USA: Winn-Dixie shifts to quarterly dividend and revises earnings estimate downward
Winn-Dixie Stores, Inc. (NYSE:WIN) announced that it will shift its dividend declaration and payment policy from monthly in advance to quarterly in arrears, commencing with the dividend payments customarily made in November, December, and January. Even though the Company expects earnings for the first quarter ended September 19, 2001, to show an improvement of between 36% and 63% compared to the same period of the prior year, the improvement is less than previously projected by the Company. Because of uncertainties in the timing of achieving the full benefits of the Company's restructuring, including an increase in customer count, as well as the general business and economic uncertainties arising from the tragic events of September 11, 2001, the Company believes that it is prudent to have the financial flexibility provided by a policy of considering dividend declarations quarterly in arrears and to save the excessive administrative and financial costs of paying a monthly dividend.
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