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US: Pyramid dividend declared

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Pyramid Breweries has announced its quarterly cash dividend. The US brewer's board of directors has declared a quarterly cash dividend of $0.044 per common share. The dividend is payable on 16 April 2004 to shareholders of record on 31 March 31 2004.

The company initiated its dividend program in the fourth quarter of 1999 and the first dividend was paid in 2000. The dividends paid in years 2000 through to 2003 were a return of capital to shareholders for Federal income tax purposes. The company believes that a portion of the dividends to be paid in 2004 may be a return of capital.

The company's current quarterly dividend results in an annual yield of 5.8% to Pyramid shareholders based on the 4 March end of day stock price.

Pyramid said that any future declaration of dividends will depend, among other things, on the company's results of operations, capital requirements and financial condition, and on such other factors as the company's board of directors may in its discretion consider relevant.

Late last month, Pyramid announced that its chairman and CEO Martin Kelly is to step down. The company appointed Pyramid founder and director George Hancock as non-executive chairman, but is currently on the hunt for a new CEO.


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