Leggett Declares Fourth Quarter Dividend

Furniture World News

The Board of Directors of Leggett & Platt, Incorporated declared a fourth quarter dividend of $.12 per share, an increase of 9.1% over last year's fourth quarter dividend. The dividend will be paid on January 15, 2002 to shareholders of record on December 14, 2001 Quarterly dividends declared in 2001 total $.48 per share, up 14.3% from 2000. Consistent cash flow, a conservative capital policy, and the success of management's long-term growth strategy have allowed Leggett to sustain an exceptional 30-year record of annual dividend increases. Over the last 30 years, the quarterly dividend has grown at a 15.3% compound annual rate. Leggett & Platt also announced that same location sales for the first six weeks of the fourth quarter were down 13% versus the equivalent period last year. Based upon those sales results, the company narrowed its expectations relative to the fourth quarter guidance issued on October 17, 2001. Leggett now forecasts same location sales to be down 9% to 13% (versus fourth quarter 2000), and expects fourth quarter earnings between $.16-$.20 per diluted share. Leggett & Platt, a diversified manufacturer with more than 115 years of history, designs and produces a broad variety of highly engineered components and products for customers worldwide. A member of the Fortune 500, the company is composed of 29 decentralized business units, 32,000 employee- partners, and more than 300 facilities located in 16 countries. Leggett is North America's largest independent manufacturer of all the following: a) components for residential furniture and bedding; b) retail store fixtures and point of purchase displays; c) components for office furniture; d) non-automotive aluminum die castings; e) drawn steel wire; f) automotive seat support and lumbar systems; and g) bedding industry machinery for wire forming, sewing and quilting. Leggett's common stock (symbol LEG) is listed on the New York Stock Exchange, and is a component of the S&P 500 Index.