Leggett & Platt Increases Dividend 7%, Extends 33 Year Record

Furniture World Magazine

Diversified manufacturer Leggett & Platt's Board of Directors increased quarterly dividends by one cent, or 7.1%, to $.15 per share. Dividend yield is currently 2.2%, based on the $.60 indicated annual dividend and yesterday's closing stock price of $27.05. The third quarter dividend will be paid on October 15, 2004 to shareholders of record on September 15, 2004. Leggett's dividends have increased annually for 33 consecutive years, at an average compound growth rate of 15%. In 1971, one share of Leggett stock earned $.36 in dividends. Since then, the stock has split seven times, with one share of stock expanding to be 54 shares. One share purchased in 1971 would today receive annual dividends of $32.40, or 90 times the original dividend. The company knows of only one other Fortune 500 company that has achieved as long a string of consecutive annual dividend increases at the growth rate Leggett has sustained. Leggett's third quarter results will be released after the market closes on Thursday, October 21, 2004, with a conference call at 9:00 a.m. (Eastern) on Friday, October 22. In addition, the company will host an Investor Day on September 14, with a webcast of the event accessible from Leggett's website. COMPANY DESCRIPTION: Leggett & Platt (NYSE:LEG) is a Fortune 500 diversified manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in virtually every home, office, retail store, and automobile. The company serves a broad suite of customers that comprise a "Who's Who" of U.S. manufacturers and retailers. The 121-year-old firm is composed of 29 business units, 33,000 employee- partners, and more than 300 facilities located in 20 countries. Leggett possesses the second-best Fortune 500 dividend growth record (90-fold growth via 33 consecutive annual increases at 15% CAGR), has grown sales and earnings at a 15% annual average since going public in 1967, consistently posts top half performance among the Fortune 500, and sets a high standard for financial transparency and quality of earnings (including overfunded aggregate pension plans, and expensing of stock options). Leggett & Platt is North America's leading independent manufacturer of 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. Primary raw materials include steel and aluminum. Main operations include metal stamping, forming, casting, machining, coating, welding, wire drawing, and assembly.