ChemFirst Inc. Announces Quarterly Cash Dividend, Stock Repurchase Authorization.JACKSON, Miss.--(BUSINESS WIRE)--Aug. 26, 1998--ChemFirst Inc. (NYSE NYSE See: New York Stock Exchange : CEM CEM contagious equine metritis. CEM selective medium chocolate agar made with Eugon agar and 5% horse blood; used to cultivate Taylorella equigenitalis. ) announces a quarterly cash dividend on common stock of 10 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. , payable Sept. 25, 1998, to stockholders of record at the close of business Sept. 10, 1998. This dividend is unchanged from the previous quarter. The company also announces that the directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: an additional $50 million for stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. to follow the current $40 million repurchase program authorized in November 1997. This latest authorization brings total authorizations since the stock repurchase program was initiated in January 1997 to $110 million. This year to date the company has acquired 1.3 million shares of ChemFirst stock for $33 million, bringing total repurchases since January 1997 to 2.1 million shares on expenditures of $52.4 million. "Our objective is to increase shareholder value," said J. Kelley Williams, ChemFirst chairman and chief executive officer. "We believe that an ongoing stock repurchase program is a tax-efficient way to accomplish this." ChemFirst Inc. companies produce specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. and chemical intermediates for industry and agriculture, and provide engineered products and services to chemical and other industries. Additional information about the company is available on ChemFirst's website located at http://www.chemfirst.com. CONTACT: ChemFirst Inc., Jackson Jim McArthur, 601/948-7550 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion