LaSalle Hotel said it has increased its quarterly dividend to 11 cents per common share of beneficial interest. The third quarter dividend will be paid on Oct. 15 to common shareholders of record on Sept. 30. In the second quarter, LaSalle Hotel paid a dividend of a penny per share.
"The board and management believe increasing the dividend to this level is appropriate at this time," Michael Barnello, president and CEO of LaSalle Hotel, said in a statement. "Our balance sheet is strong and the portfolio continues to generate significant cash flow."
Shares of LaSalle Hotel were climbing by 11 cents, or 0.5%, to $22.84.Elsewhere, Schiff Nutrition (WNI) said it will pay a special cash dividend of 70 cents per share on Oct. 26 to shareholders of record at the close of business on Sept. 23. The aggregate amount of the special dividend is approximately $21 million, the company said. "We are confident the company will continue to generate positive operating cash flows, and our post-dividend cash position will provide the financial flexibility to continue to fund growth initiatives, invest in our facilities, and explore acquisition opportunities," Bruce Wood, president and CEO of Schiff Nutrition, said in a statement. The dividend announcement came as Schiff Nutrition posted fiscal first-quarter earnings of 13 cents a share, coming in a penny above a two-analyst consensus estimate. Revenue was up nearly 6% from a year ago to $51.4 million, also ahead of expectations. Shares of Schiff Nutrition were lately up 49 cents, or 5.6%, to $9.19. Meanwhile, Douglas Dynamics (PLOW) late Monday declared an initial quarterly cash dividend of 18.25 cents per share, the snowplow company's first post-IPO dividend payment. "The board's decision to initiate a quarterly cash dividend is a testament to the board's confidence in the company's financial strength and ability to generate solid cash flow from operations following the successful completion of the company's initial public offering," James Janik, president and CEO of Douglas Dynamics, said in a statement. Shares of Douglas Dynamics were down 18 cents, or 1.4%, to $12.65. -- Written by Robert Holmes in Boston.
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