NAPERVILLE, Ill., May 12, 2020 /PRNewswire/ -- Chicago Rivet & Machine Co. (NYSE American: CVR) today announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share payable June 19, 2020 to all shareholders of record on June 5, 2020. This is a $0.12 per share reduction from the $0.22 per share quarterly cash dividend that the Company has declared and paid in recent quarters.
The Company stated that while its financial condition remains sound, the Board of Directors determined that the reduction in the dividend was prudent given current economic conditions and uncertainty related to the COVID-19 pandemic, especially within the automotive sector upon which the Company relies for the majority of its revenues.
With respect to the payment of future dividends, the Board of Directors will continue to consider the Company's current profitability, the outlook for longer-term profitability, known and potential cash requirements and the overall financial condition of the Company.
SOURCE Chicago Rivet & Machine Co.