Taitron Components Incorporated (NASDAQ:TAIT) announced today that its Board of Directors has declared a one-time special cash dividend of $0.10 per share, in addition to its quarterly cash dividend of $0.045 per share of common stock, both payable on May 31, 2022 to stockholders of record as of the close of business on May 13, 2022. The aggregate payment will be $0.145 per share or approximately $852,000.
Stewart Wang, President, commented: "This one-time special dividend is our reward to shareholders. Our strong balance sheet allows us to pay this one-time special dividend from existing cash balances, while preserving financial and operational flexibility." Under our current dividend policy, the Company will continue targeting a cash dividend to our stockholders in the amount of $0.18 per share per annum, payable in equal $0.045 per share quarterly installments.
Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of the Company's stockholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.