BOISE CASCADE DECLARES DIVIDEND
BOISE CASCADE DECLARES DIVIDEND BOISE, Idaho, Dec. 13 /PRNewswire/ -- Boise Cascade Corp.
(NYSE: BCC) today declared a reduced regular quarterly dividend of 15 cents per common share, payable on Jan. 15, 1992, to shareholders of record on Dec. 23, 1991, the company announced. The quarterly dividend was previously 38 cents per common share.
"The reduction in our common dividend results from the persistently sluggish and unsettled business environment -- one that has particularly weakened markets for our major grades of pulp and paper. The company's earnings have been materially affected, and the weak economy shows little sign of substantial improvement in the near term," said John B. Fery, chairman of the board and chief executive officer. "When the economy improves, Boise Cascade's profitability will increase materially as the company benefits from its reduced operating costs, expanded capacity, and strong market positions. "Boise Cascade's dividend policy has been -- and continues to be -- to pay out, on average over time, 30 percent of its earnings in the form of cash dividends," Fery said. "The dividend should grow again as the company's performance improves." Boise Cascade Corp. is an integrated forest products company headquartered in Boise, with operations located in the United States and Canada. The company manufactures and distributes paper and paper products, office products and building products and owns and manages timberland to support these operations. -0- 12/13/91 /CONTACT: Vincent Hannity of Boise Cascade Corp., 208-384-6390, or after hours, 208-345-8141/ (BCC) CO: Boise Cascade Corp. ST: Idaho IN: PAP SU: DIV
SC -- SE008 -- 2509 12/13/91 16:26 EST
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|Date:||Dec 13, 1991|
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