JACKSONVILLE, Fla.--(BUSINESS WIRE)--Jul. 23, 2012--
Rayonier (NYSE:RYN) announced today that its board of directors voted to
increase the company’s regular quarterly cash dividend by $.04 per
common share, or 10 percent, from $.40 per share to $.44, effective for
the third quarter distribution.
The third quarter dividend is payable Sept. 28, 2012, to shareholders of
record on Sept. 14, 2012. This is the company’s eighth dividend increase
in the last ten years.
“Providing a secure and growing dividend to Rayonier shareholders
remains a key strategic objective,” said Paul G. Boynton, Chairman,
President and CEO. “This increase reflects our strong financial position
and the continuing confidence we have in our businesses’ ability to
generate increasing cash flows.”
Rayonier’s dividend is expected to be characterized as long-term capital
gain and taxed at a maximum rate of 15 percent for most U.S. taxpayers.
Rayonier will announce second quarter earnings on July 26. The company
will host a conference call and live webcast with the investment
community at 2 p.m. EDT the same day to discuss the results. Investors
may listen to the conference call by dialing 888-790-3052, passcode:
Rayonier, or by logging onto http://www.rayonier.com.
Rayonier is a leading international forest products company with
three core businesses: Forest Resources, Real Estate and Performance
Fibers. The company owns, leases or manages 2.7 million acres of timber
and land in the United States and New Zealand. The company's holdings
include approximately 200,000 acres with residential and commercial
development potential along the Interstate 95 corridor between Savannah,
Ga., and Daytona Beach, Fla. Its Performance Fibers business is one of
the world's leading producers of high-value specialty cellulose fibers,
which are used in products such as filters, pharmaceuticals and LCD
screens. Approximately 45 percent of the company's sales are outside the
U.S. to customers in approximately 40 countries. Rayonier is structured
as a real estate investment trust. More information is available at www.rayonier.com.
Investors: Carl Kraus, 904-357-9158