RACINE, Wis., Feb. 02, 2016 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ:TWIN), announced today that the Board of Directors has temporarily suspended the Company’s quarterly cash dividend. The suspension of the dividend is part of the Company’s cost saving and capital allocation initiatives, as a result of the significant downturn in certain of the Company’s end markets. This action will conserve over $1.0 million in cash quarterly and will allow the Company additional flexibility to invest in projects that will drive efficiency and profitable growth.
David B. Rayburn, Chairman, stated: “Over the past several quarters, management and the Board of Directors have had to make difficult decisions to manage cash as a result of the prolonged downturn in several of the Company’s end markets. These decisions are not taken lightly and we understand these actions are difficult for our employees, communities, and shareholders.”
Twin Disc, Inc. designs, manufactures and sells marine and heavy-duty off-highway power transmission equipment. Products offered include: marine transmissions, surface drivers, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and control systems. The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company’s worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network.
Contact: Jeffrey S. Knutson (262) 638-4242
Source:Twin Disc, Inc.