LAFAYETTE, Ind. –– Wabash National Corporation (NYSE: WNC) announced today that the Board of Directors voted to suspend the payment of quarterly cash dividends on the Company’s common stock, effective immediately, due to the impact of continued weak economic conditions and the uncertainty regarding the timing of a recovery.
Commenting on this action, Richard J. Giromini, President and Chief Executive Officer of the Company, said, “The suspension of dividend payments on our common stock which will save the company approximately $5.5 million annually is being taken given the extremely challenging economic environment and is consistent with our ongoing actions to reduce costs and enhance liquidity. We are confident that Wabash will emerge in a stronger position when the economy improves but, in the current downturn, the Board believes that focusing the Company’s full resources toward the operational needs of the business is the most prudent course of action.”
As of November 30, 2008, liquidity, cash plus available borrowings under the Company’s revolving credit facility, amounted to approximately $100 million.
