Columbia Sportswear Co. announced the company's board of directors approved a special cash dividend of $1.50 per share, payable on Dec. 6, 2010 to shareholders of record on Nov. 22, 2010. The aggregate amount of payment to be made in connection with the special cash dividend will be approximately $51 million.
Tim Boyle, Columbia's president and chief executive officer, commented, “Today's announcement of a $1.50 special cash dividend to be paid before the end of the year follows last month's announcement of an 11 percent increase in the company's quarterly cash dividend, to $0.20 per share, from $0.18 per share. Our strong balance sheet, with over $230 million in cash at September 30, 2010 and zero long-term debt, allows us to provide shareholders with this additional value while maintaining our flexibility to invest in strategic growth initiatives, continue to repurchase shares and explore potential acquisition opportunities.”
