Emerson Radio (MSN) Jumps On The Declaration Of A Cash Dividend
Emerson Radio (NYSE: MSN) declares a cash dividend of $1.10 per common share.
MSN’s Board of Directors declared this morning an extraordinary cash dividend of $1.10 per common share. The dividend will be payable on March 24, 2010 to MSN’s shareholders at the close of trading on March 15, 2010. Emerson Radio’s Board believes that the company’s current and forecasted working capital is higher than what the company needs to successfully execute its strategic plan. Post dividend distribution, MSN will have roughly $11.5 million in cash and no debt liabilities.
While announcing the dividend, Emerson Radio’s Chief Executive Officer Adrian Ma stated, “We are delighted to be in a position as a company to make a cash distribution of this magnitude to our shareholders.”
MSN’s shares jumped 40.53% to $3.19 at 1:44 pm.
