Jan 28 - Timberland's board of directors has announced an increase in the quarterly cash dividend to common shareholders to 4 cents per common share payable on Feb. 28, 2014, to shareholders of record on
Feb. 14, 2014.
"During the quarter ended Dec. 31, 2013, Timberland purchased and retired all of the 12,065 preferred shares that remained outstanding from the 16,641 shares issued to the U.S. Treasury in December 2008," stated Michael R. Sand, president and CEO. "The purchase, which was accomplished using existing balance sheet resources, eliminated the obligation to pay $1.09 million in preferred stock dividends during each of the next five years. In future quarters the net income to common shareholders will not be reduced by preferred stock dividends and preferred stock discount accretion which, this quarter, reduced EPS by 3 cents per diluted common share."