By: E&P Staff
The New York Times Co.?s board of directors declared a dividend of $.175 per share of the company?s Class A and Class B stock. The dividend is payable on June 13, 2006, to shareholders of record on June 1, 2006.
?We are pleased that in a challenging advertising environment, the company has remained committed to improving shareholder return through annual increase in our dividend,? said Arthur Sulzberger Jr., chairman of the company, in a statement. ?We have grown our dividend by a compound annual growth rate of 7.1% over the last five years. These dividend increases reflect our board?s confidence in the company?s long-term growth prospects and our financial position.?