Weider Nutrition International today [Friday] announced that its board of directors has elected to suspend payment of the company’s US$0.0375 quarterly dividend on its common stock.
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The Company anticipates that the available cash from the dividend suspension, approximately US$1m quarterly, will be utilized for debt reduction, sales and marketing initiatives, research and development, and other general corporate purposes.
Bruce Wood, President and CEO, stated: “The economic conditions and challenging market for our industry require actions to promote growth in shareholder value.
“The board believes that suspension of the dividend at this time is prudent to preserve the company’s financial flexibility. The additional capital resulting from this decision, in conjunction with the previously announced organizational realignment, workforce reductions and cost savings initiatives, is intended to assist Weider to react quickly to the changing environment, and to capitalize on future opportunities as they present themselves.”
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