Dana increases dividend
Oct 22, 2003 12:00 PM
Citing confidence in the company's performance and direction, the Board of Directors of Dana Corporation declared a dividend on the company's common stock of 6 cents per share, an increase of 5 cents per share from the previous payment. The dividend is payable on Dec. 15, 2003, to shareholders of record on Dec. 1, 2003. "We are pleased that our continuing success in executing our restructuring plan has enabled us to provide our shareholders with this dividend increase," said Glen Hiner, Dana's Acting Chairman. "We committed to our shareholders that we would revisit our dividend policy as our results approached what could be considered 'investment grade' performance. Our confidence that our net debt-to-capital will be below 50 percent by year-end moves us toward that goal. Increasing the dividend at this time is also consistent with our expectation of continued improvement in earnings and cash flow."
