CARBO Ceramics Cuts Dividend

(RTTNews) - CARBO Ceramics Inc. (CRR) announced that its Board has reduced the dividend payment for the second quarter of 2015 to $0.10 per share from the previous level of $0.33 per share. The dividend is payable on May 15, 2015 to shareholders of record on May 1, 2015. The dividend decrease is part of the company's overall cost-reduction and cash preservation initiative.

The decrease in the dividend payment is expected to provide CARBO with cash savings of approximately $21.2 million on an annual basis.

Gary Kolstad, president and CEO of CARBO, said, "..... We are taking proactive steps to decrease expenses company-wide by reducing our workforce, slowing or idling production at certain of our manufacturing facilities and, as previously announced, mothballing our McIntyre plant. We are also reducing our capital expenditures for 2015, with a focus on new technology platforms."