Dividends
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Standard Motor Products (SMP) Slammed After Suspending Dividend
More News related to SMP
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Shares of Standard Motor Products (NYSE: SMP) are down 24% after the company suspended its quarterly dividend.
Standard Motor CEO Lawrence I. Sills said, "We have approximately $45 million outstanding of our original $90 million convertible debentures, due in July 2009. We are exploring various outside financing alternatives to help redeem these, as we concurrently execute a plan in place to retire the balance through internal cash flow. Suspension of the dividend is part of that plan."
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