Drew Industries Declares Special Cash Dividend
WHITE PLAINS, N.Y., Nov. 26, 2012
WHITE PLAINS, N.Y., Nov.26, 2012 /PRNewswire/ --Drew Industries Incorporated
(NYSE: DW), a leading supplier of components for recreational vehicles (RV)
and manufactured homes, today announced that its Board of Directors has
approved a special cash dividend of $2.00 per share of common stock.
The dividend is payable on December 20, 2012 to stockholders of record at the
close of business on December 10, 2012.
"This special dividend reflects the Board's confidence in the financial
strength of the Company, as well as the Company's positive long-term outlook,"
said Fred Zinn, Drew's President and CEO. "Our significant cash balance and
consistent cash flow provide us the opportunity and resources to take this
tangible step in demonstrating our commitment to returning value to our
"Our strong balance sheet will enable us to continue our long-term strategy of
growth through acquisitions, market share gains, and new product
introductions," added Joe Giordano, Drew's CFO and Treasurer.
Stockholders of record will receive a 2012 Form 1099 with respect to this
dividend by January 31, 2013.
Drew, through its wholly-owned subsidiaries, Kinro and Lippert Components,
supplies a broad array of components for RVs, manufactured homes, modular
housing, truck caps and buses, and trailers used to haul boats, livestock,
equipment and other cargo. Currently, from 31 factories located throughout the
United States, Drew serves most major national manufacturers of RVs and
manufactured homes. Additional information about Drew and its products can be
found at www.drewindustries.com.
This press release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 with respect
to financial condition, results of operations, business strategies, operating
efficiencies or synergies, competitive position, growth opportunities for
existing products, acquisitions, plans and objectives of management, markets
for the Company's Common Stock and other matters. Statements in this press
release that are not historical facts are "forward-looking statements" for the
purpose of the safe harbor provided by Section 21E of the Securities Exchange
Act of 1934 (the "Exchange Act") and Section 27A of the Securities Act of 1933
(the "Securities Act").
Forward-looking statements, including, without limitation, those relating to
our future business prospects, net sales, expenses and income (loss), cash
flow, and financial condition, whenever they occur in this press release are
necessarily estimates reflecting the best judgment of our senior management at
the time such statements were made, and involve a number of risks and
uncertainties that could cause actual results to differ materially from those
suggested by forward-looking statements. The Company does not undertake to
update forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made. You should
consider forward-looking statements, therefore, in light of various important
factors, including those set forth in this press release, and in our
subsequent filings with the Securities and Exchange Commission.
There are a number of factors, many of which are beyond the Company's control,
which could cause actual results and events to differ materially from those
described in the forward-looking statements. These factors include, in
addition to other matters described in this press release, pricing pressures
due to domestic and foreign competition, costs and availability of raw
materials (particularly steel, steel-based components, and aluminum) and other
components, availability of credit for financing the retail and wholesale
purchase of products for which we sell our components, availability and costs
of labor, inventory levels of retail dealers and manufacturers, levels of
repossessed manufactured homes and RVs, changes in zoning regulations for
manufactured homes, sales declines in the industries to which we sell our
products, the financial condition of our customers, the financial condition of
retail dealers of products for which we sell our components, retention and
concentration of significant customers, the successful integration of
acquisitions, realization of efficiency improvements, interest rates, oil and
gasoline prices, and the outcome of litigation. In addition, international,
national and regional economic conditions and consumer confidence affect the
retail sale of products for which we sell our components.
SOURCE Drew Industries Incorporated
Contact: Fred Zinn, President and CEO, +1-914-428-9098, Fax: +1-914-428-4581,
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