After the market closed on Tuesday, Journal Communications announced that its board of directors had declared a quarterly dividend of two cents per share – a sharp drop from the previous eight cents.
“The Board made the decision to reduce the dividend in order to help maintain financial flexibility in this difficult economic environment. Given the uncertain economic outlook, we believe that this action will allow the company to direct a greater portion of our cash flow to debt reduction,” said Chairman Steven J. Smith.
The reduced dividend is to be paid March 6th to shareholders of record on February 24th.
