BMC Industries Discontinues Common Stock Dividend; Reflects Focus on Reducing Debt and Investing in Businesses.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Aug. 16, 2002 The Board of Directors of BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. Industries, Inc. (NYSE NYSE See: New York Stock Exchange :BMM BMM Baptist Mid Missions BMm Bachelor of Multimedia BMM Bachelor of Mass Media BMM Borrowed Military Manpower BMM Brigade Mixte Mobile (Mixed Mobile Brigade, Cameroon) BMM Broadcast-Based Multimedia BMM Bit Map Memory ) today announced that the company will discontinue the payment of dividends on its common stock. This policy is based on the Board's decision to reinvest all cash generated by BMC's businesses into the future growth of the company to create long-term shareholder value and is consistent with the company's objectives of reducing debt. "We are excited about the growth prospects for BMC, but we feel that until we are profitable and improve our balance sheet, we need to exercise tight control over our cash," said Doug Hepper, BMC Industries chairman and chief executive officer. "This is one of many prudent steps we are taking to build our cash flow and return us to the track of creating shareholder value." BMC's last quarterly dividend on the company's common stock was announced on May 9, 2002 at $0.0025 per share, payable July 3, 2002, to holders of record June 19, 2002. BMC Industries, founded in 1907, is comprised of two business segments: Buckbee-Mears and Optical Products. The Buckbee-Mears group offers a range of services and manufacturing capabilities to meet the most demanding precision metal manufacturing needs. The group is a leading producer of a variety of precision photo-etched and electroformed components that require fine features and tight tolerances. The group is also the only North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of aperture masks, a key component in color television picture tubes. The Optical Products group, operating under the Vision-Ease trade name, is a leading designer, manufacturer and distributor of polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. , glass and plastic eyewear lenses. Vision-Ease is a technology and market share leader in the polycarbonate lens segment of the market. Polycarbonate lenses are thinner and lighter than lenses made of other materials, while providing inherent ultraviolet (UV) filtering and impact resistant characteristics. BMC Industries, Inc. is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "BMM." For more information about BMC Industries, Inc., visit the Company's Web site at www.bmcind.com. |
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