Stewart Enterprises, Inc. Announces a 12.5% Increase in Its Dividend Marking a
50% Increase in the Last Two Years
JEFFERSON, La., April 3, 2013 (GLOBE NEWSWIRE) -- Stewart Enterprises, Inc.
(Nasdaq:STEI) reported today that its Board of Directors increased the annual
cash dividend on its Class A and Class B Common Stock by 12.5% to $0.18 per
share, compared to the previous $0.16 per share. In addition, the Board
declared a quarterly cash dividend of $0.045 per share payable on April 29,
2013 to holders of record of Class A and Class B Common Stock as of the close
of business on April 15, 2013. This marks the third consecutive year in which
the Board has increased the dividend.
Thomas M. Kitchen, President and Chief Executive Officer, said, "The Board's
decision to increase the cash dividend reflects its continued confidence in
our solid balance sheet, our ability to consistently generate strong cash
flow, and the continued positive momentum in revenue growth. The Board last
increased the dividend rate in March of 2012. This represents a 50% increase
in our dividend rate in the last two years." It also continues to be the
Board's intention to periodically re-evaluate the Company's dividend policy
for potential increases in the future. The declaration of quarterly dividends
is at the discretion of the Board of Directors and will depend on the
Company's financial results, cash requirements, future prospects and other
factors deemed relevant by the Board.
Founded in 1910, Stewart Enterprises, Inc. is the second largest provider of
products and services in the death care industry in the United States,
currently owning and operating 217 funeral homes and 141 cemeteries. Through
its subsidiaries, the Company provides a complete range of funeral and
cremation merchandise and services, along with cemetery property, merchandise
and services, both at the time of need and on a preneed basis.
CONTACT: Lewis J. Derbes, Jr.
Stewart Enterprises, Inc.
1333 S. Clearview Parkway
Jefferson, LA 70121
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