Havertys returns dividend suspended in recession
The Atlanta furniture company Havertys has reinstated a quarterly dividend it suspended in 2008 due to the recession.
While the company continued to pay an annual dividend, it suspended the quarterly dividend in November 2008 due to the "severe financial economic downturn," president and CEO Clarence Smith said in a statement. The company had paid a quarterly dividend since 1935.
The move to reinstate it, Smith said, "is an important sign of our strong balance sheet, operational progress and our confidence in the future."
The company will pay shareholders 4 cents per share.
Earlier this month, Havertys reported that it made $2.5 million for the first three months of the year, after losing $671,000 in the first quarter of 2011. Sales were up 6.1 percent for the quarter.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
