Business Briefs

Movado to double its dividend

PARAMUS – Movado Group Inc., the maker of Movado, Coach, Concord, and Tommy Hilfiger watches, will double its quarterly dividend to 6 cents a share. The increased dividend rate will be paid on July 31 to those owning shares as of July 15, the company said in a statement. In a statement, Movado Chief Executive Officer Efraim Grinberg credited the company’s strong cash flow for its decision to raise the dividend from 3 cents. The dividend will total 24 cents annually, which represents about 15 percent of fiscal 2003 earnings and about 8.6 percent of the company’s cash flow from operations during that period.

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Greater Community raises payout

TOTOWA – Greater Community Bancorp said Wednesday it will increase its quarterly dividend by 12.5 percent in a combined cash and stock payout. The bank holding company will pay at the end of July a 2.5 percent stock dividend plus a cash dividend of 11 cents a share for the second-quarter earnings period. In the first quarter the company paid a cash dividend of 10 cents a share and no stock dividend. The stock closed at $16.73 on Wednesday, up 8 cents. The stock registered a 52-week high of $18.50 in April and a low of $12.55 in the fall. Greater Community Bancorp is a holding company with three bank subsidiaries in northern New Jersey – Greater Community Bank, Bergen Commercial Bank, and Rock Community Bank – and total assets of $735 million. Together the banks operate 15 offices in Bergen, Passaic, and Morris counties.

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AT&T Canada now called Allstream

BEDMINSTER – AT&T Canada Inc., the former AT&T Corp. unit that emerged from bankruptcy in April, has changed its name to Allstream Inc. The change, effective Wednesday, will cost $15 million to $19 million U.S., Chief Executive Officer John McLennan said at a news conference in Toronto. The telephone company had said it would choose a new brand name by September. The new name solidifies AT&T Canada’s separation from AT&T Corp., the largest U.S. long-distance phone carrier. Bedminster-based AT&T agreed in October to hand ownership to AT&T Canada’s bondholders after investing $4.6 billion in the company since 1999. Toronto-based AT&T Canada sought protection from creditors last year as demand for its services fell short of expectations. McLennan said the new name reflects the company’s desire to be “nimble and agile” and to offer customers a variety of products.

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Cablevision fires 14 after audit

NEW YORK – Cablevision Systems Corp., the largest cable operator in the New York area, said it fired 14 employees after an internal review revealed improper expense accounting at the company’s Rainbow Media unit. The company said the employees inappropriately “accelerated the accrual of marketing expenses and in some cases fabricated invoices,” according to a statement. Cablevision, based in Bethpage, N.Y., said it has notified government authorities and has hired a law firm to investigate the matter.