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FT. LAUDERDALE, Fla.,
Aug. 9, 2011 /PRNewswire/ --
SMF ENERGY CORPORATION (NASDAQ: FUEL),a leading energy logistics company providing efficient, just in time distribution of petroleum products and chemicals, today announced that its Board of Directors has adopted a quarterly cash dividend program for its common stock effective with the quarter ended
June 30, 2011. The Board has declared the first quarterly cash dividend of
$0.0125 per share payable to holders of record of the Company's common stock at the close of business on
September 28, 2011, to be paid on
October 14, 2011.
Richard E. Gathright, Chairman of the Board, Chief Executive Officer and President, commented, "The Board's adoption of a quarterly dividend program demonstrates its confidence in the continuing prosperity of our business and its expectations of success based on our long-term strategy for growth. The Board's action also reflects its commitment to return capital to shareholders by distributing a portion of its earnings to shareholders via dividends. We believe that the dividend program will also enhance the market perception of our common stock, and we welcome those new stockholders who respond to this action by investing in a growing company with a regular and competitive dividend."
Gathright added, "The Board's action is responsive to the longstanding wishes of many of our most loyal shareholders. We moved cautiously, however, because we wanted to be comfortable that we could continue paying a dividend for the foreseeable future and possibly even increase it in the future if there are further improvements in our performance. We also wanted to be certain that we had sufficient cash resources to continue investing in our business after paying the dividend."