Rayonier (NYSE:RYN) announced today that its board of directors voted to increase the company’s regular quarterly cash dividend by $.04 per common share, or 10 percent, from $.40 per share to $.44, effective for the third quarter distribution.
The third quarter dividend is payable Sept. 28, 2012, to shareholders of record on Sept. 14, 2012. This is the company’s eighth dividend increase in the last ten years.
“Providing a secure and growing dividend to Rayonier shareholders remains a key strategic objective,” said Paul G. Boynton, Chairman, President and CEO. “This increase reflects our strong financial position and the continuing confidence we have in our businesses’ ability to generate increasing cash flows.”
Rayonier’s dividend is expected to be characterized as long-term capital gain and taxed at a maximum rate of 15 percent for most U.S. taxpayers.Rayonier will announce second quarter earnings on July 26. The company will host a conference call and live webcast with the investment community at 2 p.m. EDT the same day to discuss the results. Investors may listen to the conference call by dialing 888-790-3052, passcode: Rayonier, or by logging onto http://www.rayonier.com. About Rayonier Rayonier is a leading international forest products company with three core businesses: Forest Resources, Real Estate and Performance Fibers. The company owns, leases or manages 2.7 million acres of timber and land in the United States and New Zealand. The company's holdings include approximately 200,000 acres with residential and commercial development potential along the Interstate 95 corridor between Savannah, Ga., and Daytona Beach, Fla. Its Performance Fibers business is one of the world's leading producers of high-value specialty cellulose fibers, which are used in products such as filters, pharmaceuticals and LCD screens. Approximately 45 percent of the company's sales are outside the U.S. to customers in approximately 40 countries. Rayonier is structured as a real estate investment trust. More information is available at www.rayonier.com .
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