Coinmach Service Corp. Declares Dividend
May 14 2007 - 5:31PM
Business Wire
Coinmach Service Corp. (Amex: �DRA�, �DRY�), a leading supplier of
outsourced laundry equipment services for multi-family housing
properties in North America, announced dividend payments on its
outstanding Class A common stock, IDS units and Class B common
stock. With respect to the Class A common stock, the Company
announced a dividend payment of $0.206 per share. The dividend
payment on the Class A common stock not underlying IDSs will
approximate $3.3 million in the aggregate. Each IDS unit will
receive a distribution of $0.375, which will consist of a declared
dividend of approximately $0.206 per share of Class A common stock
underlying such IDS unit (or approximately $2.8 million in the
aggregate) and an interest payment of approximately $0.169 per note
underlying such IDS unit (or approximately $2.3 million in the
aggregate). The Company also declared a dividend on its shares of
Class B common stock outstanding in an approximate amount of $0.428
per share (or approximately $10 million in the aggregate) in
respect of the year ended March 31, 2007. Class A common stock
dividends are paid quarterly, and Class B common stock dividends
are paid annually. The distributions payable in respect of the IDSs
and the dividends payable in respect of the Class A common stock
and the Class B common stock will be paid on June 1, 2007 to
holders of record as of the close of business on Friday, May 25,
2007. Based on the closing IDS unit price of $19.30 at the end of
trading on Monday, May 14, 2007, the total quarterly payment of
approximately $0.375 per IDS unit (which includes both dividends
and interest) represents an annualized yield of approximately 7.8%.
Also, based on the closing price of the Class A common stock of
$10.61 at the end of trading on Monday, May 14, 2007, the total
quarterly payment of approximately $0.206 per share represents an
annualized yield of approximately 7.8%. The IDS distribution is
consistent with the Company's dividend policy pursuant to which it
plans to make annual distributions to IDS holders aggregating
approximately $1.50 per unit, representing approximately $0.675 per
unit of interest payments and approximately $0.825 per unit of
dividend payments, and annual dividends to holders of Class A
common stock aggregating $0.825 per share. The next anticipated
dividend and interest payment date for the IDS unit and Class A
common stock is scheduled for September 1, 2007. Coinmach Service
Corp., through its operating subsidiaries, is a leading supplier of
outsourced laundry equipment services for multi-family housing
properties in North America. Coinmach's core business involves
leasing laundry rooms from building owners and property management
companies, installing and servicing laundry equipment and
collecting revenues generated from laundry machines.
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