Havertys board OKs special dividend of $1 per share

Furniture Today Staff -- Furniture Today, November 14, 2012

ATLANTA — Havertys' board is rewarding the Top 100 retailer's stockholders with a special dividend of $1 per common share and 95 cents per Class A common share, the company announced Tuesday.

The amounts are in addition to the regular dividends of 4 cents per common share and 3.75 cents per Class A share, officials said. Both dividends will be payable Dec. 12 to shareholders of record on Nov. 26.

"The decision of our board of directors to pay a special year-end dividend distribution represents an immediate and opportune return of capital to our stockholders," said Clarence Smith, chairman, president and CEO. "Our cash levels will remain strong following the payment of this dividend, and we will remain conservatively capitalized with the capacity to support our operations and continue to enhance stockholder value."

Havertys, which has 122 stores in 17 states in the South and Midwest, has posted improved financial results this year. It reported sales of $487.8 million for the first nine months, an increase of 7.8% from the same period in 2011, and earnings of $8.1 million or 36 cents per share. That reversed a net loss of $1.5 million or 7 cents per share.