.305 per share to be paid October 1, 2010, to shareholders of record on September 15, 2010.
This represents an increase of 1.67% in the quarterly cash dividend.
Community Trust Bancorp, Inc., with assets of $3.2 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, and five trust offices across Kentucky.
Crane Co. (NYSE: CR) July 26, 2010, Stamford, CT, a diversified manufacturer of highly engineered industrial products, announced its board of directors declared a 15% increase in its quarterly dividend, to $.023 per share from $0.20 per share. The dividend is payable on September 10, 2010 to shareholders of record as of the close of business on August 31, 2010. The indicated annual dividend rate will now be $0.92 per share.
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. The Company has five business segments: Aerospace and Electronics, Engineered Materials, Merchandising Systems, Fluid Handling and Controls. Crane has approximately 10,000 employees in North America, South America, Europe, Asia and Australia.
Cummins Inc. (NYSE: CMI) July 13, 2010, Columbus, IN, increased the company’s quarterly cash dividend on common stock by 50 percent to 26.25 cents per share from 17.5 cents per share.
The dividend is payable on Sept. 1, 2010 to shareholders of record on August 23, 2010. Cummins last raised its dividend in July 2008.
“The company has performed well despite operating in challenging economic conditions for much of the past two years,” said Cummins Chairman and Chief Executive Officer Tim Solso. “As a result, we are in a position to further reward shareholders for their confidence in Cummins as we continue to position ourselves for a period of strong long-term growth.”
Cummins Inc. is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, Cummins serves customers in approximately 190 countries and territories through a network of more than 500 company-owned and independent distributor locations and approximately 5,200 dealer locations. The Company reported net income attributable to Cummins Inc. of $428 million on sales of $10.8 billion in 2009.
Digital Realty Trust (NYSE: DLR) July 19, 2010, San Francisco, CA increased its quarterly dividend on its common stock to 53 cents per share, an increase of 10.4%. The new dividend comes in anticipation of increased REIT taxable income and distribution requirements for 2010, the company said.
Digital Realty Trust, Inc. operates through its operating partnership, Digital Realty Trust, L.P. The Company operates as a real estate investment trust (REIT). The Company focuses on properties containing applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter users, including the information technology (IT), departments. The Company’s properties contain a total of approximately 14.4 million net rentable square feet, including approximately 1.8 million square feet held for redevelopment. On October 30, 2009, the Company acquired two fully leased datacenter facilities. On December 17, 2009, it acquired a two-property datacenter portfolio consisting of four buildings, as well as a vacant land, known as Beaumeade/Nokes Property. On January 22, 2010, it acquired three-property datacenter portfolio located in Massachusetts and Connecticut (New England portfolio).
Donaldson Company, Inc. (NYSE: DCI) July 30, 2010, Minneapolis, MN announced that its board of directors has increased the quarterly common stock cash dividend by 4 percent for the second time this year. The board also increased the dividend in February 2010.
The board declared a regular cash dividend of 12.5 cents per share, payable September 10th to shareholders of record as of August 20th. As of June 30th, there were approximately 76,400,000 shares outstanding.
The current declaration is the 220th consecutive quarterly cash dividend paid by Donaldson over a time span of 55 years.
Donaldson is a worldwide provider of filtration systems. It provides filtration solutions through research and development, application expertise, and global presence. The company has more than 100 sales, manufacturing, and distribution locations around the world.
DTE Energy Company (NYSE: DTE) July 29, 2010, Detroit, MI, reported second quarter 2010 earnings of $86 million, or $0.51 per diluted share, compared with $83 million, or $0.51 per diluted share, in the second quarter of 2009.
The DTE Energy Board of Directors also declared a $0.56 per share dividend on its common stock payable Oct. 15, 2010, to shareholders of record at the close of business Sept. 20, 2010. This is a $0.03 per share quarterly increase from the previous dividend payout of $0.53 per share.
"I am pleased that our ongoing dedication to cost containment and customer service continues to deliver strong performance," said Anthony F. Earley Jr., DTE Energy chairman and CEO. "This is despite the fact that our region lags behind the rest of the nation in job growth and economic recovery, which results in significant financial challenges for many of our customers.
"The modest economic recovery, coupled with our multi-year plan to invest in renewable energy, utility infrastructure and environmental controls will create new jobs in our region and provide clean, reliable and affordable energy for our customers," Earley added. "Given these trends, we are pleased to be able to increase our dividend for the first time in three years."
Operating earnings for the second quarter 2010 were $66 million, or $0.39 per diluted share, compared with second quarter 2009 operating earnings of $92 million, or $0.56 per diluted share. Operating earnings decreased primarily due to economic performance and accounting timing at the energy trading segment. Operating earnings exclude non-recurring items, certain timing-related items and discontinued operations. Reconciliations of reported earnings to operating earnings are at the end of this news release.
DTE Energy Company is engaged in energy business. The Company’s utility operations consist of The Detroit Edison Company (Detroit Edison) and Michigan Consolidated Gas Company (MichCon). The Company also has four segments that are engaged in a variety of energy-related business. Detroit Edison is engaged in the generation, purchase, distribution and sale of electricity to approximately 2.1 million customers in south-eastern Michigan. MichCon is engaged in the purchase, storage, transmission, gathering, distribution and sale of natural gas to approximately 1.2 million customers throughout Michigan. The other segments are involved in gas pipelines and storage; unconventional gas exploration, development and production; power and industrial projects and coal transportation and marketing, and energy marketing and trading operations.
Eaton Corp. (NYSE: ETN) July 21, 2010, Cleveland, OH reported a second-quarter profit, as sales increased 16% from last year, driven primarily by stronger end markets. Adjusted earnings as well as revenue topped Wall Street expectations. The company also raised its full-year outlook and boosted its quarterly dividend by 16%.
Eaton is a diversified power management company. The company is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
Duncan Energy Partners L.P. (NYSE:DEP) July 13, 2010, Houston, TX, announced that the board of directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.45 per common unit, or $1.80 per unit on an annualized basis. The cash distribution will be paid Friday, August 6, 2010, to unitholders of record at the close of business on Friday, July 30, 2010. This distribution represents a 3.4 percent increase from the $0.435 per unit distribution declared for the second quarter of 2009 and is the seventh consecutive quarterly distribution increase.
Duncan Energy Partners is a publicly traded partnership that provides midstream energy services, including gathering, transportation, marketing and storage of natural gas, in addition to NGL fractionation (or separation), transportation and storage and petrochemical transportation and storage. Duncan Energy Partners owns interests in assets located primarily in Texas and Louisiana, including interests in approximately 9,400 miles of natural gas pipelines with a transportation capacity aggregating approximately 7.9 billion cubic feet ("Bcf") per day; more than 1,600 miles of NGL and petrochemical pipelines featuring access to one of the world's largest fractionation complexes at Mont Belvieu, Texas; two NGL fractionation facilities located in south Texas; approximately 18 million barrels ("MMBbls") of leased NGL storage capacity; 8.1 Bcf of leased natural gas storage capacity; and 34 underground salt dome caverns with more than 100 MMBbls of NGL storage capacity at Mont Belvieu. Duncan Energy Partners is managed by its general partner, DEP Holdings, LLC, which is a wholly-owned subsidiary of Enterprise.
El Paso Pipeline Partners, L.P. (NYSE: EPB) August 4, 2010, Houston, TX, reported its second quarter 2010 financial and operational results for the partnership.
One highlight is the increase of its quarterly cash distribution quarterly cash distributions to $0.40 per common and subordinated unit for the second quarter 2010, a 21-percent increase from the second quarter of 2009.
"We are pleased with our outstanding results and dynamic growth," said Jim Yardley, president and chief executive officer of El Paso Pipeline Partners. "During the quarter, we completed our fourth acquisition from El Paso Corporation and have now seen our total assets grow more than fourfold since our IPO. We continue to execute on a solid group of organic growth projects and are well positioned for future opportunities."
Enbridge Energy Partners, L.P. (NYSE: EEP) July 26, 2010, Houston, TX, declared a cash distribution of $1.0275 per unit payable August 13, 2010 to unitholders of record on August 5, 2010 (the ex-dividend date will be August 3, 2010).
"The Partnership's record earnings for the second quarter were primarily driven by strong performance in our Liquids segment and the continued benefits of our cost containment measures implemented in 2009. As a result of strong year-to-date results and our confidence in the continued strength of both our Liquids and Natural Gas segments we are increasing our full year earnings guidance to a range between $410 million and $430 million," said Terrance L. McGill, president of the Partnership's management company and of its general partner.
McGill added: "We are also very pleased to announce a 2.5-cent distribution increase, which is 2.5 percent higher than the prior quarter and follows a 1.3 percent increase implemented last quarter. This distribution increase is supported by solid earnings, incremental cash flows generated from recently completed projects and attractive new business initiatives being developed that will provide further cash flow growth to the Partnership. The distribution increases approved this year positions the Partnership to achieve the 2 percent to 5 percent annual rate of distribution growth that Management has targeted."
Enbridge Energy Partners, L.P. (Partnership) is engaged in owning and operating crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the United States. The company operates in three business segments: liquids, natural gas and marketing. During the year ended December 31, 2009, the portfolio of the company’s assets included approximately 5,900 miles of crude oil gathering and transportation lines and 28.9 million barrels of crude oil storage and terminaling capacity; natural gas gathering and transportation lines totaling approximately 10,000 miles; nine natural gas treating and 22 natural gas processing facilities with an aggregate capacity of approximately 2,900 million cubic feet per day (MMcf/d); trucks, trailers and railcars for transporting natural gas liquids (NGLs), crude oil and carbon dioxide, and marketing assets that provide natural gas supply and sales services.
Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated (NYSE: FFC) July 20, 2010, Pasaadena, CA and Lisle, IL, approved a new dividend amount on its common stock.
The new monthly dividend rate for FFC will be $0.125 per share, which equates to an annual dividend of $1.50 per share. This new monthly dividend represents an increase of approximately 4.2% over the prior monthly dividend.
This dividend rate will be effective with the dividends to be paid on August 31, 2010. Record and expected ex-dividend dates will be announced early next month.
FFC and FLC were organized in 2003 as closed-end, diversified investment companies. FFC invests primarily in preferred securities with an investment objective of high current income consistent with preservation of capital. FLC invests primarily in preferred and other income-producing securities with a primary investment objective of high current income and a secondary objective of capital appreciation. FFC and FLC are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related securities. Flaherty & Crumrine also manages two other U.S. closed-end funds: Flaherty & Crumrine Preferred Income Fund (NYSE: PFD – News); and Flaherty & Crumrine Preferred Income Opportunity Fund (NYSE: PFO – News).
Flaherty & Crumrine/Claymore Total Return Fund Incorporated (NYSE: FLC) July 20, 2010, Pasaadena, CA and Lisle, IL, approved a new dividend amount on its common stock.
The new monthly dividend rate for FLC will be $0.132 per share, which equates to an annual dividend of $1.584 per share. This new monthly dividend represents an increase of approximately 5.6% over the prior monthly dividend.
This dividend rate will be effective with the dividends to be paid on August 31, 2010. Record and expected ex-dividend dates will be announced early next month.
FFC and FLC were organized in 2003 as closed-end, diversified investment companies. FFC invests primarily in preferred securities with an investment objective of high current income consistent with preservation of capital. FLC invests primarily in preferred and other income-producing securities with a primary investment objective of high current income and a secondary objective of capital appreciation. FFC and FLC are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related securities. Flaherty & Crumrine also manages two other U.S. closed-end funds: Flaherty & Crumrine Preferred Income Fund (NYSE: PFD – News); and Flaherty & Crumrine Preferred Income Opportunity Fund (NYSE: PFO – News).
Flaherty & Crumrine Preferred Income Fund Incorporated (NYSE: PFD) July 20, 2010, Pasadena, CA approved a new dividend amount on its common stock.
The new monthly dividend rate for PFD will be $0.0825 per share, which equates to an annual dividend of $0.99 per share. This new monthly dividend represents an increase of approximately 14.6% over the prior monthly dividend.
These dividend rates will be effective with the dividends to be paid on May 31, 2010. Record and expected ex-dividend dates will be announced early next month.
PFD was organized in 1991 and PFO was organized in 1992 as closed-end, diversified investment companies which invest primarily in preferred securities. Each Fund's investment objective for holders of its common stock is high current income consistent with preservation of capital. PFD and PFO are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related securities. Flaherty & Crumrine also manages two other U.S. closed-end funds: Flaherty & Crumrine/Claymore Preferred Securities Income Fund.
Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated (NYSE: PFO) July 20, 2010, Pasadena, CA approved a new dividend amount on its common stock.
The new monthly dividend rate for PFO will be $0.0725 per share, which equates to an annual dividend of $0.87 per share. This new monthly dividend represents an increase of approximately 9.8% over the prior monthly dividend.
These dividend rates will be effective with the dividends to be paid on August 31, 2010. Record and expected ex-dividend dates will be announced early next month.
PFD was organized in 1991 and PFO was organized in 1992 as closed-end, diversified investment companies which invest primarily in preferred securities. Each Fund's investment objective for holders of its common stock is high current income consistent with preservation of capital. PFD and PFO are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related securities. Flaherty & Crumrine also manages two other U.S. closed-end funds: Flaherty & Crumrine/Claymore Preferred Securities Income Fund.
FPB Financial Corp. (Pinksheets: FPBF) July 20, Hammond, LA, the holding company for Florida Parishes Bank, announced earnings for the quarter ended June 30, 2010.
Net income available to common shareholders for the three month period ending June 30, 2010 decreased 18.4% to $422,000; ($1.15 diluted available earnings per common share) compared to $516,000 ($1.45 diluted available earnings per common share) in the 2009 period.
Fritz W. Anderson II, Chairman of the Board announced today that "On July 8, 2010, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the Company bearing Cusip #302549 10 0. The dividend rate will be $0.14 per share and will be paid on September 24, 2010 to stockholders of record at the close of business on September 10, 2010."
FPB Financial Corp. is headquartered in Hammond, LA and is the parent company of Florida Parishes Bank. The Company's common stock is traded under the "FPBF" symbol.
General Electric Company (NYSE: GE) July 28, 2010, Fairfield, CT, raised its quarterly dividend 20 percent from $0.10 per outstanding share of the company's common stock to $0.12 per outstanding share of the Company's common stock.
According to a news release, the board declared that the dividend is payable October 25, to shareowners of record at the close of business on September 20. The ex-dividend date is September 16.
In addition, the board extended the existing share-repurchase plan, which would have otherwise expired on Dec. 31, through 2013. Repurchases under the existing $15 billion repurchase plan were suspended on September 25, 2008.
The plan currently has approximately $11.6 billion in remaining authorization. The Company will resume repurchases under the plan this quarter.
"We are able to restore the GE dividend at a historical payout level for 2010 earlier than previously anticipated and to extend our share buyback program because of continued strong cash generation, recovery at GE Capital, and solid underlying performance in our Industrial businesses through the first half of 2010," GE CEO Jeff Immelt said. "In addition, the Company continues to plan on capitalizing on strategic and financially attractive inorganic growth opportunities.
"We are executing well, progressing on our plans to make GE Capital a smaller, more competitive specialty-finance company, and continuing to generate strong cash flow. This gives us the flexibility to allocate capital for growth and shareholder value, while keeping GE safe and secure."
GE is a diversified infrastructure, finance and media company.
Genesis Energy, L.P. (AMEX:GEL) July 11, 2010, Houston, TX, announced its second quarter results. Significant events for the quarter ended June 30, 2010 included the following items:
For the second quarter of 2010, we generated total Available Cash before Reserves of $26.1 million. Available Cash for the same period in 2009 was $22.2 million. All of our segments reported improved results from the prior year period. Available Cash before
Reserves is a non-GAAP measure that is defined and reconciled later in this press release to its most directly comparable GAAP financial measure, net cash provided by operating activities. Net cash utilized in operating activities was $2.6 million for the second quarter of 2010 and net cash provided by operating activities was $15.9 million for the second quarter of 2009.
Net income attributable to the Partnership for the second quarter of 2010 was $14.2 million, or $0.29 per common unit, as compared to net income attributable to the Partnership of $4.5 million, or $0.13 per unit, for the second quarter of 2009. See the Calculation of Net Income per Common Unit included in the tables at the end of this press release.
On June 29, 2010, we restructured our senior secured revolving credit agreement. Our credit agreement is now a $525 million facility, with an accordion feature whereby the total credit available can be increased up to $650 million. Among other changes, our new credit agreement includes a $75 million sublimit tranche for crude oil and petroleum products inventory and it now matures in June 2015.
On August 13, 2010, we will pay a total quarterly distribution of $17.8 million attributable to our financial and operational results for the second quarter of 2010, including $14.8 million payable to our common unitholders based on our quarterly distribution rate of $0.375 per unit, and $3.0 million payable to our general partner, which includes its incentive distribution amount. Our distribution coverage ratio -- Available Cash before Reserves divided by our total distribution attributable to the second quarter -- was approximately 1.5 times.
Our distribution attributable to the second quarter of 2010 will be our twentieth consecutive quarter with an increase in the per unit distribution. The quarterly distribution of $0.375 per unit represents a 2.0% increase in the distribution paid relative to the previous quarter and an approximately 8.7% increase over the year earlier period.
Herbalife Ltd. (NYSE: HLF) August 2, 2010 Los Angeles increased its dividend. Second quarter EPS increased 71.4 percent to $1.32 compared to the prior year period.
Board of Directors authorizes increase in quarterly cash dividend from $0.20 to $0.25.
For the quarter ended June 30, 2010, the company reported net income of $81.9 million, or $1.32 per diluted share compared to $48.3 million or $0.77 per diluted share in the second quarter of 2009, primarily reflecting the contribution margin from higher volume combined with a lower effective tax rate, partially offset by the impact of foreign currency fluctuations.
For the quarter ended June 30, 2010, the company generated cash flow from operations of $83.0 million, paid dividends of $12.0 million, invested $12.3 million in capital expenditures and repurchased $51.2 million in common stock. The company's net debt balanceat the end of the second quarter was $73.1 million, reflecting an improvement of $26.4 million from December 31, 2009.
"This quarter our distributors have truly outdone themselves and delivered the three highest months of volume in our 30-year history, which far exceeded even our most optimistic expectations," said Chairman and Chief Executive Officer Michael O. Johnson. "Not only was our growth broad-based, but some of the countries we have been operating in the longest like the United States, Mexico and Korea are each experiencing double-digit growth even though they have been open 30, 20 and 15 years respectively. These results demonstrate the opportunity in front of us as our distributors continue to build sustainable businesses with long-term customers."
During the second quarter the company hosted approximately 43,000 people at Extravaganzas in Nanjing, China, Rio de Janiero, Brazil and Singapore.
Herbalife Ltd. is a global network marketing company that sells weight-management, nutrition, and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 73 countries through a network of approximately 2.1 million independent distributors. The company supports the Herbalife Family Foundation and its Casa Herbalife program to help bring good nutrition to children.
International Flavors & Fragrances Inc. (NYSE: IFF) July 27, 2010, New York, NY is a global creator of flavors and fragrances for consumer products. IT announced that its board of directors authorized an increase in the company's quarterly cash dividend, raising it eight percent from $0.25 to $0.27. This marks the fifth increase in six years that the board has raised the dividend. The increased quarterly dividend of $0.27 per share will be paid on October 6, 2010 to all IFF shareholders of record as of September 22, 2010.
"IFF prides itself on its track record of returning cash to shareholders. Over the last five years, we have returned over $1.2 billion through the combination of share repurchases and dividends," said IFF Chairman and Chief Executive Officer Doug Tough. "Today's announcement is further evidence of Management's and the Board's confidence in our long-term outlook."
International Flavors & Fragrances Inc., is a leading global creator of flavors and fragrances used in a wide variety of consumer products and packaged goods. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, confectionery and food products. The Company leverages its competitive advantages of brand understanding and consumer insight combined with its focus on R&D and innovation, to provide customers with differentiated product offerings.
Kaydon Corporation (NYSE: KDN) July 29, 2010, Ann Arbor, MI, announced that its board of directors declared a 5.6 percent increase in its regular quarterly dividend, to $.19 per share from $.18 per share. The dividend is payable on October 4, 2010 to shareholders of record as of the close of business on September 13, 2010. The indicated annual dividend rate will now be $.76 per share. This is the fourth consecutive year in which the company has increased its quarterly dividend.
James O'Leary, Chairman and Chief Executive Officer commented, "The Board of Directors of Kaydon shares management's confidence in the fundamental strength of the Company's businesses. Our businesses' demonstrated cash generating ability, together with our strong balance sheet, are reflected by this enhanced return to our shareholders."
Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products, supplying a broad and diverse group of alternative energy, industrial, aerospace, medical and electronic equipment, and aftermarket customers.
Landstar System, Inc. (Nasdaq: LSTR) July 14, 2010, Jackson, FL announced that its board of directors has declared a quarterly dividend of $0.05 per share. This represents an 11 percent increase in the company's quarterly dividend. The dividend is payable on August 27, 2010 to stockholders of record at the close of business on August 9, 2010. It is the intention of the board of directors to continue to pay a quarterly dividend. During the 2010 second quarter, Landstar purchased 510,062 shares of its common stock at a total cost of $20.6 million. Under the Company's authorized share purchase program, the Company currently has a total of 745,000 shares of its common stock available for purchase.
Landstar System, Inc. reported a 31 percent increase in revenue to $641.7 million in the 2010 second quarter, up from $491.2 million in the 2009 second quarter. Net income for the 2010 second quarter was $24.4 million, or $0.49 per diluted share, compared to $17.9 million, or $0.35 per diluted share for the 2009 second quarter. Operating income increased 34 percent to $40.0 million in the 2010 second quarter compared to $29.8 million in the 2009 second quarter.
Truck transportation revenue hauled by business capacity owners and truck brokerage carriers in the 2010 second quarter was $592.0 million, or 92 percent of revenue, compared to $453.8 million, or 92 percent of revenue, in the 2009 second quarter. Included in revenue hauled by truck brokerage carriers in the 2010 and 2009 second quarters were $23.1 million and $9.2 million, respectively, of fuel surcharges invoiced to customers. In the 2010 and 2009 second quarters, the Company also invoiced customers $53.1 million and $27.3 million, respectively, of fuel surcharges that were passed 100 percent to business capacity owners and excluded from revenue. Revenue hauled by rail, air and ocean cargo carriers was $35.0 million, or 6 percent of revenue, in the 2010 second quarter compared to $28.2 million, or 6 percent of revenue, in the 2009 second quarter. Transportation management fee revenue generated by the supply chain solutions companies was $6.1 million, or 1 percent of revenue, in the 2010 second quarter.
Landstar System, Inc. is a non-asset based provider of integrated supply chain solutions. Landstar delivers safe, specialized transportation, warehousing and logistics services to a broad range of customers worldwide utilizing a network of agents, third-party capacity owners and employees. All Landstar transportation companies are certified to ISO 9001:2008 quality management system standards.
Lindsay Corp. (NYSE: LNN) July 20, 2010, Omaha, NB, a provider of irrigation systems and infrastructure products, announced today that its board of directors has declared a 6 percent increase in its regular quarterly cash dividend to $0.085 per share, payable August 31, 2010, to shareholders of record on August 17, 2010. The regular quarterly cash dividend was previously $0.08 per share. The new annual indicated rate is $0.34 per share, up from the previous annual indicated rate of $0.32 per share.
Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products through its wholly owned subsidiaries, Barrier Systems Inc. and Snoline S.P.A.
Malaga Financial Corporation (OTCBB:MLGF), July 15, 2010, Palos Verdes Estates, CA, the parent company of Malaga Bank FSB, reported that net income for the quarter ended June 30, 2010 was $2,632,000 ($0.45 basic and $0.44 fully diluted earnings per share), an increase of $414,000 or 19% from net income of $2,218,000 ($0.39 basic and $0.38 fully diluted earnings per share) for the quarter ended June 30, 2009. Net income for the six months ended June 30, 2010 was $5,072,000 ($0.87 basic and $0.86 fully diluted earnings per share) as compared to $4,629,000 ($0.81 basic and $0.80 fully diluted earnings per share) for the six months ended June 30, 2009, a 10% increase. Earnings for the second quarter and first six months were the highest in Malaga Financial’s history for those periods.
The company also reported its board of directors had elected to increase the company’s regular quarterly dividend from $.08 per share to $.10 per share to shareholders of record on July 12, 2010.
Net income increased primarily due to continued growth in interest earning assets and improvement in the interest rate spread.
The company did not have any delinquent loans or real estate owned at June 30, 2010. The company’s allowance for loan losses was $2,862,000, or 0.37% of total loans, at June 30, 2010.
Malaga Bank opened its first office in Palos Verdes Estates on March 14, 1985. As a full service community bank we have been serving the financial needs of the South Bay community for over 25 years. Malaga Bank offers a variety of personal banking products, business banking products and loan products that compare favorably with those at larger financial institutions. Malaga Bank's philosophy is to provide a broad range of financial products and services to the entire South Bay community with the best in hospitality and service to go along with them.
National Retail Properties, Inc. (NYSE: NNN), July 15, 2010, Orlando, FL a real estate investment trust, declared a quarterly dividend of 38 cents per share payable August 16, 2010 to common shareholders of record on July 30, 2010.
The dividend represents a 1.3% increase in the quarterly dividend rate. National Retail Properties has paid increased annual dividends per share for 20 consecutive years and is one of only 114 publicly traded companies in America that have increased annual dividends paid to shareholders for 20 or more
consecutive years.
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2010, the company owned 1,014 Investment Properties in 43 states with a gross leasable area of approximately 11.4 million square feet.
Nationwide Health Properties, Inc. (NYSE: NHP) August 3, 3010, Newport Beach, CA, announced that its board of directors declared a quarterly common stock cash dividend of $0.46 per share, a $0.01 increase from the prior quarterly dividend of $0.45 per share. The dividend will be paid on September 3, 2010 to stockholders of record on August 20, 2010.
Nationwide Health Properties, Incis real estate investment trust (REIT) invests primarily in senior housing, long-term care properties and medical office buildings. The company’s operations are organized into two segments: triple-net leases and multi-tenant leases. In the triple-net leases segment, it invests in healthcare related properties and lease the facilities to unaffiliated tenants under triple-net and generally master leases that transfer the obligation for all facility operating costs (including maintenance, repairs, taxes, insurance and capital expenditures) to the tenant. In the multi-tenant leases segment, it invests in healthcare related properties that have several tenants under separate leases in each building, thus requiring active management and responsibility for many of the associated operating expenses (although many of these are, or can effectively be, passed through to the tenants).
Newmont Mining Corporation (NYSE: NEM) July 28, 2010, Denver, CO declared an increase in the company's regular quarterly dividend from $0.10 per share of common stock to $0.15 per share of common stock, payable September 29, 2010 to holders of record at the close of business on September 8, 2010.
In addition, Newmont Mining Corporation of Canada Limited (CA:NMC 56.96, 0.00, 0.00%) today declared a regular quarterly dividend of Cdn $0.1554 per share on its exchangeable shares, payable September 29, 2010 to holders of record at the close of business on September 8, 2010. This dividend is designated as an "eligible dividend" for Canadian tax purposes.
Newmont Mining Corporation (Newmont) is a gold producing company with assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. It is also engaged in the production of copper, principally through its Batu Hijau operation in Indonesia and Boddington operation in Australia. At December 31, 2009, Newmont had proven and probable gold reserves of 91.8 million equity ounces and an aggregate land position of approximately 33,400 square miles (86,500 square kilometers). In June 2009, the Company completed the acquisition of the remaining 33.33% interest in Boddington from AngloGold Ashanti Australia Limited (AngloGold).
Norfolk Southern Corporation (NYSE: NSC) July 27, 2010, Norfolk, VA announced that its board of directors today voted to increase the regular quarterly dividend on the company's common stock by 6 percent, or 2 cents per share, from 34 to 36 cents per share. The increased dividend is payable on Sept. 10, to stockholders of record on Aug. 6.
Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 112 consecutive quarters. The company is a transportation company. Its Norfolk Southern Railway subsidiary operates approximately 21,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal and industrial products.
Omega Healthcare Investors, Inc. (NYSE:OHI) July 15, 2010, Hunt Valley, MD, announced that its board of directors declared a common stock dividend of $0.36 per share, increasing the quarterly common dividend by $0.04, or 12.5%, per share over the prior quarter, and declared its regular quarterly dividend for the Company’s Series D preferred stock.
The company announced its a common stock dividend of $0.36 per share, to be paid August 16, 2010 to common stockholders of record on July 30, 2010. At the date of this release the Company had approximately 95 million outstanding common shares.
The company’s board of directors also declared its regular quarterly dividend for the Series D preferred stock, payable August 16, 2010 to preferred stockholders of record on July 30, 2010. Series D preferred stockholders of record will be paid dividends in the approximate amount of $0.52344 per preferred share. The liquidation preference for the Company’s Series D preferred stock is $25.00 per share. Regular quarterly preferred dividends represent dividends for the period April 1, 2010 through July 30, 2010.
Omega Healthcare Investors, Inc. is a real estate investment trust investing in and providing financing to the long-term care industry. At March 31, 2010, Omega owned or held mortgages on 293 skilled nursing facilities, assisted living facilities and other specialty hospitals with approximately 34,279 licensed beds (32,835 available beds) located in 32 states and operated by 35 third-party healthcare operating companies. In addition, Omega has two closed facilities currently held for sale.
ONEOK, Inc. (NYSE: OKE) July 15, 2010, Tulsa, OK, increased the quarterly dividend to 46 cents per share of common stock from 44 cents per share, effective for the second quarter 2010, payable August 13, 2010, to shareholders of record at the close of business July 30, 2010.
"This dividend increase demonstrates our continuing commitment to providing attractive returns to our shareholders and is consistent with our 2010 cash flow guidance of increasing the dividend 2 cents per share semiannually," said John W. Gibson,
ONEOK president and chief executive officer.
Since January 2006, the company has increased the dividend nine times, representing a 64 percent increase during that period.
ONEOK, Inc. is a diversified energy company. The company is the general partner and own 42.8 percent of ONEOK Partners, L.P. one of the largest publicly traded master limited partnerships. ONEOK is an enterprise that gathers, processes, stores and transport natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. ONEOK is among the largest natural gas distributors in the United States, serving more than two million customers in Oklahoma, Kansas and Texas.
Orrstown Financial Services, Inc. (NASDAQ: ORRF) July 22, 2010, Shippenburg, PA, Second quarter 2010 earnings up 13% vs. second quarter 2009. Second quarter 2010 cash dividend up 2.3% vs. second quarter 2009
Loan Loss Reserve up 97% since June 30, 2009
Nonperforming assets down 34% since March 31, 2010
Orrstown Financial Services announced that net income increased 13.0% to $3,904,000 for the quarter ended June 30, 2010 from $3,454,000 for the second quarter of 2009. Diluted earnings per share amounted to $.47 for the quarter ended June 30, 2010 as compared to $.51 for the corresponding prior year period.
The company also announced that its board of directors declared an increase in the third quarter cash dividend to $.225 per share for shareholders of record on August 6, 2010. The dividend will be paid on August 18, 2010.
Commenting on the second quarter results, Thomas R. Quinn, Jr., President and CEO, stated: "The momentum created with record earnings in 2009 and a strong first quarter 2010 have continued through the midpoint of the year. Indicators of the financial strength of our Company this quarter include: increasing our dividend; improving earnings 13% vs. the same quarter last year; and significantly reducing nonperforming assets since the first quarter of 2010. In addition to the financial achievements realized this quarter, we were also named the 39th best performing community bank in the nation by US Banker magazine. This is an improvement from our ranking of 52nd the previous year and marks the 5th consecutive year that we have been part of this elite group.
With over $1.3 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland.
PetMed Express, Inc. (NASDAQ: PETS) August 2, 2010, Pompano Beach, FL announced that its board of directors declared a quarterly dividend of $0.125 per share on its common stock, compared to the $0.10 per share dividend that has been paid in prior quarters. The dividend will be payable on August 27, 2010, to shareholders of record at the close of business on August 13, 2010. The Company intends to continue to pay regular quarterly dividends; however the declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company's financial performance.
Menderes Akdag, CEO and President, commented: "This 25% increase in our quarterly dividend further illustrates our continuing commitment to returning capital to our shareholders."
Founded in 1996, PetMed Express is America's Largest Pet Pharmacy, delivering prescription and non-prescription pet medications and other health products for dogs, cats, and horses at competitive prices direct to the consumer through its 1-800-PetMeds toll free number and on the Internet through its website at www.1800petmeds.com.
PPG Industries, Inc. (NYSE: PPG) July 15, 2010, Pittsburgh, PA, approved an increase in the company's dividend, declaring a regular quarterly dividend of 55 cents per share, payable Sept. 10 to shareholders of record Aug. 10.
"We are pleased to continue PPG's tradition of returning cash to our shareholders," said Charles E. Bunch, PPG chairman and chief executive officer. "This marks our second quarterly dividend rate increase within a year and demonstrates the confidence we have in the strength and consistent cash generation of our global business portfolio."
PPG's prior quarterly dividend was 54 cents a share.
This marks the company's 448th consecutive dividend payment. PPG has paid uninterrupted annual dividends since 1899.
PPG Industries' vision is to continue to be the world's leading coatings and specialty products company. Founded in 1883, the company serves customers in industrial, transportation, consumer products, and construction markets and aftermarkets. With headquarters in Pittsburgh, PPG operates in more than 60 countries around the globe. Sales in 2009 were $12.2 billion.
Proctor and Gamble Co. (NYSE: PG) July 13, 2010, Cincinnati, OH raised its dividend by 9.5 percent, or 4 cents per share.
The Cincinnati-based company whose brands include Tide detergent, Pampers diapers and Pantene shampoo, said Tuesday its board of directors increased the quarterly dividend to 48 cents per share, the second straight quarterly 4-cent increase.
The dividend is payable on or after Aug. 16 to shareholders of record at the close of business on July 23.
P and G reported rebounding sales in its third quarter, when they rose 7 percent as households responded to new products, price cuts and stepped-up marketing.
P and G says this is the 54th consecutive year it has increased dividends.
The Procter and Gamble Company is focused on providing branded consumer packaged goods. The company’s products are sold in over 180 countries worldwide primarily through mass merchandisers, grocery stores, membership club stores, drug stores and in high-frequency stores, the neighborhood stores, which serve consumers in developing markets. As of June 30, 2009, the company was organized into three Global Business Units: Beauty; Health and Well-Being, and Household Care. The Company had six business segments under United States Generally Accepted Accounting Principles (GAAP): Beauty; Grooming; Health Care; Snacks and Pet Care; Fabric Care and Home Care, and Baby Care and Family Care. In August 2009, AnimalScan, LLC announced that it has acquired Iams Pet Imaging, LLC from The Procter and Gamble Company and ProScan Imaging. In July 2010, Sara Lee Corporation completed the sale of its air care business to The Procter and Gamble Company.
Republic Services Inc.'s (NYSE: RSG) August 2, 2010, Phoenix, AZ, second-quarter profit declined 29% on a prior-year divestiture gain as the garbage hauler also reported lower volume.
The company also announced its board approved a 5% dividend increase, resulting in a quarterly payment of 20 cents a share.
Republic Services, Inc. is engaged in the collection, transfer and disposal of non-hazardous solid waste. The Company provides non-hazardous solid waste collection services for commercial, industrial, municipal and residential customers through 376 collection companies in 40 states and Puerto Rico. The Company owns or operates 223 transfer stations, 192 active solid waste landfills and 78 recycling facilities. It also operates 74 landfill gas and renewable energy projects. The Company manages its operations through four segments: Eastern, Midwest, Southern and Western. In October 2009, Waste Services, Inc. completed an acquisition of the operations and related assets of Republic Services, Inc. in Miami-Dade County, Florida.
Resources Connection, Inc. (NASDAQ: RECN) July 20, 2010, Irvine, CA, announced that its board of directors has approved the commencement of a regular quarterly dividend of $0.04 per share. The first dividend will be payable to shareholders of record on August 18, 2010 and payable September 15, 2010. The company's board of directors will assess and approve future dividends quarterly.
"The board of directors is pleased to announce the inception of a regular $0.04 per share quarterly dividend," said Don Murray, chief executive officer of Resources. "Given our track record of positive cash generation even in a difficult economic environment, we believe a regular dividend provides a consistent way to return capital to shareholders, while still maintaining an adequate capital base to invest, as opportunities present themselves, in opportunities for growth."
Total revenue for the year ended May 29, 2010 was $499.0 million, down 27.2% from $685.6 million for fiscal 2009. Revenues in the U.S. in fiscal 2010 were down 23.5% from the prior year while international revenues in fiscal 2010 decreased 36.4% from the prior year (37.6% on a constant dollar basis).
The Company's net loss for the year ended May 29, 2010, was $11.7 million, or $0.26 per diluted share. This compares with net income for the year ended May 30, 2009, of $17.8 million, or $0.39 per diluted share.
Resources Global was founded in 1996 within a Big Four accounting firm. Today, we are a publicly traded company with over 2,700 professionals, annually serving 1,800 clients around the world from more than 80 practice offices.
Headquartered in Irvine, California, Resources Global has served 83 of the Fortune 100 companies.
RPC, Inc. (NYSE: RES) July 28, 2010, Atlanta, GA, announced that its board of directors declared a 50.0 percent increase in the regular quarterly cash dividend from $0.04 per share to $0.06 per share payable September 10, 2010 to common stockholders of record at the close of business on August 10, 2010.
RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets.
Ryder System, Inc. (NYSE: R) July 16, 2010, Miami, FL, a provider of transportation and supply chain management solutions, declared a regular quarterly cash dividend of $0.27 per share of common stock, to be paid on September 17, 2010, to shareholders of record on August 23, 2010. The dividend reflects a $0.02 increase from the $0.25 cash dividend Ryder had been paying quarterly since September of 2009. This is Ryder's 136th consecutive quarterly cash payment.
"Ryder's management team and board of directors are pleased that our continuing solid cash flow and access to capital are enabling Ryder to deliver enhanced value to shareholders," said Ryder Chairman and Chief Executive Officer Greg Swienton. "This represents the sixth dividend increase that we have delivered to Ryder shareholders since early 2005."
"Ryder's management team and board of directors are pleased that our continuing solid cash flow and access to capital are enabling Ryder to deliver enhanced value to shareholders," said Ryder Chairman and Chief Executive Officer Greg Swienton. "This represents the sixth dividend increase that we have delivered to Ryder shareholders since early 2005."
Sealed Air Corporation (NYSE: SEE) July 27, 2010, Elwood Park, NJ
For second quarter 2010, sales increased 6% to $1.09 billion reflecting approximately 5% higher volumes and 3% favorable foreign exchange, partially offset by 1% lower price/mix. The Protective Packaging segment led the volume growth with a $33 million, or 12%, increase reflecting improved end-market demand in all regions through the quarter. Price/mix primarily reflects the timing of contract price adjustments for resin costs in our North American Food Packaging business. We expect these prices to continue to adjust favorably in the third quarter. Gross profit increased 4% to $301 million, or 27.6% of net sales, while operating profit increased 9% to $129 million, or 11.9% of net sales.
Commenting on our operating performance, William V. Hickey, President and Chief Executive Officer, stated:
"Volumes grew in all of our businesses and in all of our regions for the first half of the year. While growth in our food businesses was modest, it exceeded customer production volumes in the period. Although our growth was partially driven by a modest economic improvement, we are seeing the benefits of our steadfast commitment to innovation and technology even in the face of economic uncertainty. Our results also reflect the strength of our portfolio, international footprint, and continued strong equipment demand. We began to realize benefits from our pricing actions in May and expect these benefits to continue through the balance of the year along with favorable third quarter contract adjustments.
Today, we are announcing an 8% increase in our cash dividend. This increase reflects our confidence in our ability to generate solid cash flow while funding opportunities for long term growth and our commitment to return cash to our stockholders."
For fifty years, Sealed Air has been a leading global innovator and manufacturer of a wide range of packaging and performance-based materials and equipment systems that now serve an array of food, industrial, medical, and consumer applications.
Operating in 51 countries, Sealed Air's international reach generated revenue of $4.2 billion in 2009. With widely recognized brands such as Bubble Wrap(R) brand cushioning, Jiffy(R) protective mailers, Instapak(R) foam-in-place systems and Cryovac(R) packaging technology,.
Solera Holdings, Inc. Increases Quarterly Dividend 20%; Announces Cash Dividend for Fiscal Year 2011 First Quarter
Solera Holdings, Inc. (NYSE: SLH), July 19, 2010 San Diego, FL, a global provider of software and services to the automobile insurance claims processing industry, announced that its board of directors has approved an increase in its quarterly dividend of 20% per share of outstanding common stock and per outstanding restricted stock unit.
This increase translates into an annual rate of $0.30 cents per share of outstanding common stock and per outstanding restricted stock unit, up from Solera's fiscal 2010 annual rate of $0.25.
Solera also announced that its board of directors has approved the payment of a quarterly cash dividend of $0.075 per share of outstanding common stock and per outstanding restricted stock unit payable on September 22, 2010 to stockholders and restricted stock unit holders of record at the close of business on September 9, 2010.
"An annual review of our dividend is an essential component of our capital allocation strategy, and I'm pleased to announce this increase," said Tony Aquila, founder, chairman and CEO of Solera Holdings, Inc. "This increase reflects our continued strong financial performance, confidence in our cash generation capabilities and commitment to enhancing total stockholder returns while we maintain our focus on our M and A strategy."
Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in over 50 countries across six continents. The Solera companies include Audatex in the United States, Canada, and in more than 45 additional countries, Informex in Belgium and Greece, Sidexa in France, ABZ and Market Scan in The Netherlands, HPI in the United Kingdom, Hollander serving the North American recycling market, AUTOonline providing salvage disposition in a number of European and Latin American countries, and IMS providing medical review services.
Spectra Energy Partners, LP (NYSE: SEP) July 20, 2010, Houston, TX, announced the board of directors of its general partner declared a quarterly cash distribution to unitholders of $0.43 per unit for the quarter ended June 30, 2010. This represents a 2.4 percent increase over the first quarter 2010 distribution of $0.42 per unit paid on May 14, 2010, and a 13.2 percent increase over the second quarter 2009 distribution of $0.38 per unit. The cash distribution is payable on August 13, 2010, to unitholders of record at the close of business on August 3, 2010. This quarterly cash distribution equates to $1.72 per unit on an annual basis.
Stanley Black and Decker (NYSE: SWK) July 16, 2010, New Britain, CT, announced that its board of directors approved a 3% increase of its quarterly cash dividend to $0.34 per common share. This extends the company’s record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, September 21, 2010 to shareholders of record as of the close of business on Friday, September 3, 2010.
John F. Lundgren, President and Chief Executive Officer, stated, “We are as focused as ever on the total return we deliver to shareholders. Stanley Black and Decker’s ability to generate consistent free cash flow and return a portion to shareholders by way of our dividend remains a key component to our capital allocation strategy.”
Stanley Black and Decker is a diversified global provider of hand tools, power tools and related accessories, mechanical access solutions and electronic security solutions, engineered fastening systems, and more.
Starbucks Corporation (NASDAQ: SBUX) July 21, 2010, Seattle, WA, board of directors has declared an increased cash dividend to its shareholders. The quarterly dividend of $0.13 per share, an increase of 30 percent from $0.10 per share, will be paid on August 20, 2010, to shareholders of record at the close of business on August 4, 2010.
"Given the continued strength of our business, as evidenced by record third-quarter earnings and the resulting strong cash flow, we have increased our quarterly cash dividend," said Troy Alstead, executive vice president and cfo. "Our commitment to returning value to our shareholders is demonstrated in both the increased cash dividend and the repurchase of 6.7 million shares of Starbucks common stock in the third quarter."
TESSCO Technologies Incorporated (NASDAQ: TESS) July 21, 2010, Hunt Valley, MD, a provider of the product and value chain solutions required to deploy and support wireless systems, today announced its results for the first quarter of fiscal 2011 ending June 27, 2010.
The company will continue its quarterly dividend program with another $0.10 per common share cash dividend payable on August 25, 2010 to holders of record on August 11, 2010. This represents a 50% increase compared to the quarterly dividends the company paid when it initiated its dividend program in August 2009.
Any future declaration of dividends, and the establishment of record and payment dates, is subject to further determinations of the company's board of directors.
"I am extraordinarily proud that we grew revenues 30% over last year's first quarter, on top of last fiscal year's records, all in a still uncertain economic environment," said Robert B. Barnhill, TESSCO's Chairman, President and CEO. "This performance was a result of excellent execution on the three pillars of our strategic plan:
"As a result we sold more product categories to a record number of customers, and entered new markets and introduced new products and solution areas, with a strong balance sheet and profitability.
"We are off to a terrific start in the new fiscal year and look forward to growing momentum as the year progresses and we accelerate the execution of our strategic plan."
Revenues for the first quarter of fiscal 2011 totaled $142.0 million compared to $108.8 million in the fiscal 2010 first quarter, an increase of 30.5%. Gross profit for the 2011 first quarter was $32.3 million, or 22.8% of revenue, compared to $29.0 million, or 26.7% of revenue, in the prior-year period. This decrease in margin primarily reflected changes in product mix in our mobile devices and accessories business, mostly related to our concentrated business. EBITDA* totaled $4.5 million in the 2011 first quarter compared to $4.3 million in the prior-year period. The company reported net income of $2.1 million, or $0.26 per diluted share, in the first quarter of fiscal 2011, compared to $1.9 million, or $0.25 per diluted share, in the prior-year quarter. Earnings per share for all periods presented are adjusted for the 3-for-2 stock split that took effect on May 26, 2010.
As of June 27, 2010, the company's cash balance totaled $4.7 million and there was no balance outstanding on the revolving line of credit.
UDR Inc. (NYSE: UDR) August 2, 2010 Highland Ranch, CO, a multifamily real estate investment trust UDR Inc. announced its second-quarter FFO declined by 15% from last year, hurt by lower same-store revenue, and higher expenses despite higher occupancy levels. However, the company raised its FFO outlook as well as its annual dividend for fiscal 2010, citing "better than expected improvement" in operating performance.
The Highlands Ranch, Colorado-based company reported funds from operations of $45.7 million or $0.27 per share for the second quarter, down from $53.7 million or $0.34 per share in the prior year quarter.
The result for the latest quarter included a one-time charge of $0.01 per share for storm-related expenses to its Nashville communities, and charges for the repurchase of $29.2 million of the company's unsecured debt.
Excluding these one-time charges, FFO-Core dropped to $0.28 per share from $0.32 per share in the year-ago quarter.
Net loss attributable to common shareholders widened to $28.9 million or $0.18 per share from $14.9 million or $0.10 per share in the second quarter of 2009.
Second quarter rental income increased to $153.9 million from $151.8 million in the same quarter last year. Eleven analysts had a consensus revenue estimate of $151.98 million for the second quarter.
Same-store revenue declined 2.1% year-over-year, while net operating income (NOI) decreased 3.4% for the second quarter 2010. Same-store physical occupancy increased 30 basis points to 95.8% over a year ago.
United Financial Bancorp, Inc. (NASDAQ: UBNK) July 16, 2010, West Springfield, MA, the holding company for United Bank (the "Bank"), reported net income of $2.9 million, or $0.19 per diluted share, for the second quarter of 2010 compared to net income of $560,000, or $0.04 per diluted share, for the corresponding period in 2009.
Excluding expenses totaling $1.2 million related to the acquisition of Commonwealth National Bank (non-deductible for income tax purposes), net income would have been $1.7 million, or $0.11 per diluted share, for the second quarter of 2009.
The company also announced a 14% increase in its quarterly cash dividend to $0.08 per share, payable on August 27, 2010 to shareholders of record as of August 6, 2010.
"We are very pleased with our financial results which reflect net interest margin expansion, growth in average loans and deposits, lower provision for loan losses and an increase in fee income," commented Richard B. Collins, President and Chief Executive Officer. "Our performance is indicative of a positive contribution from our new Worcester market, as well as our focus on profitably growing our franchise, maintaining solid asset quality and improving our operating efficiency. We believe we are well positioned for this challenging economic environment given our healthy balance sheet, substantial capital base and strong liquidity level."
United Financial Bancorp, Inc. is a publicly owned corporation and the holding company of United Bank, a federally chartered savings bank headquartered at 95 Elm Street, West Springfield, MA 01090. United Bank operates 16 full service branch offices and two express drive-up branches located throughout Hampden and Hampshire Counties in Western Massachusetts and six full service branch offices located in Worcester County. Through its Wealth Management Group and its partnership with NFP Securities, Inc., the Bank is able to offer access to a wide range of investment and insurance products and services, as well as financial, estate and retirement strategies and products.
Vanguard Natural Resources, LLC (NYSE: VNR) July 21, 2010, Houston, TX, announced that its board of directors has approved an increase in the quarterly distribution to $0.55 per unit ($2.20 on an annual basis) for the second quarter of 2010 which will be payable on August 13, 2010 to unitholders of record on August 6, 2010.
With this increase, the company will have increased its quarterly distribution by $0.025 per unit or approximately 5% over the first quarter 2010 distribution of $0.525 per unit and over the course of the last twelve months will have increased the distribution by 10%. Based on Vanguard's closing unit price on July 20, 2010 of $24.12 and an annualized distribution of $2.20 per unit, new investors can earn an attractive tax-deferred yield of approximately 9%.
Richard A. Robert, Executive Vice-President and CFO of Vanguard, commented, "We are very pleased to be able to increase the cash distributions to our unitholders as a result of our successful acquisition activity in the first half of 2010. Our ability to increase our quarterly distribution is predicated on growing our Company through acquisitions. With our renewed ability to access the equity capital markets and our recently increased borrowing base on our reserve-based credit facility we are excited about our future prospects for growth."
Vanguard Natural Resources, LLC is a publicly traded limited liability company focused on the acquisition, production and development of natural gas and oil properties. Vanguard's assets consist primarily of producing and non-producing natural gas and oil reserves located in the southern portion of the Appalachian Basin, the Permian Basin, South Texas and Mississippi.
ViewPoint Financial Group, Inc. (Nasdaq: VPFG/VPFGD), July 23, 2010, Plano, TX, the holding company for ViewPoint Bank, announced a quarterly cash dividend of $0.04 per share. The cash dividend is payable on August 19, 2010, to shareholders of record as of the close of business on August 5, 2010.
This $0.04 per share cash dividend represents a 12% increase over the dividend paid by ViewPoint Financial Group in the second quarter, once that $0.05 per share second quarter dividend is adjusted by the 1.40:1 exchange ratio applied to ViewPoint Financial Group shares as part of our conversion and related stock offering completed on July 6, 2010.
Prior to that conversion, ViewPoint MHC, the owner of approximately 57%, or 14,183,182, of the shares of ViewPoint Financial Group, waived its right to receive dividends from ViewPoint Financial Group. This waiver resulted in a total dividend expense in April 2010 of $537,000.
Under its new stock holding company structure, ViewPoint Financial Group, Inc. will pay dividends on a share base of 34,864,800 shares, resulting in a total dividend payout in August 2010 of approximately $1.4 million.
ViewPoint Financial Group, Inc. is the holding company for ViewPoint Bank. ViewPoint Bank operates 23 community bank offices and 16 loan production offices.
Walgreen Co. (NYSE: WAG)(NASDAQ: WAG) July 14, 2010, Deerfield, IL increased its quarterly dividend 27.3 percent to 17.5 cents per share from the previous rate of 13.75 cents per share. The dividend is payable Sept. 11, 2010, to shareholders of record Aug. 19, 2010. The dividend increase raises the annual rate from 55 cents per share to 70 cents per share.
"This increase reinforces our commitment to provide meaningful returns to our shareholders and extends our track record of strong annual dividend growth,” said Walgreens President and CEO Greg Wasson. “We are confident in our growth strategies and our ability to generate strong free cash flow in the future."
Walgreens has paid a dividend in 311 straight quarters (more than 77 years) and has raised its dividend for 35 consecutive years. The company has increased its dividend by a compound annual growth rate of 24.3 percent over the last six years.
Walgreens is the nation's largest drugstore chain with fiscal 2009 sales of $63 billion. The company operates 7,541 drugstores in all 50 states, the District of Columbia and Puerto Rico. Each day, Walgreens provides nearly 6 million customers access to consumer goods and services and pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility, long-term care and mail service, along with pharmacy benefit solutions and respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector.
Walgreens Take Care Health Systems subsidiary is the largest and most comprehensive manager of worksite health centers and in-store convenient care clinics, with more than 700 locations throughout the country.
W and T Offshore, Inc. (NYSE: WTI) August 2, 2010 Houston, TX, announced that its board of directors on August 2, 2010 increased the regular cash quarterly dividend to $0.04 per share from $0.03 per share, payable to the holders of the Corporation's common shares. The dividend will be payable on September 10, 2010, to the shareholders of record on August 20, 2010.
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "We are pleased to be able to increase our quarterly dividend and reward our shareholders for their ongoing support. This action reflects our continued confidence in W&T Offshore's ability to continue to generate strong cash flow."
W and T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions, where it has developed significant technical expertise. W&T has grown through acquisitions, exploitation and exploration and currently holds working interests in approximately 72 producing fields in federal and state waters. The majority of the Company's daily production is derived from wells it operates. For more information on W&T Offshore, please visit its Web site at
Western Gas Partners, LP (NYSE: WES) July 20, 2010, The Woodlands, TX, announced second-quarter 2010 financial and operating results. Net income available to limited partners for the second quarter of 2010 totaled $22.9 million, or $0.35 per limited partner unit (diluted). The Partnership’s second-quarter Adjusted EBITDA(1) was $38.5 million and distributable cash flow(1) was $35.4 million, resulting in a coverage ratio(1) of 1.45 times or the period.
Total throughput attributable to Western Gas Partners, LP for the second quarter of 2010 averaged 1,364 MMcf/d, essentially flat compared to the prior quarter and approximately 8 percent below the second quarter of 2009. These results include the net throughput attributable to the acquired Chipeta and Granger assets for all periods of comparison.
Capital expenditures attributable to Western Gas Partners, LP totaled approximately $4.0 million during the second quarter of 2010. Of this amount, maintenance capital expenditures were approximately $3.7 million, or 10 percent of Adjusted EBITDA.
“Our operating results for the quarter reflect the continued improvement in our cost structure while maintaining relatively stable throughput year-to-date,” said Western Gas Partners’ President and Chief Executive Officer Don Sinclair. “We are pleased with the contribution of our Granger and Chipeta acquisitions to our portfolio’s distributable cash flow. These systems, which are situated in two key liquids-rich basins in the Rockies, continue to benefit from ongoing drilling activity due to favorable producer economics.”
The Partnership previously declared a quarterly distribution of $0.35 per unit for the second quarter of 2010, payable on August 13, 2010 to unitholders of record at the close of business on July 30, 2010, representing a 3-percent increase over the prior quarter and a 13-percent increase over the second-quarter 2009 distribution of $0.31 per unit. The second-quarter 2010 coverage ratio of 1.45 times is based on the quarterly distribution of $0.35 per unit.
Westfield Financial, Inc. (NASDAQ:WFD) July 21, 2010, Westfield, MA, the holding company for Westfield Bank, reported a net loss of $(386,000) or $(0.01) per diluted share, for the quarter ended June 30, 2010, compared to net income of $1.1 million, or $0.04 per diluted share, for the same period in 2009. For the six months ended June 30, 2010, net income was $1.0 million or $0.03 per diluted share, compared to $2.3 million or $0.08 per diluted share for the same period in 2009.
James C. Hagan, Chief Executive Officer stated, “On July 20, 2010, the board of directors declared a regular cash dividend of $0.06 per share. This represents a 20% increase in our regular quarterly dividend and is payable on August 18, 2010 to all shareholders of record on August 4, 2010.”
Westfield Financial, Inc. is the holding company for Westfield Bank, which is headquartered in Westfield, Massachusetts and operates through 11 banking offices in Agawam, East Longmeadow, Feeding Hills, Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation.
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