CHICAGO — FreightCar America Inc. announced that at its May 12 meeting, the company’s Board of Directors decided not to authorize the payment of a cash dividend on its common shares in the second quarter of 2010.
The decision reflects the Company’s strategy to preserve cash in order to help maintain its balance sheet strength, the company said.
“FreightCar America has a strong balance sheet and a strong market position,” Ed Whalen, president and CEO, said. We are committed to taking the necessary steps to maintain both during this difficult market environment.
“The Board of Directors is sensitive to the importance of paying a dividend to our shareholders, and we will continue to regularly evaluate the payment of a dividend in light of industry and market conditions and potential strategic opportunities,” Whalen added.