CHEROKEE PLANS QUARTERLY PAYOUTS.Byline: Dave McNary McNary may refer to:
Van Nuys-based Cherokee Inc., which has become profitable by focusing on licensing, announced Tuesday that it will begin paying a regular dividend to shareholders for the first time in its history. Cherokee said it will pay shareholders 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. per quarter March 17 to shareholders of record on Feb. 25. With 7.8 million common shares outstanding, the payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. will amount to $1.17 million each quarter.Cherokee stock gained $1 to $7 in Nasdaq trading. The company, which generated $200 million annually in the early 1990s from sales of casual apparel and footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). , went through bankruptcies in 1993 and 1994. The licensing strategy was put into place in 1995 when Robert Margolis returned as chief executive officer and began selling off sewing machines sewing machine, device that stitches cloth and other materials. An attempt at mechanical sewing was made in England (1790) with a machine having a forked, automatic needle that made a single-thread chain. In 1830, B. , presses and inventory. The strategy has resulted in a work force of 16, compared with the 500 workers Cherokee once employed, and 27 licensing deals with Target Stores Inc., Mervyn's, Modern Woman and Caldor. For its second quarter ended Nov. 30, Cherokee reported earnings of $2.2 million, or 28 cents a share, on revenues of $2.5 million.Its balance sheet showed assets of $10.1 million and no debt as of Nov. 30. |
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