Stride Rite Increases Quarterly Dividend 17 Percent; Announces Annual Meeting of Stockholders Date
18 Gennaio 2007 - 11:23PM
Business Wire
The Board of Directors of The Stride Rite Corporation (NYSE: SRR)
has declared a quarterly cash dividend of seven-cents ($0.07) per
share on the Company�s outstanding common stock. The seven-cent
dividend, which is payable March 15, 2007 to stockholders of record
at the close of business February 27, 2007 is a 17 percent increase
over the previous quarterly rate of $0.06 per share. This dividend
marks the 185th consecutive quarterly cash dividend paid to
stockholders since the Company�s initial listing on the New York
Stock Exchange in 1961. David M. Chamberlain, Stride Rite�s
Chairman and Chief Executive Officer, said, �We are very pleased to
announce this increase to our dividend. This action by our Board is
a reflection of our confidence in Stride Rite�s ability to generate
increased earnings and solid cash flows.� The Company also
announced today that its 2007 annual meeting of shareholders will
be held at the Company�s headquarters on April 12, 2007 at 10:00
a.m., local time. At the annual meeting, shareholders will elect
three directors for a three year term, ratify the selection of its
auditor and consider such other matters as may properly be brought
before the meeting. The record date for determining the
shareholders of common stock of the Company having right to notice
and vote at the annual meeting of shareholders is the close of
business on February 20, 2007. The Stride Rite Corporation markets
the leading brand of high quality children�s shoes in the United
States. Other footwear products for children and adults are
marketed by the Company under well-known brand names, including
Keds, PRO-Keds, Sperry Top-Sider, Robeez, Tommy Hilfiger, Saucony,
Grasshoppers, Munchkin and Spot-bilt. Apparel products are marketed
by the Company under the Saucony and Hind brand names. Information
about the Company is available on our website �
www.strideritecorp.com. Information about the Company�s brands and
product lines is available at www.striderite.com, www.keds.com,
www.sperrytopsider.com, www.robeez.com, www.grasshoppers.com,
www.saucony.com, and www.hind.com. SAFE HARBOR STATEMENT UNDER THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbors created thereby. These
forward-looking statements, including, but not limited to,
statements regarding upcoming product lines, division sales
expectations, growth expectations, and sales growth for the
Company, reflect our current views with respect to the future
events or financial performance discussed in the release, based on
management's beliefs and assumptions and information currently
available. When used, the words �believe�, "anticipate",
"estimate", "project", "should", "expect", �appear� and similar
expressions, which do not relate solely to historical matters
identify forward-looking statements. Investors are cautioned that
forward-looking statements are subject to risks, uncertainties and
assumptions and are not guarantees of future events or performance,
which may be affected by known and unknown risks, trends and
uncertainties, and should not place undue reliance on these
statements. Should one or more of these risks or uncertainties
materialize, or should our assumptions prove incorrect, actual
results may vary materially from those anticipated, projected or
implied. Factors that may cause or contribute to such differences
include, among others: international, national and local general
economic, political and market conditions; our reliance on
independent manufacturers in China and potential disruptions in
such manufacturing caused by difficulties associated with political
instability in China, the occurrence of a natural disaster or
outbreak of a pandemic disease in China, labor shortages or work
stoppages, and changes in duty structures; the impact of changes in
the value of foreign currencies, including the Chinese Yuan; the
possible failure to retain the Tommy Hilfiger footwear license or
other current license agreements; the possible failure to
successfully integrate the Robeez brand into the Company
operations; increased leverage from the financing of our recent
acquisitions; intense competition among sellers of footwear; delay
in opening new stores; a decline in the volume of anticipated
sales; revenues from new product lines may fall below expectations;
a delay in the launch of new product lines; an inability to achieve
expected results for new retail concepts; general retail sales
trends may be below expectations; consumer fashion trends may shift
to footwear styles not currently included in our product lines; our
retail customers, including large department stores, may continue
to consolidate or restructure operations resulting in unexpected
store closings; and additional factors discussed from time to time
in our filings with the Securities and Exchange Commission (the
�SEC�), all of which are available at the SEC�s website at
www.sec.gov. We expressly disclaim any responsibility to update
forward-looking statements.
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