The CIRI Board of Directors unanimously adopted the following dividend policy at its Feb. 24 board meeting:

The Board expects to maintain dividends at the present level ($31 per share paid in quarterly distributions of $7 per share and an end-of-year distribution of $3 per share, with no special dividend) for the next three years, even though this level of dividend is likely to exceed earnings during this period. The Board recognizes that if earnings fail to increase sufficiently during this period, dividends may have to be decreased by the end of the period. The Board does not expect to increase dividends unless and until earnings increase to a level that covers the dividend and provides additional capital to provide opportunities for profitable investment.
(See President’s Message on page 2 for more information about the new dividend policy.)