Douglas Dynamics, Inc. (NYSE:PLOW), which designs, manufactures and sells snow and ice control equipment for light trucks, announced that its Board of Directors has declared a special cash dividend of $0.37 per share on the company's common stock, for a total special dividend payment of approximately $8.0 million.
The special dividend will be payable to shareholders of record as of March 21, and will be paid on March 31.
The special dividend declared is in addition to regular quarterly dividends the company intends to pay this fiscal year ending December 31, 2011 totaling $0.80 per share on the company's common stock. Therefore, Douglas Dynamics plans to declare total dividends for 2011 of $1.17 per share, or approximately $25.4 million.
James L. Janik, President and Chief Executive Officer of Douglas Dynamics, commented, "The board's decision to pay a special dividend reflects the company's strong earnings and cash flow for the year 2010, confidence in our financial strength and our ongoing commitment to building long-term shareholder value. We view our cash generation and commitment to paying dividends as distinguishing characteristics compared to other companies of our size."