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RV and modular structures manufacturer Coachmen Industries Inc. returned to profitability during the second quarter and its management decided to reward its shareholders with a 20% increase in its regular quarterly cash dividend.
The New York Stock Exchange-listed company also decided to resume a stock repurchase program. The company currently has around 16 million shares outstanding and it is authorized to repurchase up to 871,000 of its own shares, depending upon market conditions.
The dividend increase and resumption of the stock buyback program were announced after the stock market closed Monday (Aug. 5). Coachmen stock closed at $13.45 a share Monday.
Coachmen raised its dividend to 6 cents a share per quarter, from 5 cents a share. The higher dividend will be paid on Sept. 12 to shareholders of record as of Aug. 22.
Coachmen earned almost $3.6 million during the second quarter and the higher dividend means it will pay out $960,000 per quarter, based upon 16 million shares outstanding.