Rhino Resources (RNO) Slashes Quarterly Dividend 88.8% to $0.05; 1.7% Yield

Rhino Resources (NYSE: RNO) declared a quarterly dividend of $0.05 per share, or $0.2 annualized. This is an 88.8% decrease from the prior dividend of $0.445.

The dividend will be payable on November 14, 2014, to stockholders of record on October 30, 2014, with an ex-dividend date of October 28, 2014.

The annual yield on the dividend is 1.7 percent.

Chris Walton, President and Chief Executive Officer of Rhino's general partner, stated, "The distribution reduction is the result of prolonged weakness in the coal markets, which has continued to adversely affect our cash flow. In conjunction with the distribution reduction, Rhino will redouble its cost cutting efforts, including reducing overhead to reflect market realities and the company's smaller size. There will be an increased focus on cost and productivity improvements at our ongoing core operations, along with a focus on reducing the carrying costs of non-core and idled operations. Together, these actions are designed to preserve liquidity while retaining the flexibility to continue making non-coal investments, which we believe will enhance the long term value of the Partnership."

For a dividend history and other dividend-related data on Rhino Resources (RNO) click here.

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