A. Schulman Increases Quarterly Cash Dividend By 2.6%
AKRON, Ohio, Oct. 17, 2013 /PRNewswire/ -- The Board of Directors of A. Schulman, Inc. (Nasdaq-GS: SHLM) today declared a regular quarterly cash dividend of $0.20 per common share, payable November 4, 2013, to shareholders of record on October 28, 2013. This represents a 2.6% increase over the prior quarter's dividend payout. The dividend on an annualized basis now stands at $0.80 per share, and represents a yield of approximately 3%.
"This increase to our dividend reflects the strength of our balance sheet, the ability of our operations to generate significant cash flow – $183 million over the last two years – and our long-term growth prospects. We are pleased to provide this increase to our dividend, and to continue our unbroken track record of consistently providing dividends to our shareholders, going back to when we became a public company in 1972," said Joseph M. Gingo, Chairman, President and Chief Executive Officer of A. Schulman. "We believe our dividend and share repurchase program combined with ongoing pursuit of strategic acquisitions and our organic growth initiatives, provides attractive returns to shareholders in spite of the current uncertain economic climate."
Under A. Schulman's current $100 million share repurchase program, the Company has acquired 2.2 million shares since inception through August 31, 2013, and has $56.6 million remaining under the program.
About A. Schulman, Inc.
A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds and resins headquartered in Akron, Ohio. Since 1928, the Company has been providing innovative solutions to meet its customers' demanding requirements. The Company's customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others. The Company employs approximately 3,500 people and has 36 manufacturing facilities globally. A. Schulman reported net sales of $2.1 billion for the fiscal year ended August 31, 2012. Additional information about A. Schulman can be found at www.aschulman.com.
SOURCE A. Schulman, Inc.