Leggett & Platt's Board of Directors declared a $.25 per share dividend for the second quarter. This represents a 39% increase over last year's second quarter dividend of $.18 per share. The dividend will be paid on July 15, 2008 to shareholders of record on June 13, 2008.
Leggett has increased its annual dividend for 37 consecutive years, at an average compound growth rate of over 14%. Only one other S&P 500 company has achieved as long a string of consecutive annual dividend increases at the growth rate Leggett has sustained.
Annual Meeting Results: The annual meeting of Leggett & Platt shareholders was held this morning in Carthage, Missouri. Shareholders elected as directors the 10 nominees proposed by the Board; ratified the selection of PricewaterhouseCoopers as the company's independent registered public accountant for 2008; approved the amendment and restatement of the company's Flexible Stock Plan; and rejected a shareholder proposal regarding the company's non-discrimination policy. No other proposals were presented at the meeting.
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