In other items: Tom Wyatt named Cutter & Buck CEO and president; and sale of Marchex stock to fund $164 million deal.
Boeing yesterday said it had raised its quarterly dividend for the second time this year, citing its strong operating performance.
The new 25-cent dividend, up 25 percent from 20 cents, is payable March 4 to shareholders of record on Feb. 11.
Boeing credited the increase to its improving outlook and excellent cash generation.
In its latest third quarter, Boeing’s profit surged 78 percent, with growth in its military unit more than offsetting a slow recovery in the commercial-aviation industry.
The company raised its forecast for earnings in 2004 and airplane deliveries in 2005.
In May, Boeing announced a 17.6 percent quarterly dividend increase, to 20 cents from 17 cents.
Cutter & Buck
Tom Wyatt named CEO and president
NEW YORK Sportswear maker Cutter & Buck yesterday named Tom Wyatt chief executive officer and president, effective immediately, succeeding Fran Conley, who stepped down in September.
The Seattle company said Wyatt, 49, has been in the retail and apparel business for 30 years, working with VF, Warnaco Group and Parisian, a division of Saks.
Bill Swint had been interim CEO.
Sale of stock to fund $164 million deal
Nine months after going public, Seattle-based Marchex registered with the Securities and Exchange Commission yesterday to sell up to $180 million in stock to fund the $164.2 million asset acquisition of Name Development, a Virgin Islands company.
At the stock’s closing price of $17.52 yesterday, the offering would be equal to about 10 million shares.
In November, the company announced it would acquire Name Development, mainly paying cash, but didn’t say where it would get the money.
Marchex joins with companies to help them advertise through paid listings in search-engine results.
Name Development will give Marchex a portfolio of more than 100,000 Web domains and an estimated base of 17 million online users. Marchex will be able to use the Web domains as new locations in which its customers can advertise.
Compiled from Dow Jones Newswires/The Associated Press, Reuters and Seattle Times business staff