PR Newswire
NAPERVILLE, Ill., Nov. 18, 2024 /PRNewswire/ -- Chicago Rivet & Machine Co. (NYSE American: CVR) today announced that its Board of Directors declared a quarterly cash dividend of $0.03 per share payable December 20, 2024, to all shareholders of record on December 5, 2024. This is a $0.07 per share reduction from the $0.10 per share quarterly cash dividend that the Company has declared and paid in recent quarters.
The Company stated that while its financial position remains sound, the Board of Directors determined that the reduction in the dividend was prudent given the Company's recent operating performance. As previously disclosed, the Company has been implementing multiple initiatives to improve performance that have led to year-over-year performance improvement. These include price adjustments with our customers and cost reduction projects, including the previously disclosed consolidation of the Albia, Iowa operation into the Tyrone, Pennsylvania operation.
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