Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Maytag Reduces Quarterly Dividend
May 13, 2005
 Printable format
 Email this Article
 Search

The Maytag Corporation board of directors declared a quarterly dividend of $0.09 a share on the firm's common stock. The quarterly dividend is payable June 15, 2005, to shareowners of record at the close of business June 1, 2005.

"Today's decision by the board to immediately reduce the dividend by 50 percent should allow the company more financial flexibility to fund our restructuring plan and to have additional cash available for debt reduction and pension funding," Ralph Hake, Maytag chairman and CEO, said in a statement. "Also, the additional cash will be invested in our business as we step up our advertising and R&D expenses in the second half of 2005 with the many new product introductions that are planned.

"The decision to reduce the dividend was not taken lightly," Mr. Hake continued. "The board understands the importance of the dividend to our shareholders; however, it is essential that our dividend payout is more in line with current earnings trends."

Mr. Hake also said that over the balance of this year, Maytag will be finalizing its plan to restructure certain manufacturing operations and determining the investments necessary to support these initiatives.

"These actions may require asset write-offs and accelerated depreciation as well as cash costs and investments," he said. "We are currently seeking a new credit agreement that will provide us substantially more covenant flexibility and funding stability to meet our financing requirements. We have received financing commitments from banks for multi-year credit facilities and expect to replace our current agreement with a new facility during the second quarter 2005."

Back to Daily News

 

Daily News

...........................................................

Jul 31, 2014: LG Home Appliance, LG Air Conditioning See Lower Quarterly Sales

Jul 31, 2014: AHAM Canada New Chair is Doell of Samsung Electronics Canada

Jul 29, 2014: Jarden Reports Record Net Sales in 2Q

Jul 29, 2014: LG USA Names VanderWaal to Head Marketing

Jul 29, 2014: Smart Meters May Provide An Entrance Point for Cyber Attacks on the Connected Home

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows