Following a five-year hiatus, snowmobile maker Arctic Cat announced today the reinstatement of its regular dividend payment program, with the first payment of $0.10 per share to be made payable on June 14 to the holders of record at the close of business on May 31.
Arctic Cat last paid a dividend in 2008 ($0.07), but suspended the payout as the recession hit ATV, snowmobile, and recreational vehicle sales. The new dividend payment equates to a $0.40-per-share annual dividend yielding 0.8% based on the closing price of Arctic Cat's stock on May 14.
The company's board of directors also authorized a share repurchase program of up to $30 million of the company's common stock.
The article Arctic Cat Reinstates Dividend originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of Arctic Cat. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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