Karat Packaging Board Declares Special Cash Dividend and Regular Quarterly Cash Dividend

Rhea-AI Summary

Karat Packaging (Nasdaq: KRT), a specialty distributor and manufacturer of disposable foodservice products, has announced two dividend payments. The company's board of directors has approved a regular quarterly cash dividend of $0.35 per share and a special cash dividend of $0.15 per share. Both dividends will be payable on August 30, 2024, to shareholders of record as of August 21, 2024.

CEO Alan Yu stated that these distributions reflect Karat's strong cash position and positive long-term outlook. The board remains committed to providing returns to shareholders and continually assessing opportunities to enhance shareholder value.

Positive

• Declaration of a regular quarterly cash dividend of $0.35 per share
• Additional special cash dividend of $0.15 per share
• Strong cash position indicated by the company
• Positive long-term outlook expressed by management

Negative

• None.

CHINO, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Karat Packaging Inc. (Nasdaq: KRT) (the “Company” or “Karat”), a specialty distributor and manufacturer of disposable foodservice products and related items, today announced that its board of directors has approved payment of a regular quarterly cash dividend of $0.35 per share. The board also declared a special cash dividend of $0.15 per share on the Company’s common stock.

Both dividends are payable on or about August 30, 2024, to shareholders of record at the close of business on August 21, 2024.

“These distributions reflect Karat’s strong cash position and positive long-term outlook,” said Alan Yu, chief executive officer. “Our board remains committed to providing returns to our shareholders and to continually assess opportunities to enhance shareholder value.”

About Karat Packaging Inc.
Karat Packaging Inc. is a specialty distributor and manufacturer of a wide range of disposable foodservice products and related items, primarily used by national and regional restaurants and in foodservice settings throughout the United States. Its products include food and take-out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves and other products. The company’s eco-friendly Karat Earth® line offers quality, sustainably focused products that are made from renewable resources. Karat Packaging also offers customized solutions, including new product development and design, printing, and logistics services. To learn more about Karat Packaging, please visit the company’s website at www.karatpackaging.com.

Investor Relations and Media Contacts:
PondelWilkinson Inc.        
Judy Lin or Roger Pondel        
310-279-5980        
IR@karatpackaging.com

FAQ

What is the total dividend amount Karat Packaging (KRT) announced on August 7, 2024?

Karat Packaging announced a total dividend of $0.50 per share, consisting of a regular quarterly cash dividend of $0.35 and a special cash dividend of $0.15.

When will Karat Packaging (KRT) pay the announced dividends?

Both the regular and special dividends will be payable on or about August 30, 2024.

What is the record date for Karat Packaging's (KRT) August 2024 dividend payments?

The record date for both dividend payments is August 21, 2024, at the close of business.

How did Karat Packaging's CEO describe the company's financial position in relation to the dividend announcement?

CEO Alan Yu stated that the distributions reflect Karat's strong cash position and positive long-term outlook.