Costamare Inc. Declares Quarterly Dividend of $0.27 per Share
Friday, 20 April 2012 | 00:00
Costamare Inc. has declared a quarterly dividend of $0.27 per share for the quarter ended March 31, 2012.
The Company yesterday declared a cash dividend on its common stock of $0.27 per common share, payable on May 9, 2012 to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on April 30, 2012. The Company has 67,800,000 shares of common stock outstanding as of today.
The declaration of a dividend is subject to the discretion of the Board of Directors of the Company, and accordingly will depend on, among other things, the Company's earnings, financial condition and cash requirements and availability, the Company's ability to obtain debt and equity financing on acceptable terms as contemplated by the Company's growth strategy, the restrictive covenants in the Company's existing and future debt instruments and global economic conditions.
Gregory Zikos, Chief Financial Officer of the Company, said: "In line with our dividend policy, the Company's Board of Directors declared our sixth consecutive quarterly dividend since we commenced trading on the New York Stock Exchange.
"Our prudent balance sheet management, together with the cash flow from the operations of our existing fleet, provides us with the ability to pay what we consider to be a secure dividend without impacting our growth plans.
"Our goal remains to continually increase our dividend payments over time, consistent with our dividend policy."
Costamare Inc. is one of the world's leading owners and providers of containerships for charter. Costamare Inc. has 37 years of history in the international shipping industry and a fleet of 56 containerships, including 10 newbuilds on order and one secondhand vessel to be delivered, with a total capacity of approximately 324,000 TEU. Costamare Inc.'s common shares trade on the New York Stock Exchange under the symbol "CMRE."
Source: Costamare Inc.