Steven Madden BOD declares special One-Time cash dividend
01 Nov '06
2 min read
Steven Madden Ltd is a leading designer and marketer of fashion footwear and accessories for women, men and children, announced that its Board of Directors has authorized a special one-time cash dividend of $1.00 per outstanding share of common stock.
The dividend will be paid on November 22, 2006 to shareholders of record at the close of business on November 13, 2006.
Combined with the $8.3 million of share repurchases so far in 2006, this one-time dividend will increase the amount of capital the Company has returned to shareholders this year to approximately $29.3 million, which is in addition to the approximately $21.5 million the Company returned to shareholders in 2005.
"With this special one-time dividend, we will have substantially exceeded the promise we made last November to return at least $15 million to shareholders over the next 15 months. Our strong operating performance allowed us to provide this special dividend to our shareholders even while reinvesting in the business and funding our initiatives for future growth," stated Jamieson Karson, Chairman and Chief Executive Officer of Steven Madden Ltd.
"We are very pleased to be able to provide this additional return to our shareholders and look forward to continuing to drive growth as well as return significant value to our shareholders."
The Company separately announced financial results for its third quarter of fiscal 2006.
marketing@alchempro.com
