ATLANTA, Nov. 12 /PRNewswire-FirstCall/ -- At the meeting of the Board of Directors of Haverty Furniture Companies, Inc., (NYSE:HVTNYSE:andNYSE:HVT.A) held on November 12, 2008, the directors voted to suspend the Company's quarterly cash dividend. The third quarter dividend was paid in September at a rate of $0.0675 per share on the outstanding shares of Common Stock and $0.0625 per share on the outstanding shares of Class A Common Stock.
"The historic slowdown in the retail home furnishings industry has caused us to suspend our dividend," said Clarence H. Ridley, Chairman of the Board. "Over the last several weeks, the general economy and capital markets have experienced declines that could not be predicted. We are making this decision as part of our strategic plan to preserve capital, protect the strength of our balance sheet and enhance our financial flexibility as we manage through these difficult times. Although we have no term debt and have adjusted all aspects of our business to the current conditions, we believe this is a prudent step and will reassess our decision on an on-going basis." Havertys is a full-service home furnishings retailer with 123 showrooms in 17 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle- to upper-middle price ranges. Additional information is available on the Company's website at http://www.havertys.com/.
Contact for Information:
Jenny Hill Parker
Vice President,
Secretary and Treasurer
(404) 443-2900
DATASOURCE: Haverty Furniture Companies, Inc.
CONTACT: Jenny Hill Parker, Vice President, Secretary and Treasurer, Haverty Furniture Companies, Inc., +1-404-443-2900 Web site: http://www.havertys.com/
|