Carbo Ceramics (CRR) Lowers Quarterly Dividend 69.7% to $0.10; 1.3% Yield

Carbo Ceramics (NYSE: CRR) declared a quarterly dividend of $0.10 per share, or $0.40 annualized. This is a 69.7% decrease from the prior dividend of $0.33. The dividend will be payable on May 15, 2015, to stockholders of record on May 1, 2015, with an ex-dividend date of April 29, 2015. The annual yield on the dividend is 1.3 percent.

The decrease in the dividend payment is expected to provide CARBO with cash savings of approximately $21.2 million on an annual basis.

Gary Kolstad, president and CEO of CARBO, said, "The dividend decrease is part of the company's overall cost-reduction and cash preservation initiative. Given the severe market deterioration our industry has experienced in recent months, we believe it's important that CARBO preserve cash and maintain strong levels of financial flexibility. We are taking proactive steps to decrease expenses company-wide by reducing our workforce, slowing or idling production at certain of our manufacturing facilities and, as previously announced, mothballing our McIntyre plant. We are also reducing our capital expenditures for 2015, with a focus on new technology platforms."

For a dividend history and other dividend-related data on Carbo Ceramics (CRR) click here.

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