Supreme Industries declares 6% stock dividend
Nov 11, 2008 3:28 PM
Supreme Industries has announced a 6% dividend on its outstanding shares of Class A and Class B common stock.
The manufacturer of specialized commercial vehicles, including truck bodies, shuttle buses, armored vehicles and motorcoaches, announced that the dividend is an increase from the prior 2% stock dividend to take into account the recent decline in the market value of the company’s Class A common stock.
Due to present industry conditions, the board of directors decided last quarter to initiate a stock dividend program replacing cash dividend distributions. The board intends to continue this stock dividend program until industry conditions improve and cash dividends can be resumed. Future dividend payments are necessarily subject to business conditions, the company’s financial position, and requirements for working capital, property, plant and equipment expenditures, and other corporate purposes.
Cash in lieu of fractional shares will be paid to stockholders based on the last sales price of the Company’s Class A common stock on the record date. As of November 4, 2008, Supreme Industries had 13,485,978 shares of Common Stock outstanding, consisting of 11,421,371 shares of Class A common stock and 2,064,607 shares of Class B common stock.
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