Fisher Board Declares Special, Regular Dividends
August 27, 2012 at 7:17 AM (PT)
FISHER COMMUNICATIONS' board of directors has approved a special cash dividend of $10/share, payable OCTOBER 19th to shareholders of record as of SEPTEMBER 28th, paid from the company's existing cash and short- and long-term investments.
In addition, the board also approved a policy to pay regular quarterly cash dividends starting in fourth quarter, with the initial rate to be 15 cents/share. And the board announced that it has arranged a five-year $30 million senior secured revolving credit facility with JPMORGAN CHASE BANK.
Board Chairman PAUL A. BIBLE said, "FISHER is committed to creating shareholder value, and the Board's approval of a special dividend and a quarterly dividend policy reflects our continued focus to deliver on that commitment. The special dividend is an opportunity to efficiently return capital to all of our investors following the sale of FISHER PLAZA. The quarterly dividend policy reflects our confidence that the successful execution of our strategic plan will continue to generate the strong cash flows that will enable us to invest in the business while returning excess cash to our shareholders."