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Universal Forest Products, Inc. (Nasdaq: UFPI) today announced that the Company’s Board of Directors approved a semiannual dividend of $0.20 per share at their April 18, 2012 board meeting. The dividend is payable on June 15, 2012 to shareholders of record on June 1, 2012.
“With this, we mark 30 consecutive years of offering a dividend to shareholders who demonstrate their trust and belief in our company through their investment,” said Chairman William G. Currie. “This is more than a token of appreciation; it’s our philosophy to reward those who make our success possible. Our shareholders are critical to our success and we place great weight in their decision to invest in us.
“CEO Matt Missad, his leadership team and the rest of the people of this great company are hard at work creating profitability in this new economy,” he added. “We’re focused on ensuring that Universal remains a rewarding investment and a company of integrity, opportunity and success.”
The board also welcomed a new director, Thomas W. Rhodes, president and chief executive officer of TWR Enterprises, Inc., in Corona, Calif., the largest framing contractor in Southern California, which he founded in 1984. His appointment was approved at the annual shareholder meeting on April 18, 2012.
“Tom will be a great asset to the board and the Company and will use his vast experience to provide solid guidance,” Currie said. “We welcome him to the Board of Directors and look forward to his contributions.”
Also approved at the annual shareholder meeting:
An amendment to increase from 100,000 to 150,000 the number of shares available for issuance under the Director Retainer Stock Plan.
The appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal 2012.
Executive compensation, as an advisory vote.
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for DIY/retail home centers and other retailers, structural lumber products for the manufactured housing industry, engineered wood components for residential and commercial construction, specialty wood packaging and components for various industries, and forming products for concrete construction. The Company's consumer products subsidiary offers a large portfolio of outdoor living products, including wood composite decking, decorative balusters, post caps and plastic lattice. Its lawn and garden group offers an array of products, such as trellises and arches, to retailers nationwide. Universal’s subsidiaries also provide framing services for the site-built construction market. Founded in 1955, Universal Forest Products is headquartered in Grand Rapids, Mich., with operations throughout North America. For more about Universal Forest Products, go to
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.