Following a five-year hiatus, snowmobile maker Arctic Cat (ACAT) announced today the reinstatement of its regular dividend payment program, with the first payment of $0.10 per share to be made payable on June 14 to the holders of record at the close of business on May 31.
Arctic Cat last paid a dividend in 2008 ($0.07), but suspended the payout as the recession hit ATV, snowmobile, and recreational vehicle sales. The new dividend payment equates to a $0.40-per-share annual dividend yielding 0.8% based on the closing price of Arctic Cat's stock on May 14.
The company's board of directors also authorized a share repurchase program of up to $30 million of the company’s common stock.
