HOUSTON, May 19, 2016
/PRNewswire/ -- Carriage Services, Inc. (NYSE: CSV) today
announced that its Board of Directors has approved the increase of
its quarterly cash dividend policy for its Common Stock from 2.5¢
to 5¢ per share, effective to payments payable on September 1, 2016 and later. The Company
initiated their quarterly cash dividend policy in May 2011. The Company also has a dividend
reinvestment program that is available so that shareholders may
elect to reinvest their dividends into additional shares of the
Company's common stock.
Melvin C. Payne, Chief Executive
Officer, stated, "I am extremely pleased to announce that our Board
of Directors increased the common share dividend to 5¢ per
share. In 2015, we achieved Adjusted Consolidated EBITDA of
$71.1 million and generated
Adjusted Free Cash Flow of $43.7 million reflecting the strength in our
financial position. Accordingly, we have the financial
capacity to return value to our shareholders with a cash dividend
policy that will pay out about $3.3
million in annual dividends, approximately a 1% dividend
yield. Having evolved Carriage into a superior consolidation and
operating platform within our industry, we are committed to our
Ten Year Vision of long term shareholder value creation, as
follows:
Become recognized by institutional investors and those in our
industry as a superior Consolidation, Operating and Value Creation
Investment Platform by consistently allocating our precious
capital, especially our growing Free Cash Flow, with disciplined
savviness and flexibility among various investment options so as to
maximize the intrinsic value of Carriage per share over the next
ten years."
Carriage Services is a leading provider of funeral and cemetery
services and merchandise in the United
States. Carriage operates 167 funeral homes in 27 states and
32 cemeteries in 11 states.
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SOURCE Carriage Services, Inc.