January 18, 2007 at 17:23 PM EST
Stride Rite Increases Quarterly Dividend 17 Percent; Announces Annual Meeting of Stockholders Date
The Board of Directors of The Stride Rite Corporation (NYSE: SRR) has declared a quarterly cash dividend of seven-cents ($0.07) per share on the Company’s outstanding common stock. The seven-cent dividend, which is payable March 15, 2007 to stockholders of record at the close of business February 27, 2007 is a 17 percent increase over the previous quarterly rate of $0.06 per share. This dividend marks the 185th consecutive quarterly cash dividend paid to stockholders since the Company’s initial listing on the New York Stock Exchange in 1961.
David M. Chamberlain, Stride Rite’s Chairman and Chief Executive Officer, said, “We are very pleased to announce this increase to our dividend. This action by our Board is a reflection of our confidence in Stride Rite’s ability to generate increased earnings and solid cash flows.”
The Company also announced today that its 2007 annual meeting of shareholders will be held at the Company’s headquarters on April 12, 2007 at 10:00 a.m., local time. At the annual meeting, shareholders will elect three directors for a three year term, ratify the selection of its auditor and consider such other matters as may properly be brought before the meeting. The record date for determining the shareholders of common stock of the Company having right to notice and vote at the annual meeting of shareholders is the close of business on February 20, 2007.
The Stride Rite Corporation markets the leading brand of high quality children’s shoes in the United States. Other footwear products for children and adults are marketed by the Company under well-known brand names, including Keds, PRO-Keds, Sperry Top-Sider, Robeez, Tommy Hilfiger, Saucony, Grasshoppers, Munchkin and Spot-bilt. Apparel products are marketed by the Company under the Saucony and Hind brand names. Information about the Company is available on our website – www.strideritecorp.com. Information about the Company’s brands and product lines is available at www.striderite.com, www.keds.com, www.sperrytopsider.com, www.robeez.com, www.grasshoppers.com, www.saucony.com, and www.hind.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. These forward-looking statements, including, but not limited to, statements regarding upcoming product lines, division sales expectations, growth expectations, and sales growth for the Company, reflect our current views with respect to the future events or financial performance discussed in the release, based on management's beliefs and assumptions and information currently available. When used, the words “believe”, "anticipate", "estimate", "project", "should", "expect", ”appear” and similar expressions, which do not relate solely to historical matters identify forward-looking statements. Investors are cautioned that forward-looking statements are subject to risks, uncertainties and assumptions and are not guarantees of future events or performance, which may be affected by known and unknown risks, trends and uncertainties, and should not place undue reliance on these statements. Should one or more of these risks or uncertainties materialize, or should our assumptions prove incorrect, actual results may vary materially from those anticipated, projected or implied. Factors that may cause or contribute to such differences include, among others: international, national and local general economic, political and market conditions; our reliance on independent manufacturers in China and potential disruptions in such manufacturing caused by difficulties associated with political instability in China, the occurrence of a natural disaster or outbreak of a pandemic disease in China, labor shortages or work stoppages, and changes in duty structures; the impact of changes in the value of foreign currencies, including the Chinese Yuan; the possible failure to retain the Tommy Hilfiger footwear license or other current license agreements; the possible failure to successfully integrate the Robeez brand into the Company operations; increased leverage from the financing of our recent acquisitions; intense competition among sellers of footwear; delay in opening new stores; a decline in the volume of anticipated sales; revenues from new product lines may fall below expectations; a delay in the launch of new product lines; an inability to achieve expected results for new retail concepts; general retail sales trends may be below expectations; consumer fashion trends may shift to footwear styles not currently included in our product lines; our retail customers, including large department stores, may continue to consolidate or restructure operations resulting in unexpected store closings; and additional factors discussed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), all of which are available at the SEC’s website at www.sec.gov. We expressly disclaim any responsibility to update forward-looking statements.
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