Carpenter Technology Increases Cash Dividend By 33%
April 27 2007 - 7:43AM
Business Wire
The Board of Directors of Carpenter Technology Corporation
(NYSE:CRS), on April 26, declared an increase in the quarterly
dividend on its common shares from $0.225 to $0.30 per share, or an
increase of 33 percent. �Our efforts to continually improve the
operating performance of Carpenter and strengthen its financial
position have allowed us to make another significant increase in
the dividend,� said Anne Stevens, chairman, president and chief
executive officer. �The increase is a direct reflection of the
Board�s confidence in our ability to sustain and further improve
the operating performance of our Company. �The dividend is an
important component of our strategy to returning value to
shareholders. The dividend increase, along with our share
repurchase program and significant re-investment in our business
reflects our commitment to creating long term value for
shareholders.� The Company believes that the new annualized
dividend of $1.20 per share provides shareholders with a return
that is competitive with other materials stocks and relevant
indices. The Company has now increased its dividend by 100 percent
since announcing its Strategic Initiatives in September 2006. The
dividend is payable on June 7, 2007, to shareholders of record on
May 8, 2007. The ex-dividend date (the date the common stock trades
without the dividend) is May 4, 2007. Carpenter Technology produces
and distributes specialty alloys, including stainless steels,
titanium alloys and superalloys, and various engineered products.
Detailed information about Carpenter Technology can be accessed at
our website: www.cartech.com. Except for historical information,
all other information in this news release consists of
forward-looking statements within the meaning of the Private
Securities Litigation Act of 1995. These forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ from those projected, anticipated or implied. The
most significant of these uncertainties are described in
Carpenter's filings with the Securities and Exchange Commission
including its annual report on Form 10-K for the year ended June
30, 2006, its subsequent Form 10-Q, and the exhibits attached to
those filings. The forward-looking statements in this document are
intended to be subject to the safe harbor protection provided by
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Carpenter
undertakes no obligation to update or revise any forward-looking
statements.
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