USA: GLDD Declares Special Dividend
Great Lakes Dredge & Dock Corporation announces that its Board of Directors has declared a special dividend on its common stock.
The Board approved a $0.25 per share special dividend, to be paid on December 28, 2012 to the shareholders of record of the Company at the close of business on December 21, 2012. Future dividend payments remain subject to the discretion of the Board and depend on the Company’s results of operations, financial position, cash flow generation and other business factors deemed relevant by the Board of Directors.
“Due to the uncertainty in Washington around taxation of dividends and our outlook for cash generation in the coming year we wanted to take this opportunity to provide this special dividend to our existing shareholders. This dividend represents quarterly dividends that the Board likely would have declared in fourth quarter 2012 as well as the acceleration of dividends for four quarters of 2013 plus an additional return of capital. The Board believes that this special dividend recognizes the support of our long-time shareholders while prudently addressing tax law changes that are currently scheduled to affect dividends paid next year. Based upon the outcome of tax reform the Board will address the Company’s future approach to dividends,” said Jonathan Berger, Chief Executive Officer.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The Company is also one of the largest U.S. providers of commercial and industrial demolition services primarily in the Northeast. The Company owns a 50% interest in a marine sand mining operation in New Jersey that supplies sand and aggregate for road and building construction and a 50% interest in an environmental service operation with the ability to remediate soil and dredged sediment treatment. Great Lakes employs over 150 degreed engineers, most specializing in civil and mechanical engineering, which contributes to its 122-year history of never failing to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. industry, comprised of over 200 specialized vessels.
Press Release, December 12, 2012