More companies have unveiled a special dividend or accelerated
dividend payout, as firms have sought to avoid potentially higher
taxes next year amid heated "fiscal cliff" deliberations in
Washington.
In January, $500 billion in automatic tax increases and spending
cuts--dubbed the fiscal cliff--will begin if Congress and the White
House don't intervene. Dozens of companies already have move their
quarterly dividend payouts to December instead of early 2013 to
avoid possible higher taxes, while others have approved one-time
special dividend payments for December.
On Thursday, Sirius XM Radio Inc. (SIRI) declared a special
dividend of five cents a share, payable Dec. 28. The cost is
expected to be about $325 million.
The satellite-radio operator also approved a stock buyback
program of $2 billion. The company's market value is about $14.42
billion, according to FactSet.
Transportation services firm Landstar System Inc. (LSTR) said it
plans to pay out 50 cents a share around Dec. 27, in lieu of
quarterly payments for 2013 and 2014. The company's regular
quarterly dividend has been six cents a share. Landstar said it
intends to re-evaluate its dividend policy in the fourth quarter of
2014.
Heico Corp. (HEI, HEIA), an aircraft parts and repair company,
boosted its previously unveiled special dividend by $1, to $2.14 a
share--now costing the company about $114 million. The payment has
been scheduled around Dec. 31.
National Healthcare Corp. (NHC) declared a special dividend of
$1 a share, payable Dec. 21. The payout should cost the company
about $16.6 million.
Coffee Holding Co. (JVA) doubled the price of its quarterly
dividend to six cents a share and scheduled its payment date for
Dec. 28, instead of January. The increase should cost the company
an additional $200,000.
Marketing company Harte-Hanks Inc. (HHS) moved its quarterly
dividend payment to Dec. 28, instead of its ordinary schedule of
making the payment early next year.
Supermarket operator Safeway Inc. (SWY) moved its quarterly
dividend payment to Dec. 31, from its typical date in January.
UniFirst Corp. (UNF), a uniform-rental company, scheduled its
quarterly dividend to Dec. 27, instead of Jan. 7.
MSC Industrial Direct Co. (MSM), industrial and maintenance
products distributor, scheduled its quarterly dividend payment for
Dec. 27, instead of January.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
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