This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cato 2013 Annual Meeting Highlights

CHARLOTTE, N.C., May 24, 2013 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) held its Annual Shareholders' Meeting on Thursday, May 23, 2013 at its corporate offices in Charlotte, NC.

John Cato, Chairman, President, and Chief Executive Officer, commented on the Company's performance in 2012, the second best year in its history.  However, due to the difficult economic times in 2012, the Company saw both net income and earnings per diluted share decline 5% from the record prior year.  Cato continued to reward its long-term shareholders by accelerating the full 2013 dividend of $1.00 per share into 2012 and also paid a special dividend of an additional $1.00 a share at the same time for a total of $2.98 per share.  In all, the Company returned more than $87 million to shareholders in 2012.

Mr. Cato noted that many of Cato's customers are still feeling the effects of high gas and food prices and slow job growth.  Combined with higher payroll taxes, their budgets continue to be squeezed.  The Company continues to expect that 2013 will again be very challenging.  In discussing growth plans for the current year, the Company expects to open 65 new stores for the year including 40 Cato, 15 Versona Accessories, and 10 It's Fashion stores.

Mr. Cato commented on the Company's cash position stating, "We believe our cash balance provides many advantages and provides us a solid foundation. As has long been our practice, we utilize our cash to internally fund new concepts and store development, meet infrastructure needs and provide additional value to long-term shareholders through dividends and share repurchases.  In this volatile environment, it will give us the flexibility to continue to grow our business for the long-term."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs