Rayonier has announced that its board of directors voted to increase the company’s regular quarterly cash dividend by $.04 per common share, or 10 percent, from $.40 per share to $.44, effective for the third quarter distribution.
The third quarter dividend is payable Sept. 28, 2012, to shareholders of record on Sept. 14, 2012. This is the company’s eighth dividend increase in the last ten years.
“Providing a secure and growing dividend to Rayonier shareholders remains a key strategic objective,” said Paul G. Boynton, Chairman, President and CEO. “This increase reflects our strong financial position and the continuing confidence we have in our businesses’ ability to generate increasing cash flows.”
Rayonier’s dividend is expected to be characterized as long-term capital gain and taxed at a maximum rate of 15 percent for most U.S. taxpayers.
Rayonier will announce second quarter earnings on July 26. The company will host a conference call and live webcast with the investment community at 2 p.m. EDT the same day to discuss the results. Investors may listen to the conference call by dialing 888-790-3052, passcode: Rayonier, or by logging onto http://www.rayonier.com.
Source: Rayonier