Baldor Declared 13-cent 2Q Dividend

Headquartered in Fort Smith, Baldor Electric Co. recently declared a regular quarterly dividend of 13 cents for the second quarter, payable to shareholders of record on June 7.

The company also reported first quarter sales of $133.5 million, down 11 percent from $150.2 million from the comparable quarter of 2001. The manufacturer of electric motors and drives announced first quarter net income of $5.4 million, down 24 percent from $7.2 million from the first quarter of 2001.

Diluted earnings per share for the quarter also suffered a 24 percent loss from 21 cents per share last year to 16 cents per share this year. Dividends of 13 cents per share remained the same.

In a press release, John McFarland, Baldor’s president and CEO, said the company sees signs of improvement, despite a decline in first quarter sales and earnings. Incoming orders, he said, increased over the previous quarter for the first time in a year.

At Baldor’s annual meeting on April 20, shareholders re-elected Jefferson Asher, Richard Jaudes and Robert Messey to the board directors.