Drew Industries Declares Special Cash Dividend
WHITE PLAINS, N.Y., Dec. 1, 2010 /PRNewswire-FirstCall/ -- Drew Industries Incorporated (NYSE: DW), a leading supplier of components for recreational vehicles (RV) and manufactured homes, today announced that its Board of Directors approved a special cash dividend of $1.50 per share of common stock.
The dividend is payable on December 28, 2010 to stockholders of record at the close of business on December 20, 2010.
"This special dividend reflects the Board's confidence in the financial strength of the Company, as well as the Company's positive long-term outlook," said Fred Zinn, Drew's President and CEO. "Our strong cash balance and consistent cash flow provide us the opportunity and resources to take this tangible step in demonstrating our commitment to returning value to our stockholders."
Even after this cash dividend, aggregating approximately $33 million, Drew will have more than $30 million of available cash, no debt and substantial unused borrowing capacity. "Our strong balance sheet will enable us to continue our long-term strategy of growth through acquisitions, market share gains, and new product introductions," added Zinn.Stockholders of record will receive a 2010 Form 1099 with respect to this dividend by January 31, 2011. About Drew Drew, through its wholly-owned subsidiaries, Kinro and Lippert Components, supplies a broad array of components for RVs and manufactured homes, including windows, doors, chassis, chassis parts, bath and shower units, axles, and upholstered furniture. In addition, Drew manufactures slide-out mechanisms and leveling devices for RVs, and trailers primarily for hauling boats. Currently, from 25 factories located throughout the United States, Drew serves most major national manufacturers of RVs and manufactured homes in an efficient and cost-effective manner. Additional information about Drew and its products can be found at www.drewindustries.com . Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities for existing products, plans and objectives of management, markets for the Company's Common Stock and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933.
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