Chicago Rivet & Machine Cuts Dividend to 10 Cents a Share

By Stephen Nakrosis

Chicago Rivet & Machine said Monday it would pay a quarterly dividend of 10 cents a share, down from the previous dividend of 22 cents a share.

The new dividend would be payable on Sept. 20 to shareholders of record on Sept. 5, the company said.

Chicago Rivet said its financial condition remains sound, but added its board "determined that the reduction in the dividend was prudent given the company's recent operating performance."

The company is working to implement initiatives to improve performance and is reviewing and seeking to adjust pricing "in light of higher operating costs related to the current economic and labor market environment." Other efforts include investing in strategic human resources and pursuing opportunities "to develop new customer relationships and build on existing ones in all markets served," the company said.

Chicago Rivet shares ended the day's regular session with a 0.8% loss, closing at $18.32 a share. The shares touched a 52-week low of $17 each on Aug. 16. Year to date, the stock is down by about 36%.

Write to Stephen Nakrosis at [email protected]

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