Coastcast Announces Special Dividend and Adoption of Dividend Policy.Business Editors RANCHO ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. DOMINGUEZ, Calif.--(BUSINESS WIRE)--Oct. 27, 2000 Coastcast Corporation (NYSE NYSE See: New York Stock Exchange :PAR) today announced that its Board of Directors has declared an extraordinary cash dividend of $5.00 per share of common stock, payable on January 9, 2001, to shareholders of record as of December 19, 2000. In addition, the Board of Directors today approved the adoption of a new dividend policy pursuant to which the Company will distribute excess cash to stockholders in regular quarterly dividends. The amount of dividends will depend upon results of operations and the needs of the business. Currently it is expected that the first quarterly dividend will be paid in May 2001 and that the initial quarterly dividend rate will be $0.26 per share. Coastcast, a leading manufacturer of golf clubheads, produces metal woods, irons and putters in a variety of metals, including stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. and titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. . Customers include Callaway, Cleveland, Cobra, Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey , Ping, Taylor Made and Titleist. The Company also manufactures a variety of investment-cast orthopedic implants and surgical tools and other specialty products that are made to customers' specifications. |
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