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KNAPE & VOGT DECLARES 10-PERCENT STOCK DIVIDEND; INCREASES CASH DIVIDEND BY 17.9 PERCENT

 KNAPE & VOGT DECLARES 10-PERCENT STOCK DIVIDEND;
 INCREASES CASH DIVIDEND BY 17.9 PERCENT
 GRAND RAPIDS, Mich., Aug. 19 /PRNewswire/ -- Knape & Vogt Manufacturing Company (NASDAQ-NMS: KNAP) said its board of directors today declared a 10-percent stock dividend and increased the regular quarterly cash dividend 17.9 percent to 16.5 cents per share on common stock from the 14 cents previously paid, and raised the dividend on Class B common stock by 20 percent to 15 cents per share from the previous rate of 12-1/2 cents a share. The stock dividend and the higher cash dividends are payable on Sept. 11, 1992, to shareholders of record Aug. 31, 1992.
 Raymond E. Knape, chairman, president and chief executive officer, said, "The increase in the cash dividend incorporates the extra cash dividend we have traditionally paid each June into our regular quarterly rate and reflects management's confidence in the strength of our future earnings stream. In addition, the board decided to take this action because it felt our annual payout of 66 cents per share, which included the 10 cents extra, was not being recognized by the investing public.
 "The reported yield on Knape & Vogt common stock understated the true return to shareholders and the board's action resolves this inequity," Knape stated. "For example, although we were distributing 66 cents per share annually, our yield was only calculated on 56 cents regular basis. Based on our current stock price, the new yield is 3.4 percent compared to 2.8 percent, a difference of 21.4 percent."
 Knape & Vogt manufactures wall-attached and free standing shelving and a wide variety of home furnishing items. It also derives about one-third of its sales from drawer slides for kitchen and utility cabinet manufacturers.
 -0- 8/19/92
 /CONTACT: Richard Simkins of Knape & Vogt Manufacturing Company, 616-459-3311; or (in Chicago) Jack Queeney, 312-266-7800, or (in New York) Regina Ryan, 212-661-8030, both of Financial Relations Board, for Knape & Vogt Manufacturing Company/
 (KNAP) CO: Knape & Vogt Manufacturing Company ST: Michigan IN: HOU SU: DIV


JG -- DE026 -- 1490 08/19/92 17:09 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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