The Board of Director's of Sotheby's has approved paying a dividend at an annual rate of $0.40 a share and declared a quarterly dividend of $0.10 for the third quarter of 2006. The third quarter dividend is payable on September 15, 2006 to shareholders of record as of August 31, 2006.
"The resumption of a cash dividend to our shareholders, after a six-year absence, is a very important indicator of the health of our company and of our belief in the future", said Bill Ruprecht, Sotheby's President and Chief Executive Officer. "Our financial performance and profitability in 2004 and 2005 have been very strong and our first half results for 2006 have been outstanding. These excellent results now allow us to reward our shareholders in this tangible way. We are extremely pleased to be in a position to take this step, which would not have been possible without the hard work and support of our global team of employees, as well as our Board of Directors."
"Reinstating a dividend has been a long-standing goal of ours", said Sotheby's Chief Financial Officer, Bill Sheridan. "Given our strong performance over the past couple of years and our exceptionally strong cash flow, this is the right decision for the Company and for our shareholders."
Sotheby's is global company that engages in art auction, private sales and art-related financing activities. The Companyoperates in 34 countries, with principal salesrooms located in New York and London.
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