Havertys declares one-time dividend on stock

CEO says stronger balance sheet allows payment

Furniture Today Staff -- Furniture Today, November 11, 2009

ATLANTA — Havertys, which suspended its quarterly dividend a year ago, has declared a one-time cash payment on two classes of its common stock due to recent business improvements.

The company declared a dividend of 2.25 cents per share on its common stock and 2 cents per share on Class A common stock, payable Dec. 11 to shareholders of record Nov. 25.

President and CEO Clarence Smith said the company suspended dividend payments last November "as the general economy and capital markets experienced serious declines," but added that the Atlanta-based Top 100 company has since made significant changes to adjust to the economic environment.

"We have improved our cash position and have maintained a strong balance sheet," he said. "Given our liquidity and significant deleveraging, we believe it is appropriated to declare a one-time dividend."

Havertys has 121 stores in 17 Southern and Midwestern states.