Steven Madden's BOD approves special one-time cash dividend

04 Nov '05
2 min read

Leading fashion footer marketer Steven Madden Ltd announced that its Board of Directors has authorized a special one-time cash dividend of $1.00 per outstanding share of common stock. The dividend will be paid on November 23, 2005 to shareholders of record at the close of business on November 14, 2005.

Combined with the $7.7 million of share repurchases so far this year, this one-time dividend will increase the amount of capital the Company has returned to shareholders in 2005 to approximately $21.4 million. Furthermore, the Company plans to return to shareholders an additional $15 million, at a minimum, in either share repurchases or dividends over the next 15 months. Final programs utilizing cash resources for this purpose are subject to market conditions and applicable legal requirements.

Jamieson Karson, Chairman and Chief Executive Officer of Steven Madden, Ltd., stated, "Steven Madden Ltd is perhaps better positioned than ever before. The consistently improving operating performance during fiscal 2005 and are confident about what this means gratify us for the future. Further, they continue to take comfort in the solid financial foundation that is afforded by their pristine balance sheet. They are quite pleased that the combination of these factors has enabled us to provide this additional return to their shareholders.

"Importantly, they believe that even with this special one-time dividend, Steven Madden Ltd. has and will continue to generatesufficient cash to fund the Company's general capital requirements, reinvestments in the business, and initiatives required to execute our growth strategies. They are optimistic as they continue to evolve into a true lifestyle branded Company, and look forward to continuing to drive growth and deliver significant value to their shareholders."

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