- Payment of $0.20 per Share Is 5.3% Increase Over Prior Year
MEDINA, Ohio, Oct. 10 /PRNewswire-FirstCall/ -- RPM International Inc.
(NYSE: RPM) today announced at its annual meeting of stockholders that its
board of directors declared a regular quarterly cash dividend of $0.20 per
share, payable on October 31, 2008, to stockholders of record as of October
20, 2008. This payment represents a 5.3% increase over the $0.19 quarterly
cash dividend paid at this time last year.
This action marks RPM's 35th consecutive year of increased cash dividends
paid to its stockholders, which places RPM in an elite category of less than
half of one percent of all 19,000 publicly-traded U.S. companies. Only 67
other companies, besides RPM, have consecutively paid an increasing annual
dividend for this period of time or longer, according to the 2009 edition of
America's Finest Companies. At a share price of $15.00, RPM's dividend yield
would be 5.3%
"An annually increasing dividend is a hallmark of RPM. Since the end of
fiscal 2001, our cash dividend has increased 50%. Investors who acquired RPM
stock at that time would have an 8% cash yield on their original investment
today," said president and chief executive officer Frank C. Sullivan. "It is
our intent to continue this practice, which is enabled by our strong cash
flow, resilient capital structure, stable business performance and outlook for
At the annual meeting, stockholders re-elected four Class III members to
its board of directors to three-year terms expiring in 2011; those elected
were Frederick R. Nance, regional managing partner of Squire, Sanders &
Dempsey L.L.P.; Charles A. Ratner, chief executive officer and president of
Forest City Enterprises; William B. Summers, Jr., retired chairman and chief
executive officer of McDonald Investments Inc. and Dr. Jerry Sue Thornton,
president of Cuyahoga Community College.
Additionally, stockholders ratified the appointment of Ernst & Young LLP
as RPM's independent registered public accounting firm for the fiscal year
ending May 31, 2009.
RPM International Inc., a holding company, owns subsidiaries that are
world leaders in specialty coatings and sealants serving both industrial and
consumer markets. RPM's industrial products include roofing systems, sealants,
corrosion control coatings, flooring coatings and specialty chemicals.
Industrial brands include Stonhard, Tremco, illbruck, Carboline, Day-Glo, Euco
and Dryvit. RPM's consumer products are used by professionals and
do-it-yourselfers for home maintenance and improvement, boat repair and
maintenance, and by hobbyists. Consumer brands include Zinsser, Rust-Oleum,
DAP, Varathane and Testors.
For more information, contact P. Kelly Tompkins, executive vice president
- administration and chief financial officer, at 330-273-5090 or
SOURCE RPM International Inc.