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Dividend Policy Analysis Matheny Inc. went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past, growth has been financed primarily through the retention of earnings. A stock or a cash dividend has never been declared. Presented below is a brief financial summary of Matheny Inc. operations.
(a) Suggest factors to be considered by the board of directors in establishing a dividend policy.
(b) Compute the rate of return on assets, profit margin on sales, earnings per share, price-earnings ratio, and current ratio for each of the 5 years for Matheny Inc.
(c) Comment on the appropriateness of declaring a cash dividend at this time, using the ratios computed in part (b) as a major factor in your analysis.
2011
2010
2009
2008
2007
Sales
$20,000
$16.000
$14,000
$6,000
$4,000
Net Income
2.400
1,400
800
700
250
Average total assets
22,000
19,000
11,500
4,200
3,000
Current assets
8,000
6,000
3.000
1,200
1,000
Working capital
3,600
3,200
500
400
Common shares:
Number of shares outstanding (000)
2,000
20
Average market price
$9
$8
$4
-
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