Synalloy Corporation skips annual dividend
Synalloy Corporation (SYNL) did not pay a dividend in 2016.
The last couple of years Synalloy announced its annual dividend in November, with the last declaration dating from November 18, 2015, when an unchanged annual dividend of $0.30 per share was announced.
In 2016 Synalloy did not declare a dividend, ending an eight year streak of dividend payments.
Last year (November 18, 2015) the company already mentioned that the annual dividend payment, if any, would be reviewed every 12 months: "In determining the amount of this year's annual dividend, the Board considered the need to maintain a strong balance sheet as the Company pursues a number of growth initiatives going forward. The Board will continue to review at or near the end of each fiscal year the Company's financial performance, cash and debt levels, as well as the capital needed to support future growth to determine the amount of cash dividend, if any that is appropriate."
Synalloy Corporation is engaged in the production of stainless steel pipe, fiberglass and steel storage tanks and specialty chemicals and the master distribution of seamless carbon steel pipe and tubing.
The last couple of years Synalloy announced its annual dividend in November, with the last declaration dating from November 18, 2015, when an unchanged annual dividend of $0.30 per share was announced.
In 2016 Synalloy did not declare a dividend, ending an eight year streak of dividend payments.
Last year (November 18, 2015) the company already mentioned that the annual dividend payment, if any, would be reviewed every 12 months: "In determining the amount of this year's annual dividend, the Board considered the need to maintain a strong balance sheet as the Company pursues a number of growth initiatives going forward. The Board will continue to review at or near the end of each fiscal year the Company's financial performance, cash and debt levels, as well as the capital needed to support future growth to determine the amount of cash dividend, if any that is appropriate."
Synalloy Corporation is engaged in the production of stainless steel pipe, fiberglass and steel storage tanks and specialty chemicals and the master distribution of seamless carbon steel pipe and tubing.
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