declared its first-ever dividend Tuesday, setting a 2.5-cent quarterly payout that will see its first distribution next month.
TheStreet.com, which publishes this Web site and provides online financial commentary, analysis and news, said the dividend is payable March 31 to stock of record March 10. The declaration comes two weeks after the company reported its second consecutive quarterly profit and said it earned $5.8 million from continuing operations in 2005.
"This is an exciting time for our company, and given our confidence in the company's growth prospects, we are pleased to reward our shareholders with this first cash dividend," TheStreet.com said in a release.
With about 25.3 million shares outstanding, TheStreet.com's dividend represents roughly $2.5 million out the door annually. The company reported cash and equivalents of $33.2 million at Dec. 31, 2005, up from $30.6 million a year earlier.
On the basis of Friday's close of $6.91, the common stock has a dividend yield of 1.4%.
In early trading Tuesday, shares of TheStreet.com rose 28 cents, or 4%, to $7.19.