Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) – announced today that its board of directors has declared a quarterly cash dividend on its common stock. The board approved increasing its annual dividend by $1 million resulting in an aggregate expected dividend of $5 million per year the maximum allowed under the company’s senior credit facility. Future dividend payments remain subject to the discretion of the board. This increase will result in an additional $250000 paid to stockholders in the current quarter. The board approved a $0.021 per share cash dividend to be paid on June 17 2011 to the holders of record of common stock of the company at the close of business on June 10 2011.
Jonathan Berger Chief Executive Officer stated “We are pleased to be able to increase our quarterly dividend as a result of our strong financial performance including robust earnings growth and cash flow. The company continues to strengthen its financial position and will look to deploy capital in a manner that creates value for our shareholders.”