Reliance Steel & Aluminum Co. Declares 2006 Third Quarter Dividend Payment; 20% Increase in Cash Dividend With 2-for-1 Stock Split
Posted on: Tuesday, 25 July 2006, 12:01 CDT
Reliance Steel & Aluminum Co. (NYSE:RS) announced today that on July 19, 2006, its Board of Directors declared a regular quarterly cash dividend of $.06 per share of common stock. The dividend is payable on September 15, 2006 to shareholders of record August 25, 2006. The Company has paid regular quarterly dividend payments for 46 consecutive years.
On April 20, 2006, Reliance reported its financial results for the second quarter ended June 30, 2006. Sales were a record $1.56 billion and net income was also a record $100.5 million and earnings per diluted share were $2.65.
Beginning with the 2006 third quarter dividend payment, the Company's regular quarterly cash dividend was adjusted to $.06 per share of common stock, representing a 20% increase over the previous rate of $.05 per share, after giving effect to the two-for-one stock split.
On May 17, 2006, the Board of Directors declared a two-for-one stock split, in the form of a 100% stock dividend on the Company's common stock and a 20% increase in the dividend rate. The common stock split was effected by issuing one additional share of common stock for each share held by shareholders of record on July 5, 2006. The additional shares were distributed on July 19, 2006. Reliance's total common shares outstanding increased from approximately 37.7 million to 75.4 million.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is one of the largest metals service center companies in the United States. Through a network of more than 150 locations in 37 states and Belgium, Canada, China and South Korea, the Company provides value-added metals processing services and distributes a full line of over 90,000 metal products. These products include galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper; titanium and alloy steel sold to more than 95,000 customers in various industries.
Reliance Steel & Aluminum Co.'s press releases and additional information are available on the Company's web site at www.rsac.com. The Company was named to the 2006 Forbes Platinum 400 List of America's Best Big Companies. This release may contain forward-looking statements relating to future financial results. Actual results may differ materially as a result of factors over which Reliance Steel & Aluminum Co. has no control. These risk factors and additional information are included in the Company's reports on file with the Securities and Exchange Commission.
Source: Business Wire
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