24/03/2014 - 21:34 pm

Columbus McKinnon Initiates Regular Quarterly Dividend of $0.04 per Share | Industry News

Columbus McKinnon Corp.'s Board of Directors has approved the initiation of a regular quarterly dividend of $0.04 per common share, representing an annual dividend rate of $0.16 per share.  The dividend will be payable on or about May 19, 2014 to shareholders of record on May 9, 2014.

Timothy Tevens, president and CEO, commented, “Columbus McKinnon has successfully demonstrated its ability to generate cash throughout all business cycles, including the most recent great recession of 2009.  While our strategic goals require investments to grow both organically and inorganically, we have sufficient liquidity in the form of cash, an untapped revolver and the inherent strength of our operations that enable us to also reward shareholders with a regular cash dividend while executing our strategy.”  

The $0.16 per share annual dividend represents a cash requirement of approximately $800 thousand per quarter, or $3.2 million annually.  The company had $123.9 million of unrestricted cash and cash equivalents at Dec. 31, 2013.

Tevens added, “We expect to continue to make investments for growth both organically and through acquisitions.  In addition, our intention is to pay a regular dividend through all stages of the business cycle and reward our shareholders by increasing it as we strategically grow.  The Board will evaluate the dividend annually based on the company’s performance and our expectations for earnings growth.”    

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