SL Industries Suspends Annual Dividend
SL Industries Inc. (Mt. Laurel, NJ) announced that its board of directors voted to suspend the company’s regular semi-annual cash dividend, which would have been payable in November 2001.
The company is presently not in compliance with certain financial covenants in its credit facility. As a result, the company is precluded from, among other things, paying cash dividends to its shareholders. The board’s determination to suspend the cash dividend was based primarily on the current economic outlook and the company’s need to conserve its working capital for operating purposes. The company last paid a semi-annual cash dividend of $0.05 per share of its common stock on November 22, 2000.