CPI Corp. to Return $30 Million of Capital to Stockholders; Capital Return to Be Either Special Dividend or Stock Repurchase.
Business Wire › March 03, 2004
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CPI Corp. to Return $30 Million of Capital to Stockholders; Capital Return to Be Either Special Dividend or Stock Repurchase.
Business Editors
ST. LOUIS--(BUSINESS WIRE)--March 3, 2004 Company Provides Fourth Quarter Performance Update and Operating Outlook for 2004 and Beyond CPI Corp. (NYSE:CPY) today reported that its Board of Directors has approved the return of $30 million to stockholders. The Company expects to execute the return of capital, either as a special dividend to stockholders or as a repurchase of stock, upon funding of the financing commitment it has received from National City Bank. "After a thorough analysis of the Company's recently completed fourth quarter results, including consideration of our cash balance and the operating outlook for 2004 and beyond, the Board concluded that a return of capital at this level is in the best interests of the Company and its stockhol...See the full content of this document
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