Fashion retailer Stein Mart Inc announced that its Board of Directors has declared a special cash dividend of $1.50 per share to shareholders of the company's common stock.
The special dividend is payable on April 28th 2006 to stockholders of record on April 17th 2006. The payout is expected to total approx. $65.3 million based on the current 43.5 million shares outstanding.
"Our actions today reflect our confidence in the company's future; our business is capable of generating sufficient cash to significantly grow the store network and fund major capital improvements, and we believe it is also fitting to directly reward shareholders with the results of our success," commented President and Chief Executive Officer Michael Fisher.
"We will continue to repurchase common stock as needed to offset the dilutive effects of stock options, but our priority continues to be using our resources to grow the company and create long-term value for investors," he said.
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off- price retail chains. Currently with 262 locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer fashion apparel for women and men, as well as accessories, gifts, linens and shoes.
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