LAKE SUCCESS, N.Y. (AP) ¿ Aceto Corp., a distributor of chemicals and generic drugs, said Friday it would pay a regular semiannual dividend of 10 cents per share.
The cash dividend will be distributed on Jan. 15 to shareholders of record as of Dec. 24.
The dividend is the same level paid semiannually last year and in the first half of this year.
The company's chairman, Albert Eilender, said in a statement that short-term earnings do not support the dividend level, but the company's cash position and confidence in long-term earnings growth justifies the payout.The company's board also reaffirmed its stock repurchase authorization, which is scheduled to expire in May 2011. The company is authorized to purchase up to 4,051,000 shares of common stock in open market or privately negotiated transactions at prices not to exceed the market value of the common stock at the time of such purchases. Aceto distributes over 1,000 chemicals and pharmaceuticals used principally as raw materials in the pharmaceutical, crop protection, surface coating/ink and general chemical consuming industries. Shares rose 19 cents, or nearly 4 percent, to $5.03.