This is my thirty-fifth report on dividend increases. All of the companies are U.S. and Canadian. Fifty-seven companies are listed as increasing their dividends. The large number of U.S. companies increasing their dividends is probably a consequence of uncertainty during December whether Congress would continue existing preferential tax rates for dividends and capital gains.
As discussed below, Seaboard Corporation is one company that expressly acted to give its shareholders dividends during calendar year 2010 because of the uncertain tax consequences for dividends and capital gains in 2011. Some of the companies listed authorized “special” dividends during the month, probably in part for the same tax-uncertainty reason.
Alexandria Real Estate Equities, Inc. (ARE) November, 29, 2010, Pasadena, CA , announced that its board of directors declared a quarterly cash dividend of 45 cents per common share for the fourth quarter of 2010. This reflects a dividend increase of approximately 29 percent. The dividend is payable on January 17, 2011 to shareholders of record on December 31, 2010.
"We are pleased to announce a 29% increase in our quarterly cash dividend declared to common shareholders for the fourth quarter of 2010. The dividend increase will allow the company to share its increase in free cash flows with its common shareholders while also continuing to significantly increase retention of free cash flows for reinvestment," said Joel S. Marcus, chief executive officer of Alexandria.
The company announced that its board of directors declared a quarterly cash dividend of 52.34375 cents per share for the fourth quarter of 2010 for its 8.375% Series C Cumulative Redeemable Preferred Stock. The dividend is payable on January 17, 2011 to preferred shareholders of record on December 31, 2010.
The company also announced that its board of directors declared a quarterly cash dividend of 43.75 cents per share for the fourth quarter of 2010 for its 7.00% Series D Cumulative Convertible Preferred Stock. The dividend is payable on January 17, 2011 to preferred shareholders of record on December 31, 2010.
Armanino Foods of Distinction Inc. (AMNF) December 9, 2010, Haywood, CA, declared an increased regular quarterly dividend of $0.01 per share from its previous amount of $0.00825, an increase of 21%.This dividend will be payable on or about January 28, 2011 to share-holders of record January 3, 2011. This is the company’s 42nd consecutive quarterly dividend. In addition, the company has had nine special dividends the last of which was disbursed in October of 2010.
Douglas R. Nichols, chairman of the board stated, “We are having an exceptionally strong year and think we should reward our shareholders accordingly. Our balance sheet remains very strong.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pesto sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic and Mediterranean. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces, meatballs and Focaccia are also offered by Armanino Foods.
Axis Capital Holdings, Inc. (AXS) December 9, 2010, Pembroke, Bermuda, announced that the company’s board of directors has declared a quarterly dividend of $0.23 per common share. The common dividend will be payable on January 18, 2011 to the shareholders of record at the close of business on December 31, 2010.
In addition, the board declared a dividend of $0.453125 per Series A 7.25% Preferred Share and a dividend of $1.875 per Series B 7.5% Preferred Share. The Series A Preferred Share dividend is payable on January 18, 2011 to shareholders of record at the close of business on December 31, 2010 and the Series B Preferred Share dividend is payable on March 1, 2011 to shareholders of record at the close of business on February 15, 2011.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2010 of $5.8 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia.
Calfrac Well Service Ltd. (CFW) December 9, 2010, Calgary, Canada announced its capital budget for 2011 of $280 million. The capital program will focus on further bolstering Calfrac's fracturing, coiled tubing and cementing capacity, infrastructure and logistical capabilities as it continues to expand its presence in the emerging North American unconventional oil and natural gas markets. Additional equipment is also being constructed to support Calfrac's growing Russian and Latin America operations, including the anticipated entry into the Colombian pressure pumping market.
Calfrac is also pleased to announce that its board of directors has approved a 50% increase to its semi-annual cash dividend from $0.05 to $0.075 per share, thereby increasing the annual dividend to $0.15 per share, and has declared a dividend of $0.075 per common share to be paid on January 15, 2011 to shareholders of record on January 3, 2011.
Cameco Corporation (CCJ) December 2, 2010, Saskatoon, Saskatchewan, Canada, announced that its board of directors has approved a 43% increase in the annual cash dividend to $0.40 from $0.28 per share beginning in 2011. This will be the seventh time Cameco has increased its dividend in nine years.
"The substantial increase in our annual dividend demonstrates our confidence in our business and in the long-term fundamentals of the uranium market," said Cameco CEO Jerry Grandey. "Cameco is the only investment opportunity in our industry with the financial strength to substantially increase dividends while undertaking an ambitious growth program."
The company's board of directors also declared a quarterly cash dividend of $0.07 per common share, payable on January 14, 2011 to shareholders of record on December 31, 2010.
Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world's largest uranium producers. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.
Canadian Western Bank (CWB) December 6, 2010, Edmonton, Alberta, Canada board of directors declared a cash dividend of $0.13 per common share, payable on January 13, 2011 to shareholders of record on December 30, 2010. This quarterly dividend is 18% higher than the quarterly dividend declared in both the previous quarter and one year ago and represents the first dividend increase since July 2008. The board of directors also declared a cash dividend of $0.453125 per Series 3 Preferred Share payable on January 31, 2011 to shareholders of record on January 21, 2011.
Capstead Mortgage Corp. (CMO) December 9, 2010 Dallas, TX announced that it will pay a fourth quarter 2010 dividend of $0.39 per common share on January 20, 2011 to stockholders of record as of December 31, 2010.
Capstead Mortgage Corporation, formed in 1985 and based in Dallas, Texas, is a self-managed real estate investment trust for federal income tax purposes. Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage (“ARM”) securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae or Freddie Mac or by an agency of the federal government, Ginnie Mae. Agency-guaranteed mortgage pass-through securities carry an implied AAA rating with limited, if any, credit risk.
CHRobinson Worldwide, Inc. (CHRW) December 9, 2010, Minneapolis, MN board of directors declared an increase to its regular quarterly cash dividend from 25 cents ($0.25) per share to 29 cents ($0.29) per share, payable on January 3, 2011, to shareholders of record on December 20, 2010.
C.H. Robinson has distributed regular dividends for more than twenty-five years. As of December 9, 2010, there were approximately 66,180,000shares outstanding.
Founded in 1905, C.H. Robinson Worldwide, Inc., is a global provider of multimodal transportation services and logistics solutions, serving over 35,000 customers through a network of 232 offices in North America, Europe, Asia, South America, Australia and the Middle East.
Citizens Holding Co. (CIZN) November 30, 2010, Philadelphia, MS, announced today that its board of directors declared a cash dividend of $0.22 per share payable December 31, 2010, to shareholders of record as of December 15, 2010.
“Today I am announcing our fourth quarter 2010 dividend of $0.22 per share, an increase of $0.01 over the dividend paid in the third quarter of 2010," said Greg L. McKee, President and Chief Executive Officer. "This dividend also represents an increase of 4.8% over the dividends paid in the fourth quarter of 2009."
Citizens Holding Company is a one-bank holding company and the parent company of The Citizens Bank of Philadelphia, both headquartered in Philadelphia, Mississippi. The Bank has twenty-three full service banking locations in ten counties in East Central Mississippi in addition to a Loan Production Office in Biloxi, Mississippi. In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through its subsidiary, Title Services, LLC and a full range of Internet banking services including online banking, bill pay and cash management services for businesses. Internet services are available at the Bank web site, www.thecitizensbankphila.com.
Coca Cola Company (KO) October 21, 2010, Atlanta, GA, board of directors declared a regular quarterly dividend of 44 cents per common share. The dividend is payable on December 15, 2010 to shareowners of record as of December 1, 2010. This is equivalent to an annual dividend of $1.76 per share, up from $1.64 per share in 2009. The dividend reflects the Board's confidence in the Company's long-term cash flow. The Company returned $5.3 billion to shareowners in 2009, through $3.8 billion in dividends and $1.5 billion in share repurchases.
The Coca-Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Along with Coca-Cola®, recognized as the world's most valuable brand, the Company's portfolio includes 12 other billion dollar brands, including Diet Coke®, Fanta®, Sprite®, Coca-Cola Zero®, vitaminwater®, Powerade®, Minute Maid®, Simply® and Georgia®. Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate of 1.6 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that protect the environment, conserve resources and enhance the economic development of the communities where we operate.
Deere and Company (DE) December 1, 2010, Moline, IL, board of directors increased the company's dividend to $.35 a share on common stock. The dividend is payable February 1, 2011 to stockholders of record on December 31, 2010. The new quarterly rate represents an increase of 5 cents per share over the previous level – an increase of approximately 17 percent.
"Deere and Company has consistently displayed its objective to create shareholder value over the long term," said Samuel R. Allen, chairman and chief executive officer. "Today's announcement emphasizes that we remain confident in the future direction of the company as Deere sharpens its strategic focus and concentrates its resources on growing our core equipment businesses around the world."
Since early 2004, the company has increased its quarterly dividend on eight separate occasions including today's announcement.
Donaldson Company, Inc. (DCI) November 19, 2010, Minneapolis, MN board of directors has increased the quarterly common stock cash dividend by 4 percent, marking the 25th consecutive year of dividend increases.
The board declared a regular cash dividend of 13 cents per share, payable December 17th to shareholders of record as of December 6th. As of October 31st, there were approximately 76,500,000 shares outstanding.
The current declaration is the 221st consecutive quarterly cash dividend paid by Donaldson over a time span of 55 years.
Donaldson is a worldwide provider of filtration systems.
DPL Inc. (DPL) December 8, 2010, Dayton, OH board of directors increased the quarterly dividend for DPL common stock from $0.3025 to $0.3325 per common share, effective with the next dividend declaration date. This action increases the annualized dividend from $1.21 to $1.33 per common share.
"The board remains committed to providing a competitive dividend for our shareholders," stated Glenn Harder, chairman of DPL. "Given the company's strong performance and the board's confidence in DPL's future outlook, we have increased the dividend for the sixth consecutive year. As part of the board's due diligence, we will continue to review DPL's dividend on a regular basis."
DPL's principal subsidiaries include The Dayton Power and Light Company (DP&L); DPL Energy, LLC (DPLE); and DPL Energy Resources, Inc. (DPLER). DP&L, a regulated electric utility, provides service to over 500,000 retail customers in West Central Ohio; DPLE engages in the operation of merchant peaking generation facilities; and DPLER is a competitive retail electric supplier in Ohio, selling to major industrial and commercial customers. DPL, through its subsidiaries, owns and operates approximately 3,700 megawatts of generation capacity, of which 2,800 megawatts are low cost coal-fired units and 900 megawatts are natural gas and diesel peaking units.
Eastman Chemical Company (EMN) December 2, 2010, Kingsport, TN board of directors has increased the quarterly cash dividend by 7 percent to $0.47 per share on the company’s common stock. The dividend is payable January 3, 2011, to stockholders of record as of December 13, 2010.
“This first increase in the dividend since 1996 demonstrates the board’s confidence in our ability to deliver consistently strong earnings from our core businesses and higher returns for stockholders,” said Jim Rogers, president and chief executive officer. “We remain committed to maintaining a strong financial position as we execute our strategy to achieve sustained, profitable growth.
Eastman’s chemicals, fibers and plastics are used as key ingredients in products that people use every day. Approximately 10,000 Eastman employees around the world blend technical expertise and innovation to deliver practical solutions. The company is committed to finding sustainable business opportunities within the diverse markets it serves. A global company headquartered in Kingsport, Tennessee, USA, Eastman had 2009 sales of $5 billion.
EcoLab Inc. (ECL) December 2, 2010, St. Paul, MN board of directors increased the company's quarterly cash dividend by 13% to $0.175 per common share, to be paid January 18, 2011, to shareholders of record at the close of business on December 21, 2010. This results in a new indicated annual cash dividend of a record $0.70 per share for 2011, and represents Ecolab's 19th consecutive annual dividend rate increase. Ecolab has paid cash dividends on its common stock for 74 consecutive years. Ecolab last increased its dividend in December 2009.
Commenting on the increase, Douglas M. Baker, Jr., Ecolab's Chairman, president and chief executive officer said, "We are pleased to continue our strong dividend performance. Our outstanding dividend record is a result of our excellent business model, and this year's increase reflects our solid balance sheet, our outlook for further growth and our commitment to improving shareholder returns."
With sales of $6 billion and more than 26,000 associates, Ecolab (NYSE: ECL) is the global leader in cleaning, sanitizing, food safety and infection prevention products and services. Ecolab delivers comprehensive programs and services to the foodservice, food and beverage processing, healthcare, and hospitality markets in more than 160 countries.
Enbridge Inc. (ENB) December 1, 2010, Calgary, Alberta announced that its board of directors has declared a quarterly dividend of $0.49 per common share payable on March 1, 2011 to shareholders of record on February 15, 2011. The dividend reflects a 15% increase from the company's prior quarterly rate of $0.425 per share. Enbridge also announced its 2011 guidance for adjusted operating earnings of $2.75 to $2.95 per share.
"Enbridge's current policy is to pay out between 60 and 70% of its adjusted earnings as dividends to its shareholders," said Patrick D. Daniel, president and chief executive officer, Enbridge Inc. "The 15% increase announced today still leaves us within our current policy range for 2011 and is supported by strong growth in earnings and cash flow. Cash flow growth is expected to continue to outperform earnings through 2014, providing scope for us to consider continuing to grow our dividends faster than earnings over the medium term.""
Enbridge Inc. is an energy delivery company that operates in Canada and the United States. It has four segments: Liquids Pipelines, which includes the operation and construction of the Enbridge crude oil mainline system and feeder pipelines that transport crude oil and other liquid hydrocarbons; Natural Gas Delivery and Services, which consists of natural gas utility operations investments in natural gas pipelines; Sponsored Investments, which includes the Company’s 27% ownership interest in Enbridge Energy Partners, L.P (EEP), Enbridge’s funding of 66.7% of the United States segment of the Alberta Clipper Project through EEP and Enbridge Energy, L.P. (EELP) and a 72% economic interest in Enbridge Income Fund, and Corporate. In January 2010, Enbridge Offshore (Gas Transmission) L.L.C. acquired 50% limited liability interest in Starfish Pipeline Company, LLC from MarkWest Energy Partners, Inc. In June 2010, it acquired 50% of the Hardisty Caverns Limited Partnership.
Erie Indemnity Company (ERIE) December 7, 2010, Erie, PA, board of directors of Erie Indemnity Company set the management fee rate charged to Erie Insurance Exchange, approved increases in shareholders' dividends, and reauthorized the Company's share repurchase plan.
The board approved an increase to the regular quarterly cash dividend from $0.48 to $0.515 on each Class A share and from $72.00 to $77.25 on each Class B share. This represents a 7.3 percent increase in the payout per share over the current dividend rate. The dividend is payable January 20, 2011, to shareholders of record as of January 5, 2011, with a dividend ex-date of January 3, 2011. This is the 77th consecutive year Erie Indemnity Company has paid dividends.
First Keystone Corporation (FKYS) December 12, 2010, Berwick, PA parent company of First Keystone Community Bank, declared a $.24 per share quarterly cash dividend to shareholders of record as of December 14, 2010, payable December 31, 2010. This represents a 4.35% increase over the $.23 per share dividend paid in the third quarter of 2010.
With this fourth quarter dividend, total cash dividends per share will amount to $.93 as of December 31, 2010, up from $.92 for the four quarters ending December 31, 2009, an increase of 1.09%.
Erie Indemnity Company manages attorney-in-fact for the subscribers at Erie Insurance Exchange . The Exchange is a subscriber (policyholder)-owned reciprocal insurer that writes property/casualty insurance. The company’s primary function is to perform certain services for the Exchange relating to sales, underwriting and issuance of policies on behalf of the Exchange. The company operates its business as three segments: management operations, insurance underwriting operations and investment operations. The Exchange and its wholly owned subsidiary, Flagship City Insurance Company (Flagship) and the Indemnity’s wholly owned subsidiaries, Erie Insurance Company (EIC), Erie Insurance Company of New York (ENY) and the Erie Insurance Property and Casualty Company (EPC), comprise the Property and Casualty Group. The Property and Casualty Group is a regional insurance group operating in 11 Midwestern, Mid-Atlantic and Southeastern states, and the District of Columbia.
First Keystone Community Bank, an independently owned community bank since 1864, presently operates 15 full service offices in Columbia (5), Luzerne (5), Montour (1) and Monroe (4) Counties providing banking and trust services.
Freeport McMoRan Copper and Gold Inc. (FCX) December 9, 2010, Phoenix, AZ, announced that its board of directors has declared a supplemental common stock dividend of $1.00 per share to be paid on December 30, 2010 to shareholders of record as of December 20, 2010.
The supplemental dividend to be paid in December represents an addition to FCX’s regular quarterly common stock dividend.
In October 2010, FCX’s board of directors announced that it has authorized an increase in its annual common stock dividend from $1.20 per share to $2.00 per share. Based on approximately 471 million common shares currently outstanding, the December 30, 2010 supplemental dividend payment will approximate $471 million.
FCX also announced today that its board of directors has declared a two-for-one split of its common stock. The split will be effected in the form of a stock dividend payable on February 1, 2011 to shareholders of record on January 15, 2011.
Shareholders will receive one additional share of common stock for each share of common stock held on the record date. The additional shares will be issued to shareholders on February 1, 2011. As a result of the stock split, the number of outstanding shares of common stock will increase to approximately 942 million from approximately 471 million. The regular quarterly cash dividend of $0.50 per share is expected to be paid on February 1, 2011 on pre-split shares. FCX will begin trading on the NYSE on a split adjusted basis on February 2, 2011. After taking the stock split into account, the regular cash dividend is expected to be $1.00 per share per annum, payable quarterly at a rate of $0.25 per share, after the February 1, 2011 regular dividend and stock dividend.
General Electric Company (GE) December 10, 2010, Fairfield, CT, board of directors raised the company’s quarterly dividend 17% from .12 per outstanding share of the company’s common stock to .14 per outstanding share of the company's common stock. The board declared that the dividend is payable January 25, 2011 to shareowners of record at the close of business on December 27, 2010. The ex-dividend date is December 22, 2010.
“We are able to increase the GE dividend for the second time this year because of continued strong cash generation, accelerated recovery at GE Capital and solid underlying performance in our Industrial businesses through year-end 2010,” GE CEO Jeff Immelt said. “In addition, the company plans to continue capitalizing on complementary and financially attractive inorganic growth opportunities, opportunistic share repurchases and investing in innovation as part of our thoughtful capital-allocation efforts.”
GE is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide.
Gildan Activewear Inc. (GIL) December 2, 2010, Montreal, Canada, announced that its board of directors has approved the introduction of a quarterly cash dividend. The initial quarterly dividend of U.S. $0.075 per share will be paid on March 18, 2011, to shareholders of record on February 23, 2011. The dividend policy will be reviewed annually by the Board of Directors.
Gildan Activewear Inc. (Gildan) is a Canada-based company. The company is a marketer and vertically-integrated global manufacturer of basic, non-fashion apparel products for customers. It sells active wear products to screen print markets in North America, Europe and other international markets. Gildan is a supplier of active wear for the screen print channel in the United States and Canada, and also a supplier for this market in Europe and Mexico. It sells socks and underwear, in addition to its active wear products, to mass market and regional retailers in North America. In the United States mass market retail channel, Gildan is a supplier of socks. The company operates in one business segment non-fashion apparel. On March 31, 2010, the company completed the acquisition of Shahriyar Fabric Industries Limited (Shahriyar), vertically-integrated knitting, dyeing, finishing, cutting and sewing facility for the manufacture of ring-spun T-shirts near in Bangladesh.
Hillenbrand, Inc. (HI) December 3, 2010, Batesville, IN board of directors of declared a regular quarterly cash dividend of $0.19 per share on the company's common stock. On an annual basis, this is an increase of $0.01 per share over the previous rate of $0.75 per share. The dividend is payable December 31, 2010, to shareholders of record at the close of business on December 15, 2010.
"The board's decision to again increase the dividend is an important component of the company's mission of increasing shareholder value," said Kenneth A. Camp, Hillenbrand president and CEO. "The dividend, when coupled with our strategy for organic and acquisition growth, will provide significant total shareholder return."
Hillenbrand is a diversified enterprise with multiple subsidiaries focused around two separate operating businesses. Batesville Casket is a leader in the North American death care industry through the sale of funeral services products, including burial caskets, cremation caskets, containers and urns, selection room display fixturing, and other personalization and memorialization products. K-Tron International is a recognized leader in the design, production, marketing and servicing of material handling equipment and systems. The company serves many different industrial markets through two product lines. The Process Group focuses primarily on feeding and pneumatic conveying equipment, doing business under two main brands: K-Tron Feeders and K-Tron Premier. The Size Reduction Group concentrates on size reduction equipment, conveying systems and screening equipment, operating under three brands: Pennsylvania Crusher, Gundlach and Jeffrey Rader. HI-INC-F
Honeywell International Inc. (HON) December 10, 2010, Morris Township, NJ MORRIS TOWNSHIP, N.J., announced that its board of directors has approved a 10% increase, or $0.12 per common share, in the company’s regular annual cash dividend rate to $1.33 from $1.21 per common share, effective with the first quarter 2011 dividend payment. “Raising the dividend rate by 10% reflects Honeywell’s strong cash generation and the continued improvement in our underlying business performance,” said Honeywell Chairman and CEO Dave Cote. “We’re committed to delivering shareowner value and confident that our great positions in good industries will help drive Honeywell’s growth and performance over the long-term.” Honeywell is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London, and Chicago Stock Exchanges.
Horace Mann Educators Corporation (HMN) December 10, 2010, Springfield, IL, board of directors announced a quarterly dividend of 11 cents per share payable on December 31, 2010 to shareholders of record as of December 20, 2010. The quarterly dividend amount represents an increase of 37.5 percent from the third quarter 2010 dividend and exceeds the 10.5 cents per share paid in 2008 prior to the financial market crisis.
"The board's decision to further increase the dividend at this time reflects Horace Mann's financial strength and strong capital position, which have remained intact following a period of unprecedented stress in the financial markets and through challenging recessionary economic conditions. The increase also reflects Horace Mann's improving auto profitability, declining coastal property exposure and strong annuity results as well as management's positive outlook for profitable growth in 2011 and beyond," said Peter H. Heckman, president and chief executive officer.
Horace Mann is the largest national multiline insurance company focusing on educators' financial needs and provides auto and homeowners insurance, retirement annuities, life insurance and other financial solutions. Founded by Educators for Educators in 1945, the company is headquartered in Springfield, Ill.
Hormel Foods Corporation (HRL) November 22, 2010, Austin, MN,
board of directors of Hormel Foods Corporation a multinational marketer of consumer-branded food and meat products, announced its 45th consecutive annual dividend increase.
The annual dividend on the common stock of the corporation was raised to $1.02 per share from $.84 per share.
A quarterly dividend on the common stock was also authorized by the Board of Directors at twenty-five and one-half cents (25.5¢) a share. The quarterly dividend will be paid Feb. 15, 2011, to stockholders of record at the close of business on Jan. 23, 2011.
The Feb. 15 payment will be the 330th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value.
IAMGOLD (IMG) December 9, 2010, Toronto, Ontario reported that it has increased its annual dividend payment by 33% from $0.06 per share to $0.08 per share. The annual dividend will be paid on January 14, 2011 to shareholders of record as of the close of trading on December 24, 2010. In addition, the Company has provided guidance for 2011, with gold production expected to increase by approximately 20% over the current forecast production for 2010.
IAMGOLD's President and CEO, Steve Letwin said, "The dividend increase reflects the confidence the board and management have in the current and future cash flows for the company. We have a superior combination of assets and people, and when you couple that with our strong balance sheet and attractive opportunities, the outlook for growth is very positive."
In 2011, IAMGOLD expects attributable gold production to be in the range of between 1.1 million and 1.2 million ounces of gold at a cash cost of between $565 and $595 per ounce, assuming an average spot price for gold of $1,300. For niobium the company expects to produce between 4.7 million and 5.0 million kilograms of niobium at a margin of between $15 and $17 per kilogram.
As a further update to the status of the Essakane Mine in Burkina Faso, the electrical problem that occurred in November was fully rectified and the mine is operating at or above nameplate capacity. The land holding surrounding the current operations continues to exhibit significant upside potential and will be a focal point of the company's 2011 exploration plans.
In future, the company plans to pay its dividend semi-annually. For purposes of subsection 89(14) of the Income Tax Act, the company designates all dividends payable on January 14, 2011 to be eligible dividends.
IAMGOLD is a mid-tier gold mining company producing approximately one million ounces annually from 8 gold mines on 3 continents. IAMGOLD is uniquely positioned with a strong financial position and extensive management and operational expertise. To grow from this strong base, IAMGOLD has a pipeline of development and exploration projects and continues to assess accretive acquisition opportunities. IAMGOLD's growth plans are strategically focused in West Africa, select countries in South America and in the Canadian provinces of Ontario and Quebec, where it also operates a niobium mine.
Iron Mountain Incorporated (IRM) December 13, 2010, Boston, MA board of directors has declared a quarterly cash dividend of $0.1875 per share, or $0.75 per share on an annualized basis. This represents an increase of 200% over the quarterly dividend previously paid. The dividend is payable on January 14, 2011 to stockholders of record on December 27, 2010.
"The increase in Iron Mountain's dividend is the result of our disciplined management approach and the success we've had as an organization driving higher profitability and strong cash flows," said Bob Brennan, president and CEO. "The strength of our balance sheet and our cash flows positions us to increase our dividend and allows our stockholders to further participate in the Company's success. The increased dividend reflects the Board's confidence in our ability to grow our business profitably while delivering strong, sustainable returns for our investors."
Iron Mountain Incorporated provides information management services that help organizations lower the costs, risks and inefficiencies of managing their physical and digital data. The company's solutions enable customers to protect and better use their information--regardless of its format, location or lifecycle stage--so they can optimize their business and ensure proper recovery, compliance and discovery. Founded in 1951, Iron Mountain manages billions of information assets, including business records, electronic files, medical data, emails and more for organizations around the world.
Knoll, Inc. (KNL) December 1, 2010, East Greenville, PA, announced that the company's board of directors declared a quarterly cash dividend of $0.06 per share payable December 31, 2010 to all shareholders of record on December 15, 2010.
Andrew B. Cogan, CEO, stated, "This increase in our dividend reflects our confidence that industry demand is improving and that our strong free cash flow can support continued deleveraging as well as the increased return of capital to our shareholders."
The declaration and payment of dividends is subject to the discretion of the board of directors and depends on various factors, including our net income, restrictions in our credit facility, financial position, cash requirements and other factors deemed relevant by our board of directors.
Knoll, Inc. is a designer and manufacturer of workplace furnishings, textiles and fine leathers. It offers a portfolio of office furniture, textiles and leathers across five product categories: office systems, which are modular and moveable workspaces with functionally integrated panels, work surfaces, desk components, pedestal and other storage units, power and data systems and lighting; specialty products, including high image side chairs, sofas, desks and tables for the office and home, textiles, accessories, leathers and related products; seating; files and storage, and desks, case goods and tables.
Laurentian Bank of Canada, (LB) December 8, 2010, Montreal, Canada board of directors declared regular dividends on the various series of preferred shares to shareholders of record on December 9, 2010. At its meeting on December 8, 2010, given its confidence in the bank’s future and the solid balance sheet and capital ratios, the Board of Directors approved a $0.03 per share increase to the quarterly dividend on common shares and thus declared a dividend of $0.39 per common share, payable on February 1, 2011, to shareholders of record on January 3, 2011.
Laurentian Bank of Canada is a Canada-based bank. The bank has five segments: Retail & SME business segment provides banking products and services to retail customers, as well as to small and medium-sized enterprises in Quebec; Real Estate & Commercial business segment consists of two areas of operation, real estate financing, specializing in financing for condominiums, office buildings, shopping centers and residential developments and commercial financing, specializing in financing for medium-sized enterprises in Quebec and Ontario; The B2B Trust business segment offers personal banking products through a network of independent financial advisors; Other segment includes the activities, such as treasury, credit, finance, risk management, technology, operations, corporate affairs and human resources, and The Laurentian Bank Securities & Capital Markets business segment provides brokerage services to retail and institutional clients and manages bank-related activities.
Lawson Products (LAWS) December 7, 2010, Des Plaines, IL, directors announced a dividend of $0.12 per share on common shares, an increase of $0.04 from the previous quarterly dividend. The dividend is payable January 18, 2011, to stockholders of record on January 4, 2011.
Founded in 1952, Lawson Products, Inc., headquartered in Des Plaines IL., with 2009 sales of $378 million, sells and distributes specialty products to the industrial, commercial, institutional and government maintenance, repair and operations market (MRO) through Lawson Products. The company also manufactures sells and distributes specialized component parts, with services to original equipment manufacturers (OEM's) through Automatic Screw Machine Products Company (ASMP).
Lawson Products, Inc. sells MRO products in all 50 states, Canada , Mexico, and the Caribbean, and also exports products that support U.S. Military efforts in the Middle East and Europe.
Lincoln Electric Holdings, Inc. (LECO) December 2, 2010, Cleveland, OH board of directors raised the company's quarterly dividend $0.03 per share, a 10.7% increase, from $0.28 per share to $0.31 per share, or $1.24 per share on an annual basis. The dividend is payable January 14, 2011, to holders of record as of December 31, 2010.
Lincoln Electric designs, develops and manufactures arc welding products, robotic arc-welding systems, plasma and oxyfuel cutting equipment and has a leading position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln Electric has 38 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries.
McDonalds Corporation (MCD) September 23, 2010, Oak Brook, IL board of directors declared a quarterly cash dividend of $0.61 per share of common stock payable on December 15, 2010 to shareholders of record at the close of business on December 1, 2010. This represents an 11% increase over the company's previous quarterly dividend rate and brings the fourth quarter dividend payout to approximately $650 million.
McDonald's chief executive officer Jim Skinner said, "With today's announced dividend increase, we expect the 2010 total cash returned to shareholders to be approximately $5 billion, split between dividends and share repurchases."
Skinner continued, "Our ongoing financial performance reflects the strength of the McDonald's system and resilience of our Plan to Win. We remain committed to maintaining financial discipline and enhancing shareholder value. Our first priority is to reinvest in our business by allocating capital where we expect to drive sales and cash flow, generating strong returns. After these investment opportunities, we expect to return all of our free cash flow to shareholders over the long term through dividends and share repurchases. Today's dividend increase demonstrates our confidence in the long-term strength of our Brand."
McDonald's has raised its dividend each and every year since paying its first dividend in 1976. The new quarterly dividend of $0.61 per share is equivalent to $2.44 per share annually.
Mid America Apartment Communities Inc. (MAA) December 1, 2010, Memphis, TN announced that its board of directors voted to increase the quarterly common dividend by 2% to a quarterly payment of $0.6275 per share, or $2.51 per share on an annual basis.
Al Campbell, CFO, stated, "We are encouraged with the improvement in leasing trends and expect the operating environment will continue to show steady improvement. MAA is one of the few multifamily REITs that did not reduce or suspend their cash dividend over the last couple of years of weak economic and capital market conditions. MAA is well positioned for the emerging recovery cycle and we look forward to continued progress for our shareholders."
The quarterly common dividend of $0.6275 per share is payable on January 31, 2011 to shareholders of record on January 14, 2011.
As established in prior quarters, the company is declaring its quarterly common dividend in advance of its earnings announcement, which it expects to make on February 3, 2011.
Mid-America Apartment Communities is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 46,269 apartment units including 428 development units throughout the Sunbelt region of the U.S.
Monro Muffler Brake Inc. (MNRO) November 15, 2010, Rochester, NY, leading provider of automotive undercar repair and tire services, today announced that its board of directors has approved a 33% increase in the company’s quarterly dividend to $.12 per share. The increased dividend rate will be effective commencing with the regular quarterly dividend payable on December 13, 2010 to shareholders of record as of December 3, 2010, including shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled.
“In addition to increasing our dividend five times in the last five years, we are pleased to announce our third stock split in the last seven years, which we anticipate will enhance the attractiveness of our stock to a wider group of investors and further increase the liquidity of our shares,” said Robert G. Gross, chairman and chief executive officer. “While we remain focused on generating strong organic growth and expanding our market share through opportunistic acquisitions, we are also firmly committed to maximizing shareholder value. Over the past decade, Monro has increased comparable store sales every year.
Further, incorporating our estimated diluted earnings per share range from $2.00 to $2.06 for fiscal 2011, we are on track to generate compound annual earnings growth of approximately 30% over the last three years. Both the dividend increase and the stock split underscore the confidence of the board and management team in the future prospects of the company and our ability to continue to achieve strong, long-term financial performance.”
Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire, Tread Quarters Discount Tires, Autotire and Tire Warehouse. The Company currently operates 784 stores in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine, Illinois and Missouri. Monro's stores provide a full range of services for brake systems, steering and suspension systems, tires, exhaust systems and many vehicle maintenance services.
MTS Systems Corporation (MTSC) November 30, 2010, Eden Prairie, MN, announced that its board of directors has increased the quarterly cash dividend by thirty-three percent to $0.20 per share. Laura B. Hamilton, chief executive officer and chairman, said, “This increase reflects our confidence in our long-term market opportunities and our ability to continue to generate strong operating cash flow. We are pleased to make this additional commitment to our shareholders.” The cash dividend will be as follows: Amount: $0.20 Record Date: December 13, 2010 Payable Date: January 3, 2011
This is MTS Systems Corporation’s 116th consecutive quarterly dividend.
MTS Systems Corporation is a leading global supplier of test systems and industrial position sensors. The Company’s testing hardware and software solutions help customers accelerate and improve their design, development, and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. MTS’ high-performance position sensors provide controls for a variety of industrial and vehicular applications. MTS had 1,948 employees and revenue of $374 million for the fiscal year ended October 2, 2010.
National Bank of Canada (NA) November 30, 2010, Montreal, Canada, board of directors announced today an increase of the dividend on its common shares from $0.62 to $0.66 per common share, starting with the quarter ending January 31, 2011. This dividend will be payable on February 1, 2011 to holders of record of common shares on December 23, 2010. The board also declared quarterly dividends on the certain series of first preferred shares. These dividends are payable on February 15, 2011 to holders of record of first preferred shares on January 7, 20.
National Bank of Canada is a Canada-based bank. The bank is an integrated provider of financial services to retail, commercial, corporate and institutional clients. It operates in three business segments: Personal and Commercial, Wealth Management, and Financial Markets. The Personal and Commercial Banking segment offers financial solutions, products and services to clients across Canada. The bank offers a range of services, including credit, deposit and investment solutions, international trade services, such as trade finance and foreign exchange, payroll, cash management and complementary services. Wealth Management provides financial advice, investment solutions, products and specialized services to clients. Financial Markets provides corporate, public sector and institutional clients with banking and investment banking services, as well as giving its clients access to the Canadian capital markets through its fixed income, equities and derivatives business lines.
Nucor Corporation (NUE) December 8, 2010, Charlotte, NC, board of directors increased the regular quarterly cash dividend on Nucor's common stock to $0.3625 per share from $0.36 per share. This cash dividend is payable on February 11, 2011 to stockholders of record on December 31, 2010, and is Nucor's 151st consecutive quarterly cash dividend.
Nucor has increased its regular, or base, dividend for 38 consecutive years - every year since it first began paying dividends in 1973. Reflecting the Nucor team's success in building Nucor's long-term earnings power, the base quarterly dividend has more than tripled since the end of 2007. In addition, over the period from 2000 to 2010, Nucor's base dividend has increased approximately ten-fold.
Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and non ferrous scrap. Nucor is North America's largest recycler.
NV Energy Inc. (NVE) October 28, 2010, Las Vegas, NV, announced that its board of directors declared a cash dividend of $0.12 per share, payable on December 22, 2010 Â to shareholders of record on December 7, 2010. The previous dividend was paid September 22, 2010 in the amounts of $0.11 per share.
NV Energy has served customers in northern Nevada and northeastern California for over 150 years, and southern Nevada since 1906. Nevada Power, Sierra Pacific Power and Sierra Pacific Resources merged in July 1999. In 2008, subsidiaries began doing business as NV Energy. The utility’s service area covers 54,500 square miles of the fastest growing state in the U.S.
NV Energy provides electricity to 2.4 million electric citizens throughout Nevada and in northeastern California as well as a state tourist population exceeding 40 million annually. Among the many communities served are Las Vegas, Reno-Sparks, Henderson, Elko and South Lake Tahoe.NV Energy also provides natural gas to more than 145,000 citizens in the Reno-Sparks area.
Occidental Petroleum Corporation (OXY) December 10, 2010, Los Angeles, CA announced an increase in its dividend payment.
“In light of our outlook for improved free cash flow, the board has agreed to increase our common dividend rate by 21 percent from 38 cents per quarter to 46 cents per quarter effective with the April 15th payment. The formal dividend declaration will be made by the Board of Directors in February," said Dr. Irani.
OGE Energy Corp. (OGE) December 2, 2010, Oklahoma City, OK announced that its board of directors has approved an increase in the company's annual dividend to $1.50 per share from $1.45 per share.
The increase is effective with the first-quarter 2011 dividend of $0.375 per common share of stock, to be paid Jan. 28, 2011, to shareowners of record Jan. 10, 2011. The company has paid quarterly dividends uninterrupted for the past sixty-three years.
"We are pleased to be able to increase our dividend growth rate," said Pete Delaney, chairman, president and CEO of OGE Energy. "This is a reflection of our company's prospects for continuing to grow earnings over the long term."
OGE Energy is the parent company of OG&E, a regulated electric utility, and of Enogex LLC, a midstream natural gas pipeline business.
OptionsExpress Holdings, Inc. (OXPS) November 29, 2010, Chicago, IL, announced that its board of directors has declared a cash dividend of $4.50 per share on the company's outstanding shares of common stock. The total amount of the dividend is approximately $259 million. The dividend is payable on December 27, 2010 to shareholders of record on December 13, 2010.
"Throughout our almost ten year history, we have successfully grown our business profitably in both advantageous market conditions and more challenging backdrops, like those of the past couple of years. As a result, even after returning well over $100 million to shareholders through buybacks and dividends since the beginning of 2008, we are in the fortunate position of having accumulated a substantial amount of cash," said David Fisher, chief executive officer of optionsXpress. "We are choosing to return some of this cash to shareholders due to the strength of our business model and balance sheet, current lack of immediate value-creating acquisition opportunities and the potential increase of dividend tax rates in 2011."
Company cash and investments for the period ended September 30, 2010 were approximately $269 million. The company has secured a $120 million four-year variable rate term loan to cover a portion of the dividend payout with the remainder to be funded by available cash. After taking into account the impact of the transactions, the company would have in excess of $125 million in company cash and investments as of this announcement. The Company's primary broker-dealer, optionsXpress Inc., had approximately $9 million in net capital requirements as of September 30, 2010.
"In determining the size of the dividend, the board sought to insure that we maintained sufficient capital to support current operations and, more importantly, capitalize on growth opportunities in 2011 and beyond. We believe that this $4.50 special dividend combined with a term loan in a historically low interest rate environment, achieves those objectives while affirming our long standing commitment to return value to shareholders," added Mr. Fisher.
OptionsXpress Holdings, Inc., offers online brokerage services for investor education, strategy evaluation and trade execution. optionsXpress Holdings subsidiaries include optionsXpress, Inc., a retail online brokerage specializing in options and futures, brokersXpress, LLC, an online trading and reporting platform for independent investment professionals, Open E Cry, LLC, an innovative futures broker offering direct access futures trading for high volume commodities and futures traders through its proprietary software platform, and Optionetics, Inc, a provider of investment education services, including live seminars, proprietary software analytics, online and offline educational products and individual coaching.
Oriental Financial Inc. (OFG) November 24, 2010, San Juan, Puerto Rico announced it has increased its regularly quarterly cash dividend per common share by 25%, to $0.05 per share, from $0.04 per share, for the fourth quarter ending December 31, 2010. The payable date is January 14, 2011, to holders of record on December 31, 2010, with an ex-dividend date of December 29, 2010.
On an annualized basis, the dividend increases to $0.20 per share, from $0.16, and represents a 1.68% yield based on yesterday’s closing price of $11.88. “The dividend increase is a tangible recognition by the Board of the strong current positioning and improving outlook for Oriental as we grow our banking activities,” said José Rafael Fernández, vice chairman of the board, president and chief executive officer.
Most recently, Oriental announced a book value per common share of $14.01 and tangible common equity to total assets of 8.72% as of September 30, 2010.
Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 46th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 30 financial centers.
Pfizer Inc. (PFE) December 13, 2010, New York, NY board of directors declared a 20-cent first-quarter 2011 dividend on the company's common stock, payable March 1, 2011, to shareholders of record at the close of business on February 4, 2011. Pfizer increased the dividend by approximately 11 percent, to 20 cents from 18 cents per share.
"This dividend increase is a testament to our commitment to enhance shareholder value and reflects continued confidence in our business," said Ian Read, Pfizer president and chief executive officer. "While the dividend level remains a decision of the board and will continue to be evaluated in the context of future business performance, barring significant unforeseen events, we continue to target a dividend payout ratio comparable to the current industry average of approximately 40 percent in about three years."
The first-quarter 2011 cash dividend will be the 289th consecutive quarterly dividend paid by Pfizer.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company applies science and its global resources to improve health and well-being at every stage of life. Pfizer’s diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many consumer health care products. The Company operates in two business segments: Biopharmaceutical and Diversified. Biopharmaceutical includes the Primary Care, Specialty Care, Established Products, Emerging Markets and Oncology customer-focused units. Diversified includes Animal Health products that prevent and treat diseases in livestock and companion animals, and Consumer Healthcare products. In December 2009, Durata Therapeutics, Inc. acquired Vicuron Pharmaceuticals from Pfizer. In October 2010, the Company acquired FoldRx Pharmaceuticals, Inc., a drug discovery and clinical development company.
Raymond James Financial, Inc. (RJF), November 23, 2010, St. Petersburg, FL, board of directors increased the quarterly dividend on its common shares from $.11 per share to $.13 per share, payable Jan. 19, 2011, to shareholders of record Jan. 3.
“This is the 25th consecutive year in which Raymond James has paid its shareholders a dividend,” stated CEO Paul Reilly. “We were proud to maintain this record during the financial crisis.
“With confidence in our improved market position, our view of the market recovery and our continued strong performance, we are pleased to return to our long history of raising dividends consonant with our earnings growth.”
Raymond James Financial is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have more than 5,300 financial advisors serving 1.9 million accounts in 2,300 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $254 billion, of which approximately $31 billion are managed by the firm’s asset management subsidiaries.
Regal Entertainment Group (RGC) December 1, 2010, Knoxville, TN, a motion picture exhibitor owning and operating the largest theatre circuit in the United States, declared an extraordinary cash dividend of $1.40 per Class A and Class B common share, payable on December 30, 2010, to stockholders of record on December 20, 2010. Regal's board of directors also announced its intention to increase Regal's quarterly dividend by 17% to $0.21 per share beginning with the dividend the Company intends to declare during the first quarter of 2011.
The company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the board of directors depending on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows as well as other relevant factors.
"Regal is pleased to announce the extraordinary dividend of $1.40 per share of Class A and Class B common stock," stated Amy Miles, CEO of Regal Entertainment Group. "In addition, our intention to increase our regular quarterly dividend to $0.21 per share illustrates our belief in the Company's ability to generate significant free cash flow and our commitment to providing value to our stockholders," Miles continued.
These announcements will not affect the previously announced dividend of $0.18 per Class A and Class B common share, payable on December 17, 2010, to stockholders of record on December 8, 2010.
Regal Entertainment Group is the largest motion picture exhibitor in the United States. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,703 screens in 540 locations in 37 states and the District of Columbia. Regal operates theatres in 43 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but are also an exceptional platform to realize economies of scale in theatre operations.
Reynolds American, Inc. (RAI) December 6, 2010, Winston-Salem, NC, board of directors has approved an increase to its dividend payout policy. The target payout will increase to 80 percent of the company’s current-year net income to be paid to shareholders in the form of dividends, up from its previous target of 75 percent.
“Reynolds American is committed to providing outstanding shareholder value,” said Thomas C. Wajnert, chairman of the RAI board. “Since the company began trading in August 2004, we have paid about $5.2 billion in dividends to our shareholders. In that time, the total return to our shareholders has been almost 150 percent, compared to about 22 percent for the S&P 500,” he said. “The increase in our target payout ratio reflects the confidence both RAI’s management and its board have in the business strategies that RAI and its operating companies have in place,” said Susan M. Ivey, RAI’s president and CEO. “Today’s decision further demonstrates how seriously we take our commitment to delivering an excellent return to our investors,” she said.
Thomas R. Adams, executive vice president and chief financial officer of RAI, noted that the company has increased its dividend six times since 2004, more than doubling its value from $0.95 to $1.96 per share on an annualized, post-split basis. “Our dividend payout policy is a key component of returning value to our shareholders,” Adams said. “However, we will also continue to evaluate additional opportunities to enhance value for our investors.”
Reynolds American Inc. is the parent company of R.J. Reynolds Tobacco Company; American Snuff Company, LLC; Santa Fe Natural Tobacco Company, Inc.; and Niconovum AB.· R.J. Reynolds Tobacco Company is the second-largest U.S. tobacco company. The company’s brands include five of the 10 best-selling cigarettes in the U.S.: Camel, Pall Mall, Winston, Doral and Kool. American Snuff Company, LLC (formerly Conwood Company, LLC) is the nation’s second-largest manufacturer of smokeless tobacco products. Its leading brands are Kodiak, Grizzly and Levi Garrett. American Snuff Co. also sells and distributes a variety of tobacco products manufactured by Lane, Limited, including Winchester and Captain Black little cigars, and Bugler roll-your-own tobacco. · Santa Fe Natural Tobacco Company, Inc. manufactures Natural American Spirit cigarettes and other additive-free tobacco products, and manages and markets other super-premium brands. · Niconovum AB markets innovative nicotine replacement therapy products in Sweden and Denmark under the Zonnic brand name.
RLI Corp. (RLI) December 1, 2010, Peoria, IL, board of directors has declared an extraordinary cash dividend of $7.00 per share. The dividend is payable on December 29, 2010 to shareholders of record as of December 16, 2010 and is expected to total approximately $147 million.
“We are pleased to announce a return of capital to shareholders in the form of a special dividend,” said RLI Corp. president and CEO Jonathan E. Michael. “As a result of our continued success, we have accumulated capital that exceeds our current needs. Our balance sheet remains very strong and provides our policyholders with excellent protection to safeguard their assets.”
RLI will continue to manage its capital effectively for its investors and policyholders. Since 2006, RLI has returned over half a billion dollars to shareholders, including this special dividend, in the form of dividends and share repurchases. At the end of the third quarter, RLI had approximately $94.1 million of capacity remaining in its stock repurchase program, which will continue.
RLI is a specialty insurance company serving niche or underserved markets. With a diverse portfolio of property and casualty coverages and surety bonds, it has achieved an underwriting profit in 29 of the last 33 years, including the last 14.
Roper Industries, Inc. (ROP) December 8, 2010, Sarasota, Florida, announced that its board of directors has approved a quarterly cash dividend of $0.11 per share, payable on January 28, 2011, to stockholders of record as of January 7, 2011. This represents a 16% increase over the 2010 quarterly dividend of $0.0950 and marks the eighteenth consecutive year of increases in Roper’s dividend.
Roper Industries provides engineered products and solutions for global niche markets, including water, energy, radio frequency and research/medical applications.
Seaboard Corporation (SEB) December 6, 2010, Shawnee Mission, KS, announced that the board of directors has declared a dividend of Six Dollars and Seventy-Five Cents ($6.75) per share on the common stock of the corporation, payable December 31, 2010 to stockholders of record at the close of business on December 20, 2010. The increased amount of the dividend (which has historically been $0.75 per share on a quarterly basis or $3.00 per share on an annual basis) represents payment of the regular fourth quarter dividend of $0.75 per share and a special dividend of $6.00 per share, equaling the anticipated annual 2011 and 2012 dividends ($3.00 per share per year). This increased dividend is being made to ensure that the taxes shareholders will pay based on the receipt of the dividend is taxed at the currently favorable 2010 tax rate on dividends. The Corporation does not intend to declare any further dividends for the years 2011 and 2012.
Seaboard Corporation is a company with a history dating back more than 90 years. Although the company has evolved over time through acquisitions, partnerships and internal growth, its roots are in grain and agriculturally derived products.
Seaboard is a diversified international agribusiness and transportation company. In the United States, Seaboard is primarily engaged in pork production and processing, and ocean transportation. In overseas, Seaboard is primarily engaged in commodity merchandising, grain processing, sugar production and electric power generation. As of December 31, 2009, Seaboard had six operating segments: Pork, Commodity Trading and Milling, Marine, Sugar, Power and Other Businesses. In December 2010, the Company acquired a 50% interest in Butterball, LLC.
Seaboard directly or indirectly employs more than 14,000 people worldwide with net sales of approximately $4.0 billion annually.
Stryker Corporation (SYK), December 8, 2010, Kalamazoo, MI, announced that its board of directors has increased its dividend by 20% by declaring a quarterly dividend of $0.18per share payable on January 31, 2011, to shareholders of record at the close of business on December 31, 2010.
"Our strong performance in 2010 has allowed us to both meaningfully boost our R&D spending, while also continuing our pattern over the last few years of consistently and significantly increasing our dividend," said Stephen P. MacMillan, chairman, president and chief executive officer of Stryker. "The 20% dividend increase, coupled with the additional share repurchase authorization resulting from our strong cash flow generation, positions us well to continue to increase shareholder value."
Stryker is one of the world's leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care. The Company provides innovative orthopaedic implants as well as state-of-the-art medical and surgical equipment to help people lead more active and more satisfying lives.
Taubman Centers, Inc. (TCO) December 9, 2010, Bloomfield Hills, MI,
declared a regular quarterly dividend of $0.4375 per share of common stock, an increase of 5.4 percent. The common dividend is payable December 31, 2010 to shareholders of record on December 17, 2010. Since the company went public in 1992 it has never reduced its common dividend and has increased its dividend 13 times.
The board of directors also declared a special dividend of $0.1834 per share. The special dividend is payable December 31, 2010 to shareholders of record on December 17, 2010. Holders of partnership units in The Taubman Realty Group Limited Partnership (TRG), the company's Operating Partnership, will receive the same $0.1834 per unit distribution. This is a result of the taxation of capital gain incurred from the liquidation of TRG's private REIT and restructuring of the company's ownership in International Plaza, a property in Tampa, Florida. The private REIT was formed in 1999 to raise capital from a foreign investor, who has since been bought out. The dividend is necessary to fully distribute all of Taubman Centers' projected taxable income for the 2010 tax year and comply with the REIT distribution requirements under federal income tax law. The liquidation has no impact on the company's funds from operations, its net income or its percentage ownership of International Plaza.
The board of directors also declared a quarterly dividend of $0.50 on its Series G Cumulative Preferred Shares (NYSE: TCO Pr G) and a quarterly dividend of $0.4765625 on its Series H Cumulative Preferred Shares (NYSE: TCO Pr H). The preferred dividends are payable on December 31, 2010 to shareholders of record on December 17, 2010.
Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 26 U.S. owned, leased and/or managed properties, the most productive in the industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong. Founded in 1950, Taubman celebrates its 60th anniversary in 2010.
Toro Company (TTC), December 1, 2010, Bloomington, MN announced that its board of directors declared a regular quarterly cash dividend of $0.20 per share, an increase from its previous quarterly dividend rate of $0.18 per share. This dividend is payable on January 11, 2011 to shareholders of record on December 17, 2010.
The board also authorized the repurchase of 3 million shares of common stock, in addition to the 1.3 million shares remaining under the prior authorization.
The Toro Company is a worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems. Toro has sales of more than $1.5 billion in fiscal 2009, in more than 80 countries. Since 1914, the company has built its brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields.
Transcontinental Inc. (TCL.A) December 8, 2010, Montreal, Canada, is Canada's biggest commercial printer. For the August-October quarter, the company posted a net income of C$44.5 million ($44 million), or 55 Canadian cents a share, compared with C$43.1 million, or 53 Canadian cents a share, a year earlier.
The company, which started printing Canada's leading daily The Globe and Mail during October in a contract worth C$1.7 billion, posted adjusted net income, excluding unusual items, of $62.9 million, or 77 Canadian cents a share.
The company raised its annual dividend per participating share by 22.2 percent to 44 Canadian cents per share.
Triangle Capital Corporation (TCAP) December 1, 2010, Raleigh, NC, announced that its board of directors has declared a dividend of $0.42 per share, an increase of a penny from the prior quarter. Triangle Capital is a leading specialty finance company that provides customized million and $20.0 million.
Tri State First Bank Inc. (TSOH), November 21, 2010, East Liverpool, OH, declared its regular quarterly dividend in the amount of $.05 per share on both its Common stock and Preferred Series A stock for the 4th Quarter of 2010.
Also, in recognition of the successful year 2010 for the company, the board of directors voted to pay a special year-end bonus of $.02 per share to both classes of shareholders of the company. The two payments total $.07 per share for the Quarter resulting in a 40 percent increase in dividends over the $.05 per share paid for each of the first three quarters of 2010 and the 4th Quarter dividend paid a year ago in December of 2009.
The dividends were declared at a meeting of the board of directors on Nov. 17, 2010, and will be paid on Dec. 20, 2010, to shareholders of record on Nov. 29, 2010. The company has paid a dividend to its shareholders each year since 1990. As a Financial Holding Company, Tri-State is required to receive approval of the Federal Reserve Bank for payment of all dividends. A letter was received dated Nov. 9th indicating the Federal Reserve Bank approval of both the regular and special dividends.
"This is the first time that it has been appropriate for our company to increase dividends since the country found itself in economic turmoil in early 2008," Charles B. Lang, chairman of Tri-State 1st Banc Inc., said. "Many financial institutions at that time found it prudent to reduce or even eliminate dividend payments to shareholders in order to conserve capital. We are pleased to be among the first companies to begin restoring a better dividend return on investment to shareholders."
Two Harbors Investment Group (TWO) December 8, 2010, Minnetonka, MN, announced its fourth quarter dividend of $0.40 per share. This is a penny increase over its third quarter dividend. Two Harbors Investment Corp. is a real estate investment trust (“REIT”) that focuses on investing in residential mortgage-backed securities. Its objective is to provide attractive risk-adjusted returns to investors over the long term, primarily through dividends and secondarily through capital appreciation. Two Harbors acquires, owns and manages a portfolio of Agency and non-Agency residential mortgage-backed securities and related investments. Its investment approach focuses on security selection and the relative value of various sectors within the mortgage market.
United-Guardian, Inc. (UG), December 2, 2010, Hauppauge, NY, announced that on December 1, 2010 its board of directors declared a $0.33 per share cash dividend to all stockholders of record on December 15, 2010. The dividend will be paid on December 27, 2010. This increases to $0.63 per share the dividends declared by the company this year, an increase of 5% over last year. This represents a record dividend for the company, both on a semi-annual and a yearly basis. This is the 15th consecutive year that the company has paid a year-end dividend.
Ken Globus, president of United-Guardian, stated, "As a result of our strong year-to-date earnings, along with our expectation that revenue for the year will again reach record levels, the company's board of directors has determined that it is in the best interests of the company and its stockholders to once again enable the stockholders to share in the company's profitability. The board has concluded that the company has more than adequate cash reserves to fund all of its anticipated capital needs. We are confident that the Company will continue to prosper, despite the continuing economic challenges that are facing many companies right now, and we are optimistic that, with the help of our global marketing partners, we will be able to continue the growth that the company has experienced over the past few years."
United-Guardian is a manufacturer of personal and health care products, pharmaceuticals, cosmetic bases, and specialty industrial products.
Walt Disney Company (DIS) December 1, 2010 Burbank, CA board declared an annual cash dividend of $0.40 per share, up five cents from the previous year. The dividend is payable on January 18, 2011 to shareholders of record at the close of business December 13, 2010. The January dividend payment represents the 55th consecutive year of dividend payments to shareholders.
"The Walt Disney Company had a strong year both creatively and financially in 2010," said Robert A. Iger, president and CEO, The Walt Disney Company. "We are pleased to be able to raise our shareholder dividend while continuing to invest for future growth."
The company also announced that it has scheduled its annual shareholders' meeting for Wednesday, March 23, 2011 at 10:00 a.m. in Salt Lake City, Utah.
The Walt Disney Company, together with its subsidiaries and affiliates, is a diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney is a Dow 30 company and had annual revenues of over $38 billion in its last fiscal year.
Western Union Company (WU) December 8, 2010, Englewood, CO announced today that its board of directors has declared a 17% increase in the company’s dividend. The increase results in a $0.07 payment per common share paid quarterly. The company’s previous quarterly dividend was $0.06 per common share.
“Our cash flow generation continues to be strong,” said Hikmet Ersek, Western Union’s President and CEO. “We remain committed to returning excess capital to shareholders through both dividends and share repurchase.”
The board of directors declared a quarterly cash dividend of $0.07 per common share, payable December 31, 2010 to shareholders of record at the close of business on December 20, 2010.
The Western Union Company is a global payment service. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of approximately 435,000 agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments.
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