Even in unsettled financial times, increased dividends are a breath of fresh air.
These are fifty-three companies which increased their dividends during the last week of July and the first two weeks of August. Most are American companies. Companies that caught my eye as involved in interesting lines of business:
Toromont Industries Ltd. Is a large Caterpillar dealer in Canada.
Ritchie Bros. Auctioneers is pretty much what its name describes. It conducts large industrial auctions. By chance on a recent Sunday drive on I-70, west from Columbus and near Springfield, we saw one of the building locations for Ritchie Bros. Auctioneers.
Stella-Jones makes treated wood products in Canada.
Broadridge Financial Solutions has provided the technology proxy and other corporate communications for 90% of public companies
CAE, Inc. builds flight simulators.
Textainer Group Holdings, Ltd is the world’s largest supplier of intermodal containers
Euroseas Ltd. is the enterprise controlled by the Pittas family of Athens. The company has a fleet of sixteen ships dry bulk and containers. The company is 136 years old.
This is the list of companies reporting dividend increases.
Acme United
Aflac Incorporated
American Waterworks
Apollo Commercial Real Estate Finance, Inc.
Autoliv Inc.
BCE
BreitBurn Energy BBEP
Broadridge Financial Solutions
Buckeye GP Holdings LP
CAE Inc.
Calian Technologies Ltd.
Carlisle Companies, Inc.
Chemed Corporation
Cincinnati Financial Corporation
CMS Energy Corporation
Computer Modeling Group Ltd.
Connecticut Water Service, Inc.
Delphi Financial Group, Inc.
Dover
Euroseas Ltd.
Exco Resources, Inc.
Federal Realty Investment Trust
Harleysville Group Inc.
Hawkins, Inc.
Helios High Yield Fund
Illinois Tool Works Inc.
Knightsbridge
Lawson Products, Inc.
Leggett and Platt
Leon’s Furniture Inc.
Monsanto
Newalta Corporation
Nordson
Nustar GP Holdings
Omnicare, Inc.
Parker Hannifin Corporation
Questar Corporation
Quicksilver Gas Services LP
Republic Services
Ritchie Bros. Auctioneers
Safety Insurance Group, Inc.
Scotts Miracle-Gro
Span-America
Stella-Jones
Steris STE
Territorial Bancorp, Inc.
Textainer Group Holdings, Ltd
Torchmark Corporation
Toromont Industries Ltd
Tower Group, Inc.
T S and W/Claymore Tax-Advantaged Balanced Fund
W and T Offshore , Inc.
Yamana Gold
Acme United Corporation (AMEX: ACU) August 4, 2010, Fairfield, CT, declared a cash dividend of 6 cents per share on its outstanding common stock. This represents an increase of 20 percent over each of the previous eight quarterly dividends. The dividend is payable on October 21, 2010 to stockholders of record on the close of business on October 1, 2010.
Walter C. Johnsen, Chairman and CEO said, "I am pleased to announce the increased quarterly dividend. Our business continues to perform well and we expect to generate strong cash flow and solid earnings. Acme United has just completed its strongest quarter ever in earnings per share."
Acme United is a specialized supplier of cutting devices, measuring instruments, and safety products for school, home, industrial and office use. Its leading brands include Westcott(R), Clauss(R), Camillus(R), and PhysiciansCare (R).
Aflac Incorporated (NYSE: AFL) August 10, 2010, Columbus, GA, announced that its board of directors approved a 7.1% increase in the quarterly cash dividend, effective with the fourth quarter payment. The fourth quarter dividend of $.30 per share is payable on December 1, 2010, to shareholders of record at the close of business on November 17, 2010.
The company also announced its intent to resume share repurchase activities. Since first initiating a share repurchase program in 1994, the company has purchased 232.1 million shares. Aflac suspended its share repurchase program in the fourth quarter of 2008, following the onset of the financial crisis. At the end of June 2010, the company had 32.4 million shares available for repurchase under authorizations from the board of directors.
Commenting on the announcements, Aflac Chairman and Chief Executive Officer Daniel P. Amos stated: "I am very pleased with today's action by our board of directors to approve an increase in the cash dividend effective with the fourth quarter payment. This action is consistent with the expectations we have expressed throughout the last several quarters. Extending our lengthy track record of dividend increases is important to Aflac and to those who own a part of this company. This increase will mark the 28th consecutive year in which we have raised the dividend.
"I'm also pleased to announce the resumption of Aflac's share repurchase program. As we have frequently conveyed, our primary focus throughout 2009 and into this year has been on building capital. This conservative approach has resulted in Aflac's strong U.S. and Japanese capital adequacy ratios. Our strong capital position, combined with relative stability in global credit markets, gives us confidence to resume repurchasing our shares. Depending on market conditions, we may purchase up to three million shares as early as the fourth quarter of this year. We currently anticipate buying six to 12 million shares in 2011.
"Going forward, we will continue to prudently balance our objectives of maintaining strong capital ratios while growing earnings at a pace we believe our owners will find attractive. For 2010, we remain focused on increasing operating earnings per diluted share by approximately 10% before the effect of foreign currency. Our goal for 2011 of increasing operating earnings by 8% to 12% before the impact of foreign currency remains unchanged."
In the United States, Aflac is the number one provider of guaranteed-renewable insurance. In Japan, Aflac is the number one insurance company in terms of individual insurance policies in force. Aflac insurance products provide protection to more than 50 million people worldwide.
American Waterworks Co., Inc. (NYSE: AWK) July 30, 2010, Voorhees, NJ, announced today 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."
This year, American Water also announced American Water Stock Direct, a dividend reinvestment and direct stock purchase plan, which enables stockholders to reinvest cash dividends and purchase additional American Water common shares without any brokerage commissions or service charges.
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.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) August 11, 2010, New York, NY, announced that its board of directors has increased the company's dividend to $0.40 per common share for the quarter ending September 30, 2010. The dividend is payable on October 12, 2010 to common shareholders of record on September 30, 2010. The Company's third quarter 2010 dividend represents an increase of 14% over the prior quarter and an annualized dividend yield of approximately 9.6%.
Apollo Commercial Real Estate Finance, Inc is a commercial real estate finance company that originates, invests in, acquiring and managing senior performing commercial real estate mortgage loans, commercial mortgage-backed securities, and other commercial real estate-related debt investments in the U.S. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company, an indirect subsidiary of Apollo Global Management, LLC.
Autoliv Inc. (NYSE: ALV) August 17, 2010 Stockholm, Sweden announced an increase of the company's quarterly dividend to shareholders by 17% to 35 cents per share from 30 cents per share to be paid in September for the third quarter.
The fourth quarter dividend will be payable on Thursday, December 9, 2010 to Autoliv shareholders of record on the close of business on Thursday, November 4, 2010. The ex-date, when the shares will trade without the right to the dividend, will be Tuesday November 2.
Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has 80 facilities with approximately 41,000 employees in 29 countries. In addition, the Company has ten technical centers in nine countries around the world, with 21 test tracks, more than any other automotive safety supplier. Sales in the last twelve months amount to $6.5 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the OMX Nordic Exchange in Stockholm (ALIV sdb).
BCE Inc. (TSX, NYSE: BCE) August 5, 2010, Montreal, Canada, is Canada's largest communications company. It reported BCE and Bell results for the second quarter of 2010, and announced a 5% increase in its annual common share dividend and improved financial guidance for 2010.
BCE reported improved financial performance with net earnings applicable to common shares growing by 70.5% to $590 million. In addition, Bell had revenue growth of 4.5%, reflecting strong TV and wireless revenue growth of 11.6% and 9.6%, respectively, and the inclusion of revenues from The Source and Virgin Mobile Canada (Virgin); operating income growth of 30.6%; EBITDA growth of 3.3%; wireless gross subscriber activations of 480,639 and postpaid net activations of 102,754; and TV net activations of 9,775.
These results demonstrate continued progress in the execution of Bell's 5 Strategic Imperatives - Improve Customer Service, Accelerate Wireless, Leverage Wireline Momentum, Invest in Broadband Networks and Services, and Achieve a Competitive Cost Structure.
"The 5% hike in our common share dividend also announced today - the second such increase this year - is supported by our improved earnings outlook and maintains BCE's payout ratio conservatively toward the low end of our policy range of 65% to 75% of increased Adjusted EPS guidance for 2010. The dividend increase will also be readily funded from our Free Cash Flow with no material impact on our projected cash balance for year-end 2010 of approximately $500 million," said Mr. Siim Vanaselja, chief financial officer.
BreitBurn Energy Partners L.P. (NASDAQ: BBEP) July 30, 2010, Los Angeles, CA, announced a cash distribution of $0.3825 per unit for the second quarter 2010, or $1.53 per unit on an annualized basis, for all of its outstanding units. This distribution represents an increase from the first quarter distribution of $0.3750 per unit, or $1.50 per unit on an annualized basis. The distribution will be payable on August 13, 2010 to the record holders of common units at the close of business on August 9, 2010.
BreitBurn Energy Partners L.P. is a California-based publicly traded independent oil and gas limited partnership focused on the acquisition, exploitation, development and production of oil and gas properties. These producing and non-producing crude oil and natural gas reserves are located in Northern Michigan, the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Sunniland Trend in Florida, and the New Albany Shale in Indiana and Kentucky. See www.BreitBurn.com for more information.
Broadridge Financial Solutions (NYSE:BR) August 3, 2010, Lake Success, NY announced that its board of directors has declared a quarterly cash dividend of $0.15 per share. The dividend is payable on October 1, 2010, to stockholders of record at the close of business on September 15, 2010. The annual dividend amount was increased from $0.56 per share to $0.60 per share, an approximate 7% increase, subject to the discretion of the board of directors.
Broadridge is a technology services company focused on global capital markets. Broadridge is the market leader enabling secure and accurate processing of information for communications and securities transactions among issuers, investors and financial intermediaries. Broadridge builds the infrastructure that underpins proxy services for over 90% of public companies and mutual funds in North America; processes more than $3 trillion in fixed-income and equity trades per day; and saves companies billions annually through its technology solutions.
Buckeye GP Holdings LP (NYSE: BGH) August 6, 2010, Houston, TX, reported net
income attributable to BGH for the second quarter of 2010 of $11.5 million, or $0.41 per common unit, compared to net income of $9.8 million, or $0.35 per common unit, for the second quarter of 2009. BGH recorded operating income of $71.9 million for the second quarter of 2010, compared to an operating loss of $35.4 million for the second quarter of 2009. The operating loss in the second quarter of 2009 was primarily the result of special charges of $100.6 million recorded by Buckeye Partners, L.P. (“Buckeye”) to recognize an asset impairment and expenses related to organizational restructuring.
BGH owns Buckeye GP LLC, which owns the general partner interest and incentive distribution rights associated with Buckeye, and reports its financial results on a consolidated basis inclusive of the financial results of Buckeye. BGH currently has no operating activities separate from those conducted by Buckeye, and its cash flow is derived solely from cash distributions received from Buckeye and Buckeye’s operating subsidiaries through its ownership of Buckeye GP LLC.
The board of directors of MainLine Management LLC, the general partner of BGH, declared a regular quarterly partnership cash distribution of $0.45 per common unit, or $1.80 per common unit on an annualized basis, payable on August 31, 2010 to unitholders of record on August 16, 2010. This cash distribution represents an increase in the quarterly distribution rate of 4.7 percent compared to the most recent cash distribution of $0.43 paid in May 2010 and an increase of 21.6 percent compared to the quarterly cash distribution of $0.37 paid with respect to the second quarter of 2009.
“Various factors, including acquisition growth in 2009, our best practices initiative, and positive market trends, have led to strong second quarter financial results at Buckeye that support another increase in the quarterly cash distributions payable to the unitholders of BGH,” said Forrest E. Wylie, Chairman and CEO of BGH’s general partner. “As we see signs of improving economic conditions, we remain optimistic that the underlying cash flow from Buckeye will continue to support growth in cash flow to BGH.”
Buckeye GP Holdings L.P. is a limited partnership that owns Buckeye GP LLC, the general partner of Buckeye Partners, L.P., which owns 100 percent of the incentive distribution rights in Buckeye Partners, L.P. Buckeye GP Holdings L.P. also indirectly owns the general partner interests in certain operating subsidiaries of Buckeye Partners, L.P.
CAE Inc. (NYSE: CAE; TSX: CAE) August 11, 2010, Saint-Laurent, Quebec, Canada, reported financial results for the first quarter ended June 30, 2010. Net earnings were C$39.4 million (C$0.15 per share), compared to C$27.2 million (C$0.11 per share) in the first quarter of last year, which included an after-tax restructuring charge of C$18.9 million (C$0.07 per share). Revenue was C$366.7 million, 4% lower compared to C$383.0 million in the first quarter last year. All financial information is in Canadian dollars.
“We are in the early stages of a market recovery and I am encouraged that in our first quarter we saw higher demand for civil training,” said Marc Parent, CAE’s President and Chief Executive Officer. “We are well positioned to benefit from the civil market recovery. We are also tracking toward another year of good order intake in our combined Military segments, anticipating 10-12% revenue growth.”
Mr. Parent added, “We have been able to maintain good margins in difficult market conditions. Based on our confidence in CAE’s business model and prospects, the Board of Directors has increased the quarterly dividend from $0.03 to $0.04 which will be paid on September 30, 2010 to shareholders of record at the close of business on September 15, 2010.”
CAE Inc. is provides simulation and modeling technologies and integrated training services primarily to the civil aviation industry and defense forces worldwide. The company designs, develops, manufactures and supplies simulation tools and equipment and provides a range of training and other modeling and simulation-based services. This includes integrated modeling, simulation and training solutions for commercial airlines, business aircraft operators, aircraft manufacturers and military organizations. It also operates a global network of training centers serving pilots and maintenance staff. Its main products include full-flight simulators (FFSs), which replicate aircraft performance in an array of situations and environmental conditions. Visual systems simulate hundreds of airports around the world, as well as a range of landing areas and flying environments.
Calian Technologies Ltd. (TSE: CTY) August 8, 2010, Ottawa, Ontario, Canada, announced an increase to its quarterly dividend and declared a quarterly dividend of $0.22 per share. The dividend is payable September 1, 2010 to shareholders of record as of August 18, 2010. Dividends paid by the Corporation are considered "eligible dividend" for tax purposes.
Calian sells technology services to industry and government in Canada and around the world. Calian provides customers with ready access to an exceptional team of engineers, telecommunications and technology professionals, health care professionals and other highly qualified staff. The Business and Technology Services Division augments customer workforces with flexible short and long-term placements, recruitment and outsourcing of engineering, health care professionals and other skilled professionals. The Systems Engineering Division plans, designs and implements solutions for many of the world's space agencies and leading communications satellite manufacturers and operators, as well as providing contract manufacturing services for customers in North America.
Carlisle Companies, Inc. (NYSE: CSL) August 6, 2010, Charlotte, NC, declared a 6.3% increase in the Company’s regular quarterly dividend, to $0.17 per share from $0.16 per share. The dividend is payable on September 1, 2010 to shareholders of record at the close of business on August 17, 2010.
This marks the 34th consecutive year of dividend increases for Carlisle shareholders.
Chairman, President and Chief Executive Officer David A. Roberts commented, “We are very proud to be able to continue Carlisle’s long history of rewarding Carlisle’s shareholders by increasing our dividend.”
Carlisle is a diversified global manufacturing company serving the construction materials, commercial roofing, specialty tire and wheel, power transmission, heavy-duty brake and friction, heavy-haul truck trailer, refrigerated truck body, foodservice, aerospace, and test and measurement industries.
Chemed Corporation (NYSE: CHE) August 6, 2010, Cincinnati, OH, announced that the board of directors has declared a quarterly cash dividend of 14 cents per share on the company's capital stock, payable on Sept. 7 to shareholders of record as of Aug. 16.
The company said this is a 2-cent, or 16.7 percent, increase over the 12-cent dividend paid in the second quarter of 2010. The previous dividend increase was in August 2009, when the Board raised the dividend from 6-cents to 12-cents per share.
This represents the 157th consecutive quarterly dividend paid by Chemed in its 39 years as a public company.
Headquartered in Cincinnati, Ohio, Chemed operates two subsidiaries: Vitas Healthcare and Roto-Rooter. Vitas is a provider of end-of-life hospice care, and Roto-Rooter is a provider of plumbing and drain cleaning services.
Cincinnati Financial Corporation, (NASDAQ: CINF) August 16, 2010, Fairfield, OH, announced that the board of directors voted at its regular meeting on August 13, 2010, to increase the regular quarterly cash dividend from 39.5 cents to 40 cents per share, payable October 15, 2010, to shareholders of record as of September 22, 2010.
At the new level, the indicated annual dividend is $1.60 per share. In 2009, cash dividends paid were $1.565 per share and dividends declared were $1.57 per share.
Kenneth W. Stecher, president and chief executive officer, commented, "The company has consistently increased dividends for 49 years, and the board of directors chose to continue that record for the benefit of our shareholders. This action demonstrates their confidence in our strong capital, liquidity and in our initiatives to improve earnings performance. Our capital management philosophy continues to consider the balance between future capital requirements to grow our business and returning capital to shareholders over time.
"In the first half of 2010, our profits were pressured by continuing price competition in the insurance marketplace and high catastrophe losses incurred by our policyholders. Year-to-date, shareholders have received cash dividends totaling more than our current earnings, and for their benefit, we also repurchased $10 million of our own shares. We believe our performance prospects are improving as we begin to realize benefits from our current growth and profitability initiatives. Our long-term perspective drives our long-term commitment through all market and economic cycles to create value for shareholders by investing in and expanding our insurance operations."
Cincinnati Financial Corporation offers business, home and auto insurance, its main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, annuities and surplus lines property and casualty insurance.
CMS Energy Corporation (NYSE: CMS) August 6, 2010, Jackson, MI, CMS Energy announced today, that effective with the dividend payable Nov. 30, it will increase its quarterly common stock dividend to 21 cents per share, up from 15 cents per share. This increase moves up the company's typical practice of raising its dividend in January, and was made at this time to coincide with an adjustment to its five-year plan.
The company plans to reduce its investments by about $1 billion over the next five years, which will moderate future rate increases to its customers. The company still expects to invest more than $6 billion over the next five years in the operations of its Michigan electric and natural gas utility, Consumers Energy, and it remains one of the largest investors in the state of Michigan.
Consistent with the change in its capital investment plan, CMS Energy also said it is adjusting its projection for long-term earnings per share growth to 5 percent to 7 percent annually from the previous range of 6 percent to 8 percent per year.
John Russell, the president and chief executive officer of CMS Energy, said the increases in the quarterly dividend will bring the company's dividend more in line with the industry and reflects the confidence that the company has in its "Growing Forward" strategy.
"Despite reducing capital expenditures, the company will continue to invest heavily in Michigan to maintain and improve service to customers," Russell said. "Along with investments to improve customer service, we'll continue making substantial investments in energy efficiency, renewable energy, and environmental quality programs. We plan to remain Michigan's leader in the development of clean, renewable energy."
CMS Energy is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.
Computer Modeling Group Ltd. (TSX: CMG) August 10, 2010, Calgary, Alberta, Canada announced a 6% increase in its quarterly dividend to $0.19 per share on CMG’s Common Shares. The dividend will be paid on September 15, 2010 to shareholders of record at the close of business on September 3, 2010. Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. CMG, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Caracas and Dubai. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centers in approximately 50 countries. All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares and Non-Voting Shares in the capital of Computer Modelling Group Ltd. will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.
Connecticut Water Service, Inc. (NASDAQ: CTWS) August 12, 2010, Clinton, CT, announced that the board of directors approved an annualized dividend increase of two cents per common share, or 2.2%, above the current cash dividend. The quarterly cash dividend on common shares was increased to $0.2325 per quarter from $0.2275. The increased dividend will be effective with the dividend declared by the Board on common shares payable on September 15, 2010, for shareholders of record as of September 1, 2010. The Company’s annual dividend yield is about 4.3%.
Eric W. Thornburg, Connecticut Water’s President and CEO, stated, “Connecticut Water’s Board of Directors decided that a two cent increase in the annual dividend rate was appropriate because the Company’s fundamentals remain strong. We remain focused on our long-term strategy of delivering solid performance for our shareholders and world class service to our customers.” Mr. Thornburg notes that Connecticut Water has paid dividends on common stock each quarter since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 41 years.
Connecticut Water’s board of directors also declared a quarterly cash dividend of $0.20 per share on Preferred A shares (not publicly traded) payable on October 15, 2010, for shareholders of record as of October 1, 2010, and a quarterly cash dividend of $0.225 on Preferred 90 (OTCBB: CTWSP) shares on November 1, 2010, for shareholders of record as of October 18, 2010.
Delphi Financial Group, Inc. (NYSE: DFG) August 5, 2010, Wilmington, DE, announced a cash dividend of $0.11 per share for the third quarter, 2010. This is a ten percent increase in the dividend compared to the dividend paid in the prior quarter. Robert Rosenkranz, chairman and chief executive officer, said “This dividend increase reflects our confidence in our capital position ad in our earnings outlook.”
Delphi Financial Group is an integrated employee benefit services company. Delphi is manages all aspects of an employee absence from work for health reasons.
Dover Corporation (NYSE: DOV) August 5, 2010, Downers Grove, IL, increased its quarterly cash dividend to $0.275 (twenty-seven and one half cents) per share, from the previous $0.26 (twenty-six cents) per share, an increase of 6%. This is the 55th consecutive year in which Dover has paid an increased cash dividend.
This increased dividend will be paid on September 15, 2010 to shareholders of record as of August 31, 2010.
Dover Corporation is a global portfolio of manufacturing companies providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets.
Euroseas Ltd. (NASDAQ: ESEA) August 3, 2010 Maroussi, Athens, Greece - August 3, 2010, an owner and operator of dry bulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that the company's board of directors has declared a dividend of $0.06 per common share for the second quarter of 2010. The dividend is payable on September 03, 2010 to all shareholders of record as of August 25, 2010. This is the 20th consecutive quarterly dividend since the company accessed the capital markets in August 2005 and signifies an increase of 20% over the last quarter's dividend.
Furthermore, the company announced today that it will release its financial results for the second quarter ended June 30, 2010, on Tuesday, August 10, 2010, after the market closes in New York. The following day, Wednesday, August 11, 2010, at 10:00 am EDT, the Company's management will host a conference call and webcast to discuss the results.
Aristides Pittas, Chief Executive Officer of Euroseas, stated, "We have been one of the very few companies able to continue paying dividends during the biggest shipping crisis since the early eighties. This, despite the fact that the crisis for containerships, which comprise the biggest part of our fleet, has been much deeper and longer than for drybulk vessels. We are now increasing our dividend as we are gaining confidence that the apparent recovery and normalisation of the container market will assist our company to return to profitability by 2011. Our strategy of growing the company with investments in both the drybulk and container markets as opportunities arise whilst rewarding our shareholders with significant dividends remains unaltered."
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years.
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The company has a fleet of 16 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 17,787 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
Exco Resources, Inc. (NYSE: XCO) August 5, 2010, Dallas, TX, announced that its board of directors declared a third quarter cash dividend of $0.04 per share, a $0.01 per share (33%) increase from the previous quarterly rate of $0.03 per share. The dividend is payable on September 15, 2010 to holders of record on August 31, 2010.
Any future declaration of dividends, as well as the establishment of record and payment dates, is subject to the approval of EXCO's Board of Directors.
EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in East Texas, North Louisiana, Appalachia and West Texas.
Federal Realty Investment Trust (NYSE: FRT) August 4, 2010, Rockville, MD, announced that its board of trustees increased the dividend rate on its common shares, declaring a regular quarterly cash dividend of $0.67 per share, resulting in an indicated annual rate of $2.68 per share, an increase of 1.5%. The regular common dividend will be payable on October 15, 2010, to common shareholders of record as of September 23, 2010. This increase represents the 43rd consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.
"Our strong performance throughout 2009 and to date in 2010 supports our decision to raise our common dividend and continue our record of dividend achievement," said Don Wood, president and chief executive officer. "Owning and operating a portfolio of high quality retail assets, combined with a solid balance sheet and our disciplined approach to external growth has resulted in consistent performance as we negotiate this difficult economic environment."
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.2 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 94.2% leased to national, regional, and local retailers as of June 30, 2010, with no single tenant accounting for more than approximately 2.7% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 43 consecutive years, the longest record in the REIT industry.
Harleysville Group Inc. (NASDAQ: HGIC) August 6, 2010, Harleysville, PA, board of directors increased the company’s regular quarterly cash dividend by 11 percent to
$0.36 per share from $0.325 per share, or to an annualized $1.44 per share from $1.30 per share. The dividend is payable September 30, 2010, to shareholders of record on September 15, 2010. This marks the 97th consecutive quarter Harleysville Group has paid a dividend since the company went public in 1986.
At the same time, the board today authorized the company to repurchase up to an additional 800,000 shares, or approximately $25 million or about 3 percent, of its outstanding common stock through an open market purchase program.
“These actions reflect our strong balance sheet and our ongoing commitment to managing our capital position effectively for the benefit of our investors,” said Michael L. Browne, Harleysville Group’s president and chief executive officer. “This new stock repurchase program is our sixth since June 2007. We just completed our most recent stock buyback program and when this new one has concluded we will have repurchased approximately 22 percent of our outstanding shares since the middle of 2007. And, we’re proud of the fact that in our 24 years as a public company we’ve paid our shareholders a dividend every quarter and our dividend has increased every year.”
The board authorized Harleysville Group to make purchases for a two-year period in the open market or in privately negotiated transactions. Additionally, the board authorized Harleysville Group to make purchases under the terms of a Rule 10b5-1 trading plan, which allows the company to purchase its shares at times when it ordinarily would not be in the market because of self- imposed trading blackout periods, such as the time preceding its quarterly earnings releases. The company currently intends to repurchase shares in open market transactions from the public float, and not repurchase shares from Harleysville Mutual Insurance Company, which owns 53 percent of Harleysville Group’s stock. The timing and terms will be based on market conditions, and will be conducted in accordance with the applicable rules of the Securities and Exchange Commission.
Harleysville Insurance is a leading super-regional provider of insurance products and services for small and mid-sized businesses, as well as for individuals, and ranks among the top 70 U.S. property/casualty insurance groups based on net written premiums. As a Trusted Choice® company partner, Harleysville distributes its products exclusively through a network of independent agents primarily across 32 states.
Hawkins, Inc. (NASDAQ: HWKN) July 28, 2010, Minneapolis, MN, announced its regular semi- annual dividend and a special dividend.
The board of directors of Hawkins, Inc. has authorized a regular semi-annual cash dividend of $0.30 per share. In addition, due to the company’s strong cash position driven by its financial performance in fiscal 2010, the board of directors has authorized a special dividend of $0.10 per share to be paid concurrently with the regular dividend.
The dividends, totaling $0.40 per share, are payable October 8, 2010, to shareholders of record at the close of business on September 24, 2010. This is the 26th consecutive year that Hawkins has paid cash dividends since it first began paying out dividends in 1985.
Hawkins, Inc. distributes, blends and manufactures bulk and specialty chemicals for its customers in a wide variety of industries. Headquartered in Minneapolis, Minnesota, and with 20 facilities in 11 states, the Company creates value for its customers through superb customer service and support, quality products and personalized applications.
Helios High Yield Fund (NYSE: HHY) August 6, 2010, New York, NY, announced that its board of trustees raised the monthly dividend to $0.065 from $0.060 per share, payable on August 26, 2010 to stockholders of record on August 20, 2010. Based on the NYSE closing price of $8.97 on August 5, 2010, the fund's annualized dividend yield is 8.70%.
Dividends may include net investment income, capital gains and/or return of capital. The dividend yield referenced above is calculated as the annualized amount of the most recent monthly dividend declared divided by the stated stock price.
Based on the fund's monthly income and the recent addition of leverage, the board of trustees, at the advice of the portfolio management team, raised the dividend as it better reflects the current earnings of the Fund.
Helios High Yield Fund is managed by Brookfield Investment Management Inc., an SEC-registered investment advisor specializing in core fixed income, high yield, structured products (Commercial MBS, Residential MBS and ABS) as well as global REITs and listed infrastructure securities. Headquartered in New York, the firm had approximately $23 billion of assets under management(i) as of June 30, 2010. Brookfield Investment Management Inc. is a subsidiary of Brookfield Asset Management Inc., a global asset manager focused on property, power and other infrastructure assets with approximately $100 billion of assets under management as of June 30, 2010.
Illinois Tool Works Inc. (NYSE: ITW) August 6, 2010, Glenview, IL, board of directors of Illinois Tool Works Inc. declared a regular quarterly cash dividend of 34 cents per share or $1.36 per share on an annual basis. As a result of the company’s strong free operating cash flow, the quarterly increase of 3 cents per share—12 cents per share annually—represents a 10 percent increase over the current dividend rate.
The newly-increased dividend will be paid on Wednesday, October 13, 2010 to stockholders of record on Thursday, September 30, 2010.
With $13.9 billion in 2009 revenues, ITW is a multi-national manufacturer of a diversified range of value-adding and short-lead time industrial products and equipment. The Company consists of nearly 800 business units in 57 countries and employs approximately 59,000 people.
Knightsbridge Tankers Limited (NASDAQ: VLCCF) August 11, 2010, Hamilton, Bermuda Based on the second quarter results and its profitable forward contract coverage, Knightsbridge is pleased to announce an increase in dividend from the previous quarter and has decided to declare a dividend of $0.50 per share. This is an increase from the first quarter 2010 cash dividend of $0.40 per share.
In June 2010, the company acquired the Capesize vessel "Golden Future" from Golden Ocean Group Limited ("Golden Ocean") for a purchase price of $72 million. The Golden Future was built at the Zhoushan Jinhaiwan Shipyard Co., Ltd. and completed in February 2010. The vessel is employed on a time charter with a minimum term of 35 months from February 2010 at a gross rate of $31,500 per day. The vessel was delivered to Knightsbridge in July 2010. Knightsbridge paid $25 million of the purchase price of the Golden Future by issuing to Golden Ocean 1,464,515 restricted common shares. The Company has arranged bank debt of $47 million to finance the remaining portion of the purchase price. The Golden Future will be the third Cape-size vessel in the Knightsbridge fleet, and Golden Ocean is acting as the commercial manager for all the three vessels. Following the above the Company's three Cape-size vessels are on time charters expiring between 2013 and 2014 with an average time charter rate of approximately $41,400/day. In July 2010, the Company secured a long term debt facility of $58 million for its VLCC fleet in order to refinance existing debt, which was due in February 2011. The Company's VLCC fleet is fixed on time and bareboat charters expiring between 2011 and 2012, except for the VLCC M/T Mayfair which is trading in the spot market.
Lawson Products, Inc. (NASDAQ: LAWS) August 17, 2010, Des Plainse, IL, announced a dividend of $.08 per share on common shares, an increase of $.02 from the previous quarter. The dividend is payable October 12, 2010 to stockholders of record on September 28, 2010.
Lawson Products is a North American distributor and marketer of systems, services and products to the industrial, commercial, institutional, and governmental maintenance repair and operations (MRO) marketplace. The company also manufactures, sells and distributes production and specialized component parts to the original equipment marketplace (OEM) including the automotive, appliance, aerospace, construction, and transportation industries. The majority of its sales are generated through a network of approximately 1,500 independent sales agents. The Company operates in two segments: MRO Segment and OEM Segment. The Company offers approximately 240,000 different products for sale of which approximately 180,000 products are maintained in inventory. Substantially all of its products are manufactured by others, purchased in bulk and repackaged in smaller quantities for sale to its customers.
Leggett and Platt (NYSE: LEG) August 4, 2010, Carthage, MO, Leggett & Platt's board of directors announced today that they are raising the company's quarterly dividend by one cent per share, or 3.8%, to $.27 per share for the third quarter. The dividend will be paid on October 15, 2010 to shareholders of record on September 15, 2010.
At an annual indicated dividend of $1.08 per share, the yield is 5.2%, based upon yesterday's closing stock price of $20.88 per share.
Leggett & Platt is a diversified manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in most homes, offices, and automobiles. The 127-year-old firm is comprised of 19 business units, 20,000 employees, and more than 140 manufacturing facilities located in 18 countries.
Leggett & Platt is the leading independent U.S. manufacturer of: a) components for residential furniture and bedding; b) components for office furniture; c) drawn steel wire; d) automotive seat support and lumbar systems; e) carpet underlay; f) power foundations; and g) bedding industry machinery.
Leon’s Furniture Inc. (TSE: LNF) August 17, 2010 Weston, Canada, directors declared an increase in the quarterly dividend from 7 cents per common share to 9 cents per common share payable on the 8th day of October 2010 to shareholders of record at the close of business on the 8th day of September 2010. As of 2007, dividends paid by Leon's Furniture Limited are "eligible dividends" pursuant to the changes to the Income Tax Act under Bill C-28, Canada.
For the three months ended June 30, 2010, total Leon's reported sales were $212,277,000 including $45,493,000 of franchise sales ($209,931,000 including $44,693,000 of franchise sales in 2009), an increase of 1.1%. Net income was $11,873,000, 17 cents per common share ($8,620,000, 12 cents per common share in 2009), an increase of 41.7% per common share.
For the six months ended June 30, 2010, total Leon's sales were $413,396,000 including $87,821,000 of franchise sales ($405,131,000 including $87,368,000 of franchise sales in 2009), an increase of 2.0% and net income was $23,843,000, 34 cents per common share ($17,191,000, 24 cents per common share in 2009), an increase of 41.7% per common share.
For the second quarter of 2010, the company reported higher sales and a significant improvement in profits when compared to the second quarter of 2009. Higher sales reflect a general improvement in the economy. The profit improvement was mainly the result of three key factors: higher sales compared to the prior year's quarter; an improvement in our gross margin which was aided by the strengthening of the Canadian dollar along with a more favourable product mix; and the continuation of improved productivity and expense controls that were initiated in the prior year.
"Although we are satisfied with the results year to date, believe that we must remain vigilant for the balance of 2010 in order to continue to improve the performance of our Company. Pursuant to our robust expansion plans announced last quarter, construction is well on its way on a new 73,000 sq. ft. facility in Thunder Bay, Ontario which we plan to open before the end of this year. We will soon begin construction on a new 84,000 sq. ft. building in Regina, Saskatchewan that we plan to open by the spring of 2011. In addition, we have signed leases for a 76,000 sq. ft. store in Guelph, Ontario and a 46,700 sq. ft. store in Rosemère, Quebec. We anticipate the opening of these showrooms, which will be completely renovated, by the summer of 2011. We also plan major renovations and additions to be complete by the end of the year at our Sault St. Marie and Sudbury stores. Finally, we have just recently signed two new franchises; Collingwood and Fort Frances, Ontario with anticipated grand openings this fall.
The directors have also approved, subject to obtaining regulatory approvals, the continuation of the company's ongoing Normal Course Issuer Bid, which expires on September 9, 2010. Pursuant to the continued bid, the company intends, in the twelve months commencing September 10, 2010, to purchase up to the lesser of 4.99% of its common shares outstanding on August 30, 2010, and the amount equal to 4.99% of its Common Shares outstanding on the date the Toronto Stock Exchange accepts the notice of intention to make a normal course issuer bid.
Since September 10, 2009, the date on which Leon's current issuer bid commenced, the company has purchased 413,317 Common Shares at an average price of $10.38 per share. The company's board of directors believes that the purchase of its common shares is an appropriate use of its corporate funds, given its very strong liquidity position.
Monsanto Company (NYSE: MON) August 4, 2010, St. Louis, MO, announced that its board of directors declared an increase in the quarterly dividend on its common shares from 26.5 cents per share to 28 cents per share. The dividend is payable on Oct. 29, 2010 to shareowners of record on Oct. 8, 2010.
Chief Financial Officer Carl Casale said dividends are a key element of Monsanto's approach to using its strong cash position to benefit shareowners.
"The dividend increase leverages Monsanto's cash generation power to reward shareowners, and expresses our confidence in the long-term growth potential of our business," Casale said.
Monsanto's three-pronged approach to using its cash position to benefit its owners revolves around providing direct return through dividends and share repurchases, as well as using cash for strategic acquisitions and capital spending.
In June, Monsanto announced a new three-year share repurchase program, effective July 1, 2010, for up to $1 billion of the company's common stock. Monsanto executives have said the company is positioned for earnings growth in the mid-teen percentages beyond the current fiscal year.
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large-scale farmers to produce more from their land while conserving more of our world's natural resources such as water and energy.
Newalta Corporation (TSE: NAL) August 5, 2010, Calgary, Alberta, Canada, Newalta Corporation ("Newalta") (TSX:NAL) today announced financial results for the three and six months ended June 30, 2010.
In the second quarter, our markets were considerably stronger than a year ago with improved prices for the products we recover, stronger drilling activity and higher volumes at both VSC and SCL. As a result, revenue was up $25.5 million, or 23%, and Adjusted EBITDA(1) grew by $8.3 million, or 46%.
Year-to-date revenue was up $44.2 million, or 20%, and Adjusted EBITDA was up $25.4 million, or 85%, from last year. Trailing twelve month Adjusted EBITDA was $107.6 million, or $2.22 per share. Adjusted EBITDA as a percent of revenue in the first half was 20.7%, up from 13.4% in 2009.
"The outlook for all of our markets in the second half is much stronger than last year and we remain confident that solid gains in bottom-line performance will be realized in the quarters ahead," said Al Cadotte, President and CEO of Newalta.
The board of directors also approved a 30% increase in the quarterly cash dividend to $0.065 per share from $0.05 per share ($0.26 per share versus $0.20 per share per annum), starting with the dividend payable to shareholders of record as of September 30, 2010.
Newalta Corporation, formerly Newalta Inc., is a Canada-based company. It operates in two segments: Western segment and Eastern segment. The Western segment recovers and resells crude oil from oilfield waste, rents drill cuttings management and solids control equipment, provides environmental services, including environmental projects and drilling waste management, collects liquid and semi-solid industrial wastes, as well as automotive wastes, including waste lubricating oil, and provides mobile site services in western Canada. The Eastern segment provides industrial waste collection, pre-treating, transfer, processing and disposal services and operates a fleet of specialized vehicles and equipment for waste transport and onsite processing, a lead recycling facility and an emergency response service in central and eastern Canada. On January 1, 2009, Newalta Corporation, Newalta Industrial Services Inc. and Newalta Services Holdings Inc. were amalgamated to form Newalta Corporation.
Nordson Corporation (NASDAQ: NDSN) August 19, 2010 Westlake, OH reported third quarter sales that were strongly improved over the same period a year ago and all-time quarterly records for operating profit, net income and diluted earnings per share. For the quarter ending July 31, 2010, sales were $279 million, a 35 percent increase over sales in the prior year’s third quarter. The sales improvement included a 38 percent increase in volume partially offset by unfavorable currency translation effects. Third quarter operating profit was $68 million and net income was $55 million. Diluted earnings per share were $1.61, inclusive of a $0.31 tax benefit related to the previously announced sale of the company’s graphic arts UV curing product lines, an additional unrelated $0.01 one-time tax benefit, and a $0.01 restructuring charge. This earnings per share level is more than double that of the previous year’s third quarter.
“Our outstanding performance in the quarter clearly demonstrates that we are winning in the marketplace, capturing returning demand, and serving our customers with a more efficient model,” said Nordson President and Chief Executive Officer Michael F. Hilton. “Our global team continued to execute in every segment and every region and delivered the highest quarterly level of operating profit and net income in Nordson’s history. With this record performance, we continued to generate high levels of cash and increased our dividend for the 47th consecutive year.”
Nordson Corporation is one of the world’s leading producers of precision dispensing equipment that applies adhesives, sealants, liquid and powder coatings and other materials to a broad range of consumer and industrial products during manufacturing operations. The company also manufactures equipment used in the testing and inspection of electronic components as well as technology-based systems for UV curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has direct operations and sales support offices in more than 30 countries.
Nustar GP Holdings (NYSE: NSH) August 2, 2010, San Antonio, TX, announced that distributable cash flow available to unitholders for the second quarter was $20.0 million, or $0.47 per unit, compared to $18.5 million, or $0.44 per unit, for the second quarter of 2009. Second quarter net income was $30.9 million, or $0.73 per unit, compared to $21.4 million, or $0.50 per unit, for the second quarter of 2009.
With respect to the quarterly distribution to unitholders for the second quarter of 2010, NuStar GP Holdings, LLC announced that its board of directors has declared a distribution of $0.46 per unit, which would equate to $1.84 per unit on an annual basis. This quarterly distribution represents an increase of $0.03 per unit, or 7.0 percent, over the $0.43 distribution for the second quarter of 2009 and an increase of $0.01 per unit, or 2.2 percent, over the $0.45 distribution for the first quarter of 2010. The second quarter 2010 distribution will be paid on August 18, 2010, to holders of record as of August 6, 2010.
"For a second consecutive quarter, I am pleased to report an increase in the distribution to our unitholders, which was driven by higher general partner distributions and higher incentive distribution rights paid to the general partner as a result of the NuStar Energy, L.P. equity offering completed in May 2010. Based on the projected benefits associated with NuStar Energy L.P.'s $500 million internal growth program, the potential exists for continued growth in distributable cash flows for NuStar GP Holdings, LLC," said Curt Anastasio, President and Chief Executive Officer of NuStar Energy L.P. and NuStar GP Holdings, LLC.
Omnicare, Inc. (NYSE: OCR) August 12, 2010, Covington, KY, declared a quarterly cash dividend of 3.25 cents ($0.0325) per share on its common stock. This represents an increase of 44.4% over the previous quarterly rate of 2.25 cents per common share. The dividend is payable on September 15, 2010 to stockholders of record on August 31, 2010.
Omnicare, Inc. is a provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities, chronic care and other settings comprising approximately 1.4 million beds in 47 states, the District of Columbia and Canada. Omnicare is the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers as well as for hospice patients in homecare and other settings. Omnicare's pharmacy services also include distribution and patient assistance services for specialty pharmaceuticals. Omnicare offers clinical research services for the pharmaceutical and biotechnology industries in 32 countries worldwide.
Parker Hannifin Corporation (NYSE: PH), August 12, 2010, Cleveland, OH, manufacturer of motion and control technologies, announced that its board of directors increased the company’s regular quarterly cash dividend to 27 cents per share of common stock and declared a dividend payable September 3, 2010 to shareholders of record as of August 23, 2010. This represents a 4 percent increase over the previous quarterly dividend of 26 cents per common share and is the company's 241st consecutive quarterly dividend, resulting in a total distribution to shareholders of approximately $44 million.
“This is the second dividend increase we have implemented this calendar year and it reflects the Board’s confidence in our financial strength and our ability to consistently generate strong cash flows,” said Tim Pistell, Executive Vice President – Finance and Administration and Chief Financial Officer. “Our results in fiscal year 2010 are evidence that we continue to improve the financial performance of the company. We generated increased operating margins, increased diluted earnings per share and increased cash flow from operations. Importantly, we demonstrated our ability to deliver much higher operating margin levels during this economic cycle than at the lowest point in past recessions.”
With annual sales of $10 billion in fiscal year 2010, Parker Hannifin is a diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 55,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 54 consecutive fiscal years.
Questar Corporation (NYSE: STR) August 10, 2010, Salt Lake City, UT, approved a $0.14 (14 cent) quarterly common stock dividend. The dividend, payable Sept. 13, 2010, to shareholders of record on Aug. 20, 2010, is a $0.01 increase from the previous quarter. This is the company’s 263rd consecutive dividend. Questar has increased its dividend 37 times in the last 38 years.
Questar is a Rockies-based integrated natural gas company with an enterprise value of about $4.2 billion and three complementary lines of business: Wexpro Company develops and produces natural gas from cost-of-service reserves for Questar Gas customers; Questar Pipeline Company operates interstate natural gas pipelines and storage facilities in the western U.S., and; Questar Gas Company provides retail natural gas distribution in Utah, Wyoming, and Idaho.
Quicksilver Gas Services LP (NYSE: KGS) July 22, 2010, Fort Worth, TX,
announced that the board of directors of its general partner has declared a cash distribution of $.42 per common unit for the 2010 second quarter, an increase of $.03 per common unit. This distribution will be paid August 13, 2010 on all common units to holders of record as of the close of business on August 3, 2010.
Quicksilver Gas Services is a growth-oriented limited partnership in the business of gathering and processing natural gas produced from the Barnett Shale geologic formation in the Fort Worth Basin of north Texas. The company began operation in 2004 to provide these services to Quicksilver Resources Inc., which owns our general partner.
Republic Services, Inc. (NYSE: RSG) July 29, ,2010, Phoenix, AZ, announced that its board of directors has approved a five percent increase in the company's regular quarterly dividend. The quarterly dividend of $0.20 per share will be paid on October 15, 2010 to shareholders of record on October 1, 2010.
"Republic has paid down more than $800 million of debt over the past 18 months and we continue to have strong free cash flow," said James E. O'Connor, Chairman and CEO of Republic Services, Inc. "We have a strong balance sheet and believe that it is extremely important for our stockholders to share in the Company's success through an increase in our quarterly dividend. This is the sixth time that we have increased our quarterly dividend since the program was introduced in 2003."
Republic Services, Inc. provides recycling and solid waste collection, transfer and disposal services in the United States. The Company's various operating units, including collection companies, transfer stations, recycling centers and landfills, are focused on providing reliable environmental services and solutions for commercial, industrial, municipal and residential customers.
Ritchie Bros. Auctioneers (NYSE and TSE: RBA), August 6, 2010, Vancouver, British Columbia, Canada, announced net earnings for the six months ended June 30, 2010 of $38.9 million, or $0.37 per diluted share, and adjusted net earnings of $38.2 million, or $0.36 per diluted share. This compares to financial statement net earnings of $58.7 million, or $0.56 per diluted share, and adjusted net earnings of $58.1 million, or $0.55 per diluted share, for the first half of 2009. Adjusted net earnings is a non-GAAP financial measure and is defined below. In the first half of 2010, the Company conducted 105 industrial auctions in 15 countries throughout North America, Europe, the Middle East, Central America, Asia and Australia. All dollar amounts in this release are presented in United States dollars.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world’s largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. The Company has over 110 locations in more than 25 countries, including 42 auction sites worldwide. Ritchie Bros. sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries.
Safety Insurance Group, Inc. (NASDAQ: SAFT) August 4, 2010, Boston, MA, reported second quarter 2010 results. Net income for the quarter ended June 30, 2010 was $15.1 million, or $1.00 per diluted share, compared to $15.0 million, or $0.96 per diluted share, for the comparable 2009 period. Net income for the six months ended June 30, 2010 was $27.9 million, or $1.84 per diluted share, compared to $26.9 million, or $1.69 per diluted share, for the comparable 2009 period. Safety’s book value per share increased to $42.88 at June 30, 2010 from $41.20 at December 31, 2009. Safety paid $0.40 per share in dividends to investors during both the quarters ended June 30, 2010 and 2009. Safety paid $1.60 per share in dividends to investors during the year ended December 31, 2009.
The board of directors approved and declared an increase in the quarterly cash dividend from $0.40 to $0.50 per share on the issued and outstanding common stock, payable on September 15, 2010 to shareholders of record at the close of business on September 1, 2010.
The board of directors today also increased Safety’s existing share repurchase program by authorizing repurchase of an additional $30.0 million of Safety’s outstanding common shares. Previously, the Board of Directors had authorized up to $60.0 million under the program. Safety has previously purchased $55.5 million of its common shares on the open market under the program.
Scotts Miracle-Gro Company (NYSE: SMG) August 10, 2010, Marysville, OH, will pay a cash dividend approved by the board of directors of $0.25 per share is payable September 10, 2010 to shareholders of record on August 27, 2010. This quarterly dividend is increased to a rate that is double the current level
With approximately $3 billion in worldwide sales, The Scotts Miracle-Gro Company, through its wholly-owned subsidiary, The Scotts Company LLC, is the world's largest marketer of branded consumer products for lawn and garden care, with products for professional horticulture as well. The Company's brands are the most recognized in the industry. In the U.S., the Company's Scotts(R), Miracle-Gro(R) and Ortho(R) brands are market-leading in their categories, as is the consumer Roundup(R) brand, which is marketed in North America and most of Europe exclusively by Scotts and owned by Monsanto. In the U.S., it operate Scotts LawnService(R), the second largest residential lawn care service business. In Europe, the Company's brands include Weedol(R), Pathclear(R), Evergreen(R), Levington(R), Miracle-Gro(R), KB(R), Fertiligene(R) and Substral(R). For additional information, visit us at www.scotts.com.
Span-America Medical Systems, Inc. (NASDAQ: SPAN) August 5, 2010, Greenville, NC, announced that its board of directors declared a regular quarterly dividend of $0.10 per share. The dividend is payable September 3, 2010, to shareholders of record on August 19, 2010.
"This payment of $0.10 per share represents an 11% increase in the dividend amount paid compared with the same period last year and highlights our strong balance sheet and solid earnings performance in fiscal 2010,” stated Jim Ferguson, president and chief executive officer of Span‑America. “Our dividend program continues to be an important part of our strategy to build long-term shareholder value, and this payment marks our 83rd consecutive quarter of paying cash dividends.”
Span-America manufactures and markets a comprehensive selection of pressure management products for the medical market, including Geo-Matt®, PressureGuard®, Geo-Mattress®, Span+Aids®, Isch‑Dish®, and Selan® products. The company also supplies custom foam and packaging products to the consumer and industrial markets.
Stella-Jones, Inc. (TSE: SJ) August 12, 2010, Montreal, Canada, board of directors of announced that a semi-annual dividend of $0.20 per share, representing an 11.1% increase over its previous semi-annual dividend, has been declared on the outstanding common shares of the Corporation, payable on October 8, 2010 to shareholders of record at the close of business on September 3, 2010. This dividend is designated to be an eligible
dividend.
Stella-Jones Inc. is a leading North American producer and marketer of industrial pressure treated wood products, specializing in the production of railway ties and timbers, as well as wood poles supplied to electrical utilities and telecommunications companies.
The company also provides treated consumer lumber products and customized services to lumber retailers and wholesalers for outdoor applications. Other products include marine and foundation pilings, construction timbers, highway guardrail posts and treated wood for bridges.
STERIS Corporation (NYSE: STE) August 3, 2010, Mentor, OH, announced financial results for its fiscal 2011 first quarter ended June 30, 2010. The Company also announced today that STERIS's board of directors has authorized a four cent increase in its quarterly dividend to $0. D15 per common share. The dividend is payable September 21, 2010 to shareholders of record at the close of business on August 24, 2010. STERIS Corporation provides infection prevention, decontamination and health science technologies, products and services. The Company has approximately 5,000 dedicated employees around the world working together to supply a broad array of solutions by offering a combination of equipment, consumables and services to healthcare, pharmaceutical, industrial and government Customers.
Territorial Bancorp, Inc. (NASDAQ: TBNK) August 5, 2010, Honolulu, HI, approved a quarterly cash dividend on its common stock of $0.07 per share. The dividend is expected to be paid on September 2, 2010 to stockholders of record as of August 19, 2010.
Allan Kitagawa, Chairman and Chief Executive Officer, said, "We are pleased with our performance during the second quarter of 2010 in light of difficult economic conditions in Hawaii and throughout the country. We have experienced growth in our deposit base and loan portfolio despite these adverse conditions. We are especially pleased to announce a 40.0% increase in our quarterly cash dividend from $0.05 to $0.07 per share of common stock."
Textainer Group Holdings, Ltd (NYSE: TGH) August 11, 2010, Hamilton, Bermuda, board of directors approved and declared a quarterly cash dividend of $0.25 per share on Textainer's issued and outstanding common shares, payable on September 1, 2010 to shareholders of record as of August 23, 2010. This dividend is an increase of $0.01 per share from the prior quarter and will be the twelfth consecutive quarterly dividend since Textainer's October 2007 initial public offering. Combined, these dividends have averaged 48% of net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized losses (gains) on interest rate swaps, net(1) during this period. The current dividend represents 42% of net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized losses (gains) on interest rate swaps, net(1) for the second quarter. Historically, Textainer has paid about 50% of net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized losses (gains) on interest rate swaps, net(1) in dividends, but the board of directors takes a fresh view every quarter and sets the dividend subject to various factors including cash needs for opportunities that may be available to us.
Textainer has operated since 1979 and is the world's largest lessor of intermodal containers based on fleet size. We have a total of 1.5 million containers, representing over 2.2 million TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, as well as specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We are one of the largest sellers of used containers, having sold more than 100,000 containers last year to more than 1,000 customers. We provide our services worldwide via a network of regional and area offices and independent depots.
Torchmark Corporation (NYSE: TMK) August 12, 2010, McKinney, TX, announced that its Board of Directors has raised the quarterly dividend to $.16 per share on all of the outstanding common stock of the Company held of record as of the close of business of the Company's transfer agent on October 2, 2010. The dividend will be paid on November 1, 2010.
Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies. Torchmark has several nationally recognized insurance subsidiaries. Globe Life And Accident is a direct-response provider of life insurance known for its administrative efficiencies. American Income Life provides individual life insurance to labor union members. Liberty National Life is one of the oldest traditional life insurers in the Southeast. United American is a consumer-oriented provider of supplemental life and health insurance.
Toromont Industries Ltd. (TSE: TIH) August 12, 2010, Concord, Ontario, Canada board of directors approved a 7% increase in Toromont's regular quarterly cash dividend, marking twenty-one consecutive years of increasing dividends. A quarterly dividend at the new rate of 16 cents (Cdn) per share, payable October 1, 2010 to shareholders of record at the close of business on September 16, 2010, was declared by the board.
"This will be a year of significant transition at Enerflex as we complete the integration of the legacy business, realize identified synergies including disposal of redundant assets, reductions in working capital, and prepare for a recovery in the market," continued Mr. Ogilvie. "Generally prospects for the remainder of the year are encouraging but remain dependent on continued strengthening of the underlying economy and the specific markets within which we operate. We expect to report improving results from the Compression Group for the balance of the year. The Equipment Group has seen good growth in bookings activity over the first half of the year and is now performing above the comparable periods last year. Our refrigeration business is on track to deliver a standout year. Our decision to continue the long established pattern of dividend increases reflects our positive outlook and strong financial position."
Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. The Compression Group is a global leader specializing in the design, engineering, fabrication, and installation of compression systems for natural gas, coal-bed methane, fuel gas and carbon dioxide in addition to process systems and industrial and recreational refrigeration systems. Both Groups offer comprehensive product support capabilities.
Tower Group, Inc. (NASDAQ: TWGP) August 9, 2010, New York, NY, board of directors approved a quarterly dividend on August 6, 2010 of $0.125 per share payable on September 24, 2010 to stockholders of record as of September 10, 2010.
Tower Group, Inc. offers diversified property and casualty insurance products and services through its operating subsidiaries. Its insurance company subsidiaries offer insurance products to individuals and small to medium-sized businesses through its network of retail and wholesale agents and specialty business through program underwriting agents. Tower's insurance services subsidiaries provide underwriting, claims and reinsurance brokerage services to other insurance companies.
T S and W/Claymore Tax-Advantaged Balanced Fund (NYSE: TYW) August 2, 2010, Lisle, IL, August 2, 2010-(NYSE: TYW) TS&W/Claymore Tax-Advantaged Balanced Fund (“TYW” or the “Fund”)a closed-end management investment company, announced that it is increasing its quarterlydividend by 11.11% to $0.20per share, effective with its September 2010 dividend. The increased dividendcompares to the $0.18per share for the last quarterly dividend and
represents a distribution rate of 7.79%based upon the closing market price of $10.27on July 30, 2010. The Fund’s tax-advantageddistribution rate on closing market price, as of July 30, 2010, was11.28%. The tax-advantageddistribution rate is calculated based upon the 35% federal income tax bracket and assumes the 2009 tax characterization of dividends. There can be no assurance that this characterization is indicative of future allocations nor that this distribution ratewill be achieved in the future.
The September2010 dividend will be paid on September30, 2010 to shareholders of record as of September 15, 2010 with an ex-dividend date of September 13, 2010. Claymore Advisors, LLC (an affiliate of Claymore Securities, Inc.) serves as Investment Adviser to the Fund.Claymore Securities, Inc.offers strategic investment solutions for financial advisors and their valued clients. As an innovator in exchange-traded funds (ETFs), unit investment trusts (UITs) and closed-end funds (CEFs),Claymore often leads its peers with creative investment strategy solutions. In total, Claymore entities provide supervision, management, or servicing on approximately $15.3billion in assets as ofJune 30, 2010. Claymore Securities, Inc. is a wholly-owned subsidiary of Guggenheim Partners, LLC, a global, diversified financial services firm with more than $100 billion in assets under supervision. Guggenheim, through its affiliates, provides investmentmanagement, investment advisory, insurance, investment banking, and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia.
W and T Offshore, Inc. (NYSE: WTI) August 2, 2010, Houston, TX, (NYSE: WTI) 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&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.
Yamana Gold (NYSE: AUY) August 5, 2010, Toronto, Ontario, Canada, announced yesterday that it has further increased its dividend. All dollar amounts are expressed in United States dollars unless otherwise specified.
The board of directors has approved an increase in Yamana's dividend to an annualized $0.08 per share, or $0.02 per share per quarter. This represents a 100 percent increase over the 2009 annualized dividend of $0.04 per share, or $0.01 per share per quarter and a 33 percent increase over the annualized dividend increase to $0.06 per share, or $0.015 per share per quarter announced last quarter.
The dividend increase will be in effect for the third quarter dividend, payable on Thursday, October 14, 2010, to holders of record at the close of business on Thursday, September 30, 2010. The dividend is an "eligible dividend" for Canadian tax purposes.
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. Yamana plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and by targeting other gold consolidation opportunities with a primary focus in the Americas.
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