Great Lakes Dredge & Dock Corporation announced today that its Board of Directors (“the Board”) has declared a quarterly cash dividend on its common stock. The Board approved increasing its annual dividend by $1 million resulting in an aggregate expected dividend of $5 million per year, the maximum allowed under the Company’s senior credit facility. Future dividend payments remain subject to the discretion of the Board. This increase will result in an additional $250,000 paid to stockholders in the current quarter. The Board approved a $0.021 per share cash dividend, to be paid on June 17, 2011 to the holders of record of common stock of the Company at the close of business on June 10, 2011.
Jonathan Berger , Chief Executive Officer, stated, “ We are pleased to be able to increase our quarterly dividend as a result of our strong financial performance, including robust earnings growth and cash flow. The Company continues to strengthen its financial position and will look to deploy capital in a manner that creates value for our shareholders .”
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The Company is also one of the largest U.S. providers of commercial and industrial demolition services primarily in the Northeast. Additionally, the Company owns a 50% interest in a marine sand mining operation in New Jersey which supplies sand and aggregate used for road and building construction. Great Lakes employs over 150 degreed engineers, most specializing in civil and mechanical engineering, which contributes to its 121-year history of never failing to complete a marine project. Great Lakes has a disciplined training program for engineers which ensures experienced-based performance as they advance through Company operations. Great Lakes also owns the largest and most diverse fleet in the U.S. industry, comprised of over 180 specialized vessels.
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Source: businesswire, June 1, 2011