Atlantis Plastics Surges on Dividend

Shares add 27% after the company discloses a $12.50 special payout.
By TSC Staff ,

Atlantis Plastics

(ATPL)

said Tuesday that it will pay a special dividend of $12.50 to shareholders of record April 1.

The stock gained $4.94, or 27%, to $22.95 in late trading Tuesday.

The dividend is payable April 8.

Atlantic Plastics has mentioned the possibility of making such a payout in several previous

SEC

filings, saying it was contingent on a debt offering. Executives described it as a way of returning value to several "patient money" investors who are nearing retirement age.

The company, a specialty materials maker, also changed its state of incorporation to Delaware from Florida.

On March 1, Atlantis said 2004 earnings rose 40% from the previous year to $11.4 million on a 20% jump in sales to $347.8 million.

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