Attached files
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| 8-K - LCI INDUSTRIES | v204398_8k.htm |
Exhibit 99.1
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FOR
IMMEDIATE RELEASE
Contact: Fred Zinn, President and CEO
E
Mail: Drew@drewindustries.com
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DREW
INDUSTRIES DECLARES SPECIAL CASH DIVIDEND
White Plains, New York – December 1,
2010 – Drew Industries Incorporated (NYSE: DW), a leading supplier of
components for recreational vehicles (RV) and manufactured homes, today
announced that its Board of Directors approved a special cash dividend of $1.50
per share of common stock.
The
dividend is payable on December 28, 2010 to stockholders of record at the close
of business on December 20, 2010.
“This
special dividend reflects the Board’s confidence in the financial strength of
the Company, as well as the Company’s positive long-term outlook,” said Fred
Zinn, Drew’s President and CEO. “Our strong cash balance and consistent cash
flow provide us the opportunity and resources to take this tangible step in
demonstrating our commitment to returning value to our
stockholders.”
Even
after this cash dividend, aggregating approximately $33 million, Drew will have
more than $30 million of available cash, no debt and substantial unused
borrowing capacity. “Our strong balance sheet will enable us to continue our
long-term strategy of growth through acquisitions, market share gains, and new
product introductions,” added Zinn.
Stockholders
of record will receive a 2010 Form 1099 with respect to this dividend by January
31, 2011.
About
Drew
Drew,
through its wholly-owned subsidiaries, Kinro and Lippert Components, supplies a
broad array of components for RVs and manufactured homes, including windows,
doors, chassis, chassis parts, bath and shower units, axles, and upholstered
furniture. In addition, Drew manufactures slide-out mechanisms and leveling
devices for RVs, and trailers primarily for hauling boats. Currently, from 25
factories located throughout the United States, Drew serves most major national
manufacturers of RVs and manufactured homes in an efficient and cost-effective
manner. Additional information about Drew and its products can be found at www.drewindustries.com.
Forward-Looking
Statements
This
press release contains certain “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995 with respect to
financial condition, results of operations, business strategies, operating
efficiencies or synergies, competitive position, growth opportunities for
existing products, plans and objectives of management, markets for the Company’s
Common Stock and other matters. Statements in this press release that are not
historical facts are “forward-looking statements” for the purpose of the safe
harbor provided by Section 21E of the Securities Exchange Act of 1934 and
Section 27A of the Securities Act of 1933.
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Forward-looking
statements, including, without limitation, those relating to our future business
prospects, revenues, expenses and income (loss), cash flow, and financial
condition, whenever they occur in this press release are necessarily estimates
reflecting the best judgment of our senior management at the time such
statements were made, and involve a number of risks and uncertainties that could
cause actual results to differ materially from those suggested by
forward-looking statements. The Company does not undertake to update
forward-looking statements to reflect circumstances or events that occur after
the date the forward-looking statements are made. You should consider
forward-looking statements, therefore, in light of various important factors,
including those set forth in this press release, and in our subsequent filings
with the Securities and Exchange Commission.
There are
a number of factors, many of which are beyond the Company’s control, which could
cause actual results and events to differ materially from those described in the
forward-looking statements. These factors include, in addition to other matters
described in this press release, pricing pressures due to domestic and foreign
competition, costs and availability of raw materials (particularly steel and
steel-based components, vinyl, aluminum, glass and ABS resin) and other
components, availability of credit for financing the retail and wholesale
purchase of manufactured homes and recreational vehicles (“RVs”), availability
and costs of labor, inventory levels of retail dealers and manufacturers, levels
of repossessed manufactured homes and RVs, the disposition into the market by
the Federal Emergency Management Agency (“FEMA”), by sale or otherwise, of RVs
or manufactured homes purchased by FEMA, changes in zoning regulations for
manufactured homes, sales declines in the RV or manufactured housing industries,
the financial condition of our customers, the financial condition of retail
dealers of RVs and manufactured homes, retention and concentration of
significant customers, interest rates, oil and gasoline prices, and the outcome
of litigation. In addition, national and regional economic conditions and
consumer confidence affect the retail sale of RVs and manufactured
homes.
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