NAPERVILLE, Ill., Aug. 21, 2023 /PRNewswire/ -- Chicago Rivet &
Machine Co. (NYSE American: CVR) today announced that its
Board of Directors declared a quarterly cash dividend of
$0.10 per share payable September 20, 2023 to all shareholders of record
on September 5, 2023. This is a
$0.12 per share reduction from the
$0.22 per share quarterly cash
dividend that the Company has declared and paid in recent
quarters.
The Company stated that while its financial condition 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 is working
on implementing initiatives to improve performance. In
particular, the Company is reviewing and seeking to adjust pricing
in light of higher operating costs related to the current economic
and labor market environment and has made investments in equipment
to improve operating efficiency. The Company also intends to
invest in strategic human resources to help lead efforts to improve
the Company's performance. In addition, the Company will
pursue opportunities to develop new customer relationships and
build on existing ones in all markets served.
With respect to the payment of future dividends, the Board of
Directors will continue to consider the Company's current
profitability, the outlook for long-term profitability, known
and potential cash requirements and the overall financial
condition of the Company.
For further information please contact Investor Relations at
(630) 357-8500.
Forward-Looking Statements
This discussion contains certain "forward-looking statements"
which are inherently subject to risks and uncertainties that may
cause actual events to differ materially from those discussed
herein. Factors which may cause such differences in events
include, those disclosed under "Risk Factors" in our Annual Report
on Form 10-K and in the other filings we make with the United
States Securities and Exchange Commission. These factors,
include among other things: risk related to the COVID-19 pandemic
and its related adverse effects, conditions in the domestic
automotive industry, upon which we rely for sales revenue, the
intense competition in our markets, the concentration of our sales
with major customers, risks related to export sales, the price and
availability of raw materials, supply chain disruptions, labor
relations issues, losses related to product liability, warranty and
recall claims, costs relating to environmental laws and
regulations, information systems disruptions, the loss of the
services of our key employees and difficulties in achieving cost
savings. Many of these factors are beyond our ability to
control or predict. Readers are cautioned not to place undue
reliance on these forward-looking statements. We undertake no
obligation to publish revised forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
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SOURCE Chicago Rivet & Machine Co.