Synalloy Corporation Announces No Annual Dividend for 2019
23 November 2019 - 5:00AM
Synalloy Corporation announces that its Board of Directors has
decided not to make an annual dividend payment for 2019. The
Company’s financial performance in 2019 is well below plan, with a
projected operating loss for the entire year.
In determining whether, or not to pay an annual
dividend, the Board considered the need to maintain a strong a
strong balance sheet, as well as the potential for further
contraction in the manufacturing sector. The Board will
review at or near the end of each fiscal year the Company’s
financial performance, cash and debt levels, as well as capital
needed to support future growth, to determine the amount of cash
dividend, if any, that may be appropriate.
Synalloy Corporation (Nasdaq: SYNL) is a growth
oriented company that engages in a number of diverse business
activities including the production of stainless steel pipe and
tube, galvanized pipe and tube, fiberglass and steel storage tanks,
specialty chemicals and the master distribution of seamless carbon
pipe and tubing. For more information about Synalloy
Corporation, please visit our website at www.synalloy.com.
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