Mac-Gray Corporation Announces 10% Increase to Quarterly Dividend Company Implements Double-Digit Increase for Second Consecutive Year
WALTHAM, Mass., Jan. 17, 2012 /PRNewswire/ -- The Board of Directors of Mac-Gray Corporation (NYSE: TUC), the nation's premier provider of laundry facilities management services to multi-unit housing locations, has approved a 10% increase to the quarterly dividend on the Company's Common Stock - raising it to $0.0605 per share ($0.242 per share on an annualized basis). The Board declared a dividend of $0.0605 per share payable on April 1, 2012, to stockholders of record at the close of business on March 15, 2012.
"Based on the continued strength of our free cash flow and our ongoing progress in reducing our funded debt, we believe a 10% dividend increase is a prudent use of capital," said Chairman Thomas E. Bullock. "This represents the second consecutive double-digit annual increase of our dividend since the program was initiated in early 2010. As we continue to balance the application of our capital between growth opportunities and debt reduction, we are pleased our stable financial position enables us to return additional value directly to shareholders."
About Mac-Gray Corporation
Founded in 1927, Mac-Gray derives its revenue principally through the contracting of debit-card- and coin-operated laundry facilities in multi-unit housing facilities such as apartment buildings, college and university residence halls, condominiums and public housing complexes. Mac-Gray manages approximately 86,000 laundry rooms located in 43 states and the District of Columbia. Mac-Gray also sells and services commercial laundry equipment to retail laundromats and other customers through its product sales division. To learn more about Mac-Gray, visit the Company's website at www.macgray.com.
Michael J. Shea
Chief Financial Officer
Executive Vice President
SOURCE Mac-Gray Corporation