(Updates with additional companies)
By Debbie Cai
Caterpillar Inc. (CAT) and a string of other companies Wednesday
disclosed plans to pull forward their quarterly dividend payments,
joining a growing list of those making moves ahead of next year's
possibly impending "fiscal cliff."
Next month, several hundred billion dollars in automatic tax
increases and spending cuts--dubbed the fiscal cliff--will begin if
Congress and the White House don't intervene. The increases include
a higher tax rate on dividends, and dozens of companies have
approved one-time special dividend payments for December, while
others have moved their quarterly payouts to December instead of
early 2013.
Caterpillar's board is accelerating its quarterly dividend of 52
cents a share, originally to be paid in next year's first quarter,
to Dec. 31. The construction and mining equipment manufacturer
anticipates the move will save shareholders around $30 million. The
company's cash dividend has more than tripled since 1998.
Independent Bank Corp. (INDB), which owns Rockland Trust Co.,
will also pull forward its regular quarterly dividend of 21 cents a
share to Dec. 31. It typically pays its fourth-quarter dividend in
January.
True Religion Apparel Inc. (TRLG) will accelerate its
20-cent-a-share dividend to be paid on Dec. 27 instead of in the
first quarter next year. US Ecology Inc. (ECOL) will also
accelerate the payment of its 18-cent-a-share quarterly dividend to
that date, while Briggs & Stratton Corp. (BGG) will pull
forward its 12-cent-a-share payment to Dec. 31.
Legg Mason Inc. (LM) has accelerated the payment of its
11-cent-a-share quarterly dividend to Dec. 28, which is the same
day that MTS Systems Corp. (MTSC) will pay a 30-cent-a-share
accelerated dividend.
Meanwhile, Sterling Financial Corp. (STSA) will issue a special
cash dividend of 35 cents a share Dec. 28, and on the same day will
pay an accelerated quarterly dividend of 15 cents a share that
would otherwise be paid in the first quarter of next year.
Belk Inc. (BLKIA, BLKIB) said it will issue a one-time dividend
of 25 cents a share on top of an accelerated regular dividend of 75
cents a share, and both will be paid on or before Dec. 21. The
department-store company usually pays dividends in April.
Beasley Broadcast Group Inc. (BBGI) will pay a special cash
dividend of 85 cents a share on Dec. 27.
IPG Photonics Corp.'s (IPGP) board approved a 65-cent-a-share
one-time cash dividend to be paid on Dec. 28, the same day that
Heartland Financial USA Inc. (HTLF) plans to issue a special
10-cent-a-share cash dividend to shareholders.
Concurrent Computer Corp.'s (CCUR) board declared a special cash
dividend of 50 cents a share, to be paid Dec. 31.
Write to Debbie Cai at debbie.cai@dowjones.com
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