ST. LOUIS, May 10 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE:
CPY) today announced that its Board of Directors declared a second
quarter cash dividend of 25 cents per
share, an increase of 56% from the Company's regular quarterly
dividend of 16 cents per share since
June 3, 2003. The dividend will
be paid on May 28, 2010 to
shareholders of record as of May 21,
2010. As of May 7, 2010,
CPI had 7,314,082 common shares outstanding.
Commenting on the dividend, David
Meyer, Chairman of the Board said: "We are pleased to
announce a significant increase in our regular dividend in
recognition of the Company's substantially enhanced earning power
and cash flow. As part of our broader program to create
shareholder value, we will closely monitor tax law changes as they
relate to dividends and ensure our dividend policy remains an
effective and efficient means of delivering value to
shareholders."
About CPI Corp.
For more than 60 years, CPI Corp. (NYSE: CPY) has been dedicated
to helping customers conveniently create cherished photography
portrait keepsakes that capture a lifetime of memories.
Headquartered in St. Louis,
Missouri, CPI Corp. provides portrait photography services
at approximately 3,000 locations in North
America, principally in Sears and Walmart stores. CPI's
conversion to a fully digital format allows its studios to offer
unique posing options, creative photography selections, a wide
variety of sizes and an unparalleled assortment of enhancements to
customize each portrait - all for an affordable price.
Forward-Looking Statements
The statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, and
involve risks and uncertainties. The Company identifies
forward-looking statements by using words such as "preliminary,"
"plan," "expect," "looking ahead," "anticipate," "estimate,"
"believe," "should," "intend" and other similar expressions.
Management wishes to caution the reader that these forward-looking
statements, such as the Company's outlook for portrait studios, net
income, future cash requirements, cost savings, compliance with
debt covenants, valuation allowances, reserves for charges and
impairments and capital expenditures, are only predictions or
expectations; actual events or results may differ materially as a
result of risks facing the Company. Such risks include, but are not
limited to: the Company's dependence on Sears, Walmart and Toys "R"
Us, the approval of the Company's business practices and operations
by Sears, Walmart and Toys "R" Us, the termination, breach,
limitation or increase of the Company's expenses by Sears and Toys
"R" Us under the license agreements, or Walmart under the lease and
license agreements, customer demand for the Company's products and
services, the economic recession and resulting decrease in consumer
spending, manufacturing interruptions, dependence on certain
suppliers, competition, dependence on key personnel, fluctuations
in operating results, a significant increase in piracy of the
Company's photographs, widespread equipment failure, compliance
with debt covenants, high level of indebtedness, implementation of
marketing and operating strategies, outcome of litigation and other
claims, impact of declines in global equity markets to pension plan
and impact of foreign currency translation. The risks described
above do not include events that the Company does not currently
anticipate or that it currently deems immaterial, which may also
affect its results of operations and financial condition. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE CPI Corp.