Unique Fabricating (UFAB) Lowers Quarterly Dividend 66.7% to $0.05; 3.3% Yield

Unique Fabricating (NYSE: UFAB) declared a quarterly dividend of $0.05 per share, or $0.2 annualized. This is a 66.7% decrease from the prior dividend of $0.15. The dividend will be payable on March 7, 2019, to stockholders of record on February 28, 2019, with an ex-dividend date of February 27, 2019. The annual yield on the dividend is 3.3 percent.

"The decision to reduce the quarterly dividend is a proactive and prudent step by the Board to provide the Company financial flexibility to more aggressively reduce its long-term debt and also provide enhanced operational and strategic options," said John Weinhardt, Chief Executive Officer. "Throughout its history, Unique Fabricating has benefited from the strong cash generation and high returns we have been able to achieve on relatively low levels of capex. This dynamic is fundamental to our business strategy and it benefits our operations across all market conditions. Given the recently announced plant closures by some of the largest North American automotive manufacturers along with steadily increasing interest rates on the floating portion of our debt, we felt it was appropriate to amend our capital allocation strategy to ensure maximum flexibility as the market continues to evolve."

For a dividend history and other dividend-related data on Unique Fabricating (UFAB) click here.

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