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Kenneth Cole reduces dividend to $0.09 per quarter
05 Mar '08
3 min read
The Company noted that wholesale inventories at year-end included approximately $2.7 million of men's sportswear, a new category which did not begin shipping until the first quarter of 2008. Excluding the sportswear inventory, consolidated inventory decreased by 2.0% to $45.3 million and wholesale inventory decreased by 8.2% to $23.0 million.
The Company also announced that its board of directors, to best utilize the Company's financial resources in the interest of shareholders, approved a 4 million share increase to the company's authorized stock buyback plan. The Company noted that during the fourth quarter, it repurchased 725,000 shares at an average price of $18.73 per share.
Additionally, given the reduced cash flow anticipated during 2008 and the expected use of cash reserves for stock repurchase, the board of directors authorized a quarterly dividend of $0.09 per share, compared to the prior level of $0.18 per share. The dividend is payable on March 28, 2008 to shareholders of record as of March 14, 2008.
Chairman and Chief Executive Officer Kenneth Cole said, "Although there are bright spots in our business, we are not satisfied by our results. We believe that the business and financial decisions we are making will serve both the needs of the business and its shareholders. We will continue to operate the business prudently. At the same time, we are confident that our brands remain strong and that our opportunities for growth are significant."
The Company also announced that its board of directors, to best utilize the Company's financial resources in the interest of shareholders, approved a 4 million share increase to the company's authorized stock buyback plan. The Company noted that during the fourth quarter, it repurchased 725,000 shares at an average price of $18.73 per share.
Additionally, given the reduced cash flow anticipated during 2008 and the expected use of cash reserves for stock repurchase, the board of directors authorized a quarterly dividend of $0.09 per share, compared to the prior level of $0.18 per share. The dividend is payable on March 28, 2008 to shareholders of record as of March 14, 2008.
Chairman and Chief Executive Officer Kenneth Cole said, "Although there are bright spots in our business, we are not satisfied by our results. We believe that the business and financial decisions we are making will serve both the needs of the business and its shareholders. We will continue to operate the business prudently. At the same time, we are confident that our brands remain strong and that our opportunities for growth are significant."
Kenneth Cole Productions Inc
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