By: E&P Staff Despite being in what Chairman Arthur Sulzberger Jr. called a "difficult advertising environment," The New York Times Co. Tuesday declared a 6.5% increase in the regular quarterly dividend to 16 1/2 cents per share from 15 1/2 cents per share on its Class A and Class B common stock.
The dividend is payable on June 15, 2005, to shareholders of record on June 1, 2005, the company said.
Sulzberger said the company had increased its dividend by a compound annual growth rate of 7.5% over the past five years.
"We are pleased that in a difficult advertising environment, the Company has remained committed to improving shareholder return through increases in our dividend," he said in a prepared statement. "These dividend increases reflect our board's continued confidence in the Company's long-term growth prospects."
The Times Co. said the dividend is the 146th consecutive quarterly dividend paid on its common stock since the $3.3 billion company went public in 1969.
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