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3rd UPDATE: More Companies Announce Early, Special Dividends

Date : 12/08/2012 @ 4:42AM
Source : Dow Jones News
Stock : Interval Leisure Grp., Inc. (MM) (IILG)
Quote : 20.68  -0.59 (-2.77%) @ 6:40AM
Interval Leisure Grp., Inc. (MM) share price Chart

3rd UPDATE: More Companies Announce Early, Special Dividends

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--Washington Post accelerates payments of 2013 dividends

--Expedia to pay special dividend of 52 cents a share

--Seabord to prepay annual dividends for 2013 through 2016

(Adds details on Washington Post, Expedia and other companies starting in third paragraph)

 
   By Melodie Warner and Nathalie Tadena 
 

More companies announced special dividends or accelerated dividend payouts Friday, as firms look to get ahead of potentially higher taxes next year while heated "fiscal cliff" deliberations continue in Washington.

In January, $500 billion in automatic tax increases and spending cuts--dubbed the fiscal cliff--will begin if Congress and the White House don't intervene. The increases include a higher tax rate on dividends, and dozens of companies have moved their quarterly payouts to December instead of early 2013 to avoid that, while others have approved one-time special dividend payments for December.

Washington Post Co. (WPO) declared an accelerated dividend of $9.80 a share, in lieu of the regular quarterly dividends the media company would have paid in calendar year 2013. The dividend will be paid on Dec. 27. The annual dividend rate per share in 2013 is unchanged from the rate this year.

Online travel agent Expedia Inc. (EXPE) unveiled a special dividend of 52 cents a share, to be paid on Dec. 28. The special payout is in addition to the company's regular quarterly dividend, which will be paid Friday.

Syntel Inc. (SYNT) said it will pay a special dividend of $2.25 a share and also declared a regularly quarterly dividend of six cents a share. Both dividends will be paid on Dec. 28. The information-technology company also said it has discontinued all future regular quarterly dividends.

Steel processing company Friedman Industries Inc. (FRD) said it will pay a special dividend of 50 cents a share on Dec. 28.

Community Health Systems Inc. (CYH) will pay a special dividend of 25 cents a share on Dec. 28, the hospital operator's first dividend since going public in 2000.

Professional staffing firm Kforce Inc. (KFRC) disclosed it will pay a special dividend of $1 a share on Dec. 27.

Innovative Solutions & Support Inc. (ISSC), the maker of products that measure flight information, will pay a special dividend of $1.50 a share on Dec. 27.

Heritage Financial Group Inc. (HBOS) unveiled a special dividend of 20 cents a share, to be paid on Dec. 27, in lieu of the regular quarterly dividends the bank holding company anticipated paying next year. It plans to reinstate quarterly dividends in 2014.

Emcor Group Inc. (EME), which provides mechanical and electrical construction services, unveiled a special dividend of 25 cents a share and raised its quarterly dividend by 20% to six cents a share. The company moved up its dividend payment date to Dec. 28, from January.

Hyster-Yale Materials Handling Inc. (HY) said it will pay a special dividend of $2 a share Dec. 27. The company, which makes lift trucks and aftermarket parts, also said Friday it has authorized a $50 million stock-buyback program.

Insteel Industries Inc. (IIIN) will pay a special dividend of 25 cents a share Dec. 28, in addition to the regular quarterly payout from the manufacturer of steel-wire products.

Footwear retailer Shoe Carnival Inc. (SCVL) said its board declared a $1 special dividend that will be paid Dec. 28, along with its regular five-cent quarterly dividend.

Seaboard Corp. (SEB) said it will pay a dividend of $12 a share on Dec. 28, which represents a prepayment of its annual 2013 through 2016 dividends. The agribusiness and transportation company doesn't intend to declare any further dividends for those years.

National Presto Industries Inc. (NPK), which makes small electrical and household appliances, said it will pay its annual 2013 dividend on Dec. 28. The dividend, which would have been paid in March, consists of the regular payout of $1 a share, plus an extra of $5.50.

Marchex Inc. (MCHX), a provider of technology-based services to online merchants, declared a regular quarterly dividend of 3.5 cents a share for each quarter in 2013 and is accelerating the payments of these dividends to Dec. 31.

Interval Leisure Group (IILG), a provider of membership and leisure services in the vacation industry, is accelerating the payment of its 10 cent-a-share dividend to Dec. 27. The payout is in lieu of the quarterly dividend the company would have otherwise paid in the first quarter.

Integrated circuits manufacturer Micrel Inc. (MCRL) authorized an accelerated quarterly dividend of 4.25 cents a share, to be paid on Dec. 27.

Brokerage GFI Group Inc. (GFIC) is accelerating the payment of its fourth-quarter dividend of five cents a share to Dec. 27, in lieu of the dividend it would have declared in the first quarter of 2013.

Insurer Ace Ltd. (ACE) said it will now pay its quarterly dividend of 49 cents a share on Dec. 28, instead of Jan. 7.

Seacor Holdings Inc. (CKH), which provides equipment to the offshore oil and gas and marine transportation industries, unveiled a special dividend of $5 a share, to be paid on or about Dec. 26.

Investment-research company Morningstar Inc. (MORN) raised its dividend by 25% to 12.5 cents a share. The company will pay its dividend Dec. 28, instead of in January. The company also increased its share-repurchase authorization to $500 million from $300 million.

RPM International Inc. (RPM) changed the payment of its 22.5-cents quarterly cash dividend to Dec. 28, from January. The chemicals company anticipates its next quarterly dividend will be paid in April.

J.B. Hunt Transport Services Inc.'s (JBHT) board increased the trucking company's quarterly dividend by 7.1% to 15 cents and pulled the pay date forward to Dec. 28 from February. The board doesn't expect to declare or pay a quarterly dividend in the first quarter of 2013.

Diversified industrial manufacturer Illinois Tool Works Inc. (ITW) moved up the payment of its 38-cents-a-share dividend to Dec. 31 from Jan. 8.

Paper-and-packaging company Rock-Tenn Co. (RKT) accelerated the payment of its February 22.5-cents-per-share dividend to Dec. 24.

Kaydon Corp. (KDN), which makes products for the alternative energy, aerospace and medical industries, changed the payment date of its regular quarterly dividend of 20 cents a share to Dec. 28 from Jan. 2.

Jefferies Group Inc. (JEF) moved the payment of its 7.5 cents first-quarter dividend to Dec. 31 for shareholders of record as of Dec. 21. The investment-banking company agreed last month to merge with Leucadia National Corp. (LUK) and said it expected to close the deal during the first quarter.

Homebuilder D.R. Horton Inc. (DHI) accelerated the payment of its 2013 dividends for stockholders of record Dec. 17. The company said it will pay a 15-cents dividend Dec. 21 in lieu of the quarterly dividends that would have otherwise been paid next year.

Universal Health Realty Income Trust (UHT) said its board raised the real-estate-investment trust's quarterly dividend by 1% to 62 cents. The owner of health-care related facilities said it will make the increased payment Dec. 31, to shareholders of record Dec. 17.

Ingles Markets Inc. (IMKTA) is accelerating the payment of its quarterly dividends to Dec. 31 from January. The supermarket chain will pay 16.5 cents a class A share and 15 cents a class B share to shareholders of record Dec. 21.

Automotive retailer Lithia Motors Inc. (LAD) said its board authorized a 10-cents dividend payable Dec. 28. The payout is in lieu of the quarterly dividend typically paid in March.

Evolving Systems Inc. (EVOL), a provider of software and services to telecommunications operators, said it board declared a 15-cents special dividend payable Dec. 26 to stockholders of record Dec. 20.

Lakeland Financial Corp. (LKFN), the parent of Lake City Bank, said it will pay its first-quarter dividend of 17 cents Dec. 31, to shareholders of record as of Dec. 18.

Community-bank operator Tower Financial Corp. (TOFC) declared a special dividend of 50 cents, payable Dec. 27 to shareholders of record as of Dec. 20.

Write to Melodie Warner at melodie.warner@dowjones.com and Nathalie Tadena at nathalie.tadena@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires




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