Coinmach Service Corp. Declares Dividend.PLAINVIEW, N.Y. -- Coinmach Service Corp. (Amex: "DRA DRA Delta Regional Authority DRA Developmental Reading Assessment (educational test) DRA Division of Ratepayer Advocates (California) DRA Data Research Associates DRA Directory and Resource Administrator ", "DRY"), a leading supplier of outsourced laundry Laundry can be:
Before industrialization equipment services for multi-family housing properties in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , announced dividend payments on its outstanding Class A common stock, IDS units and Class B common stock. With respect to the Class A common stock, the Company announced a dividend payment of $0.206 per share. The dividend payment on the Class A common stock not underlying IDSs will approximate $3.3 million in the aggregate. Each IDS unit will receive a distribution of $0.375, which will consist of a declared dividend declared dividend A dividend authorized by a firm's board of directors. At the time a dividend is declared, the firm creates a liability for the dividend's payment. of approximately $0.206 per share of Class A common stock underlying such IDS unit (or approximately $2.8 million in the aggregate) and an interest payment of approximately $0.169 per note underlying such IDS unit (or approximately $2.3 million in the aggregate). The Company also declared a dividend on its shares of Class B common stock outstanding in an approximate amount of $0.428 per share (or approximately $10 million in the aggregate) in respect of the year ended March 31, 2007. Class A common stock dividends are paid quarterly, and Class B common stock dividends are paid annually. The distributions payable in respect of the IDSs and the dividends payable Dividends payable The declared dividend dollar amount that a company is obligated to pay. in respect of the Class A common stock and the Class B common stock will be paid on June 1, 2007 to holders of record as of the close of business on Friday, May 25, 2007. Based on the closing IDS unit price of $19.30 at the end of trading on Monday, May 14, 2007, the total quarterly payment of approximately $0.375 per IDS unit (which includes both dividends and interest) represents an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. yield of approximately 7.8%. Also, based on the closing price of the Class A common stock of $10.61 at the end of trading on Monday, May 14, 2007, the total quarterly payment of approximately $0.206 per share represents an annualized yield of approximately 7.8%. The IDS distribution is consistent with the Company's dividend policy pursuant to which it plans to make annual distributions to IDS holders aggregating approximately $1.50 per unit, representing approximately $0.675 per unit of interest payments and approximately $0.825 per unit of dividend payments, and annual dividends to holders of Class A common stock aggregating $0.825 per share. The next anticipated dividend and interest payment date for the IDS unit and Class A common stock is scheduled for September 1, 2007. Coinmach Service Corp., through its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , is a leading supplier of outsourced laundry equipment services for multi-family housing properties in North America. Coinmach's core business involves leasing laundry rooms A laundry room (also called a utility room) is a room where clothes are washed. In a modern home, a laundry room would be equipped with an automatic washing machine and clothes dryer,and often a large basin, called a laundry tub, for hand-washing delicate articles of clothing such from building owners and property management companies, installing and servicing laundry equipment and collecting revenues generated from laundry machines. |
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