Columbus McKinnonY (CMCO) Initiates Qtr. Dividend at 4c/Share; Yields 0.6%

March 24, 2014 4:11 PM EDT
Columbus McKinnon Corp/NY (NASDAQ: CMCO) has initiated a quarterly dividend at $0.04 per share, or $0.16 annualized.

The dividend will be payable on May 19, 2014, to stockholders of record on May 19, 2014, with an ex-dividend date of May 15, 2014.

The annual yield on the dividend is 0.6 percent.

imothy T. Tevens, President and Chief Executive Officer, commented, "Columbus McKinnon has successfully demonstrated its ability to generate cash throughout all business cycles, including the most recent great recession of 2009. While our strategic goals require investments to grow both organically and inorganically, we have sufficient liquidity in the form of cash, an untapped revolver and the inherent strength of our operations that enable us to also reward shareholders with a regular cash dividend while executing our strategy."

The $0.16 per share annual dividend represents a cash requirement of approximately $800 thousand per quarter, or $3.2 million annually. The Company had $123.9 million of unrestricted cash and cash equivalents at December 31, 2013.

Mr. Tevens added, "We expect to continue to make investments for growth both organically and through acquisitions. In addition, our intention is to pay a regular dividend through all stages of the business cycle and reward our shareholders by increasing it as we strategically grow. The Board will evaluate the dividend annually based on the Company's performance and our expectations for earnings growth."

For a dividend history and other dividend-related data on Columbus McKinnon Corp/NY (CMCO) click here.

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