Universal Forest Products®, Inc. Announces 23rd Semi-Annual Dividend
GRAND RAPIDS, Mich., April 25 /PRNewswire/ -- Universal Forest Products®, Inc. (NASDAQ: UFPI) announced its 23rd consecutive semi-annual dividend of 4 cents per share, payable on June 15, 2000 to shareholders of record as of June 1, 2000. The company has paid an annual cash dividend since 1983, a semi-annual dividend since 1989, and has increased its dividend in each of the past five years.
"We are very pleased to return a modest percentage of our earnings to our shareholders as a dividend, while retaining most of our earnings to pursue our growth initiatives," said Peter F. Secchia, UFP's chairman of the board. "With nine consecutive quarters of increased sales and earnings, we are well on our way to achieving each of our stated 'Performance 2002' goals. We continue to be focused on our objectives and their positive impact on shareholder value."
The company's previously announced "Performance 2002" goals are:
- $2 billion in annual sales
- Leader in four key markets
- 50% of revenue from higher margin value-added products
- 50% net margin growth
- Return on capital consistently exceeding cost of capital
Universal Forest Products® markets, manufactures, and engineers products for D-I-Y retail home centers, structural lumber products for the manufactured housing industry, engineered wood components for the site-built construction market and specialty wood packaging for various industries. For information about Universal Forest Products® on the Internet, please contact the company's investor relations web site at www.ufpi.com , or call 888-BUY-UFPI.