K-Swiss Inc. said its Board of Directors has declared a special cash dividend of $2.00 per share, or approximately $70 million. The dividend is payable on Dec. 24 to shareholders of record as of Dec. 10.
Steven Nichols, chairman and president, stated, “We have always strategically deployed our cash to provide strong long-term returns to our shareholders. Our cash continues to be reinvested in the company to further develop our products and the K-Swiss brand. It has also been used to acquire additional brands, such as our recent acquisition of Palladium, and to repurchase our shares. We are pleased to complement this ongoing strategy by returning a portion of the $290-plus million in cash on our September 30, 2008 balance sheet to shareholders with this special cash dividend.”
The company also declared a quarterly cash dividend of 5 cents a share for the fourth quarter ending Dec. 31, 2008. The dividend, which equates to an annualized rate of 20 cents per share, is payable on Jan. 15, 2009, to shareholders of record as of Dec. 31, 2008.
