Village Super Market, Inc. Declares 7 Percent Quarterly Dividend IncreaseFriday June 13, 1:00 pm ET
SPRINGFIELD, N.J., June 13, 2008 (PRIME NEWSWIRE) -- The Board of Directors of Village Super Market, Inc. declared a 7% increase in the quarterly cash dividend. The increased quarterly cash dividend is $.30 per Class A common share and $.195 per Class B common share. The dividends will be payable on July 24, 2008 to shareholders of record at the close of business on July 2, 2008.
Village Super Market operates a chain of 25 supermarkets under the ShopRite name in New Jersey and eastern Pennsylvania.Village Super Market reported its results just a couple weeks ago (see
here), and although the company has slowed down a little bit this year so far, they are still managing to work along at a nice rate considering economic conditions. While a dividend increase is always nice to see (it's become a predictable happening with VSM!), I hope management is taking it slowly and not putting too much weight on the dividend. The company is in good financial shape so I'm not too concerned, and I do believe management knows what it is doing. The dividend increase this quarter is nice but still not as large as ones in the past year or so, so management seems to be getting a bit more cautious in terms of paying out cash to shareholders.
The company is still cash flow positive and the balance sheet remains very healthy, so the company is in a good position to work through whatever economic troubles may be ahead. This is a very interesting business to say the least and I'm very comfortable with the stock as a long-term investment.
Tags:
dividend, grocery stores, pencils fund, village super market
Posted at: 01:29 PM | Add Comment
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