Ceradyne, Inc. Initiates Quarterly Dividend
February 16 2012 - 6:35AM
Marketwired
Ceradyne, Inc. (NASDAQ: CRDN) announced today that its Board of
Directors approved the initiation of a quarterly cash dividend to
its shareholders. This is the first cash dividend paid to
shareholders in the company's history.
A quarterly dividend of $0.15 per common share will be paid on
March 20, 2012 to all shareholders of record as of the close of
business on March 6, 2012.
Joel P. Moskowitz, Ceradyne's chairman, chief executive officer
and president commented: "We are very pleased to pay our first
quarterly dividend. Although the Board of Directors will review our
dividend payout each quarter, it is our intent that the Ceradyne
dividend will be a regular quarterly event. We have chosen this
particular time to initiate a cash dividend because:
- We believe it demonstrates management's commitment to enhance
shareholder value in a responsible manner.
- We can afford it. With our strong balance sheet, cash position,
and projected positive cash flow, we anticipate significant
dividend coverage at approximately $3.7 million per quarter
payout.
- We will be able to continue our internal capital expenditure
and acquisition strategy. We will also leave in place our $100
million stock buyback authorization, which will be executed in an
opportunistic manner by management."
About Ceradyne, Inc. Ceradyne develops, manufactures and markets
advanced technical ceramic products and components for defense,
industrial, energy, automotive/diesel and commercial
applications.
In many high performance applications, products made of advanced
technical ceramics meet specifications that similar products made
of metals, plastics or traditional ceramics cannot achieve.
Advanced technical ceramics can withstand extremely high
temperatures, combine hardness with light weight, are highly
resistant to corrosion and wear, and often have excellent
electrical capabilities, special electronic properties and low
friction characteristics. Additional information can be found at
the Company's web site: www.ceradyne.com.
Except for the historical information contained herein, this
press release contains forward-looking statements regarding future
events and the future performance of Ceradyne that involve risks
and uncertainties that could cause actual results to differ
materially from those projected. Words such as "anticipates,"
"believes," "plans," "expects," "intends," "future," and similar
expressions are intended to identify forward-looking statements.
These risks and uncertainties are described in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2011,
and its quarterly Reports on Form 10-Q, as filed with the U.S.
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on the forward-looking statements, which speak
only as of the date thereof.
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