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Article: Philadelphia-Based Tasty Baking Slashes Dividend for Quarter by 58 Percent.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 30, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Harold Brubaker, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Jan. 30--Tasty Baking Co., struggling after two money-losing quarters, slashed its quarterly dividend yesterday by 58 percent, to 5 cents from 12 cents per share.
Analysts have been expecting the move since the Philadelphia maker of Tastykakes reported a net loss of $431,466 in last year's third quarter.
Competition from much larger snack-food-makers and the costs of its now-shuttered thrift stores dragged the 88-year-old company into the red during the second half of 2002.
President and chief executive officer Charles P. Pizzi played down the ...