Taylor, Mich., (March 27, 2009) - Masco Corporation (NYSE:
MAS) today announced that its Board of Directors declared a quarterly
dividend of $.075 per common share ($.30 per common share annually)
payable on May 11, 2009, to shareholders of record on April 9, 2009,
approving management's previous recommendation that the quarterly
dividend be reduced from $.235 per common share ($.94 per common share
annually).
The Company took this action as it expects that market conditions
will continue to be extremely challenging over the next several
quarters, given the uncertainty in the global economic and financial
markets. This action will save the Company approximately $240 million
cash on an annualized basis. The Company is focused on liquidity
preservation to ensure its ability to fund its business operations, a
relatively modest debt maturity due in early 2010, and growth
opportunities that may arise.
Headquartered in Taylor, Michigan, Masco Corporation is one of the
world's leading manufacturers of home improvement and building products,
as well as a leading provider of services that include the installation
of insulation and other building products.
Masco Corporation's press releases and other information are
available through the Company's toll free number, 1-888-MAS-NEWS, or
under the Investor Relations section of Masco's Web Site at www.masco.com.
Statements contained herein that reflect the Company's views
about its future performance constitute "forward-looking statements"
under the Private Securities Litigation Reform Act of 1995. These views
involve risks and uncertainties that are difficult to predict and,
accordingly, the Company's results may differ materially from the
results discussed in such forward-looking statements. For an explanation
of various factors that may affect our performance, refer to our most
recent Annual Report on Form 10-K (particularly the "Risk Factors"
section) and to any subsequent Quarterly Reports on Form 10-Q, all of
which are on file with the Securities and Exchange Commission. The
Company undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise. The Company believes that certain non-GAAP performance
measures and ratios that may be contained herein, used in managing the
business, may provide users of this financial information with
additional meaningful comparisons between current results and results in
prior periods. Non-GAAP performance measures and ratios should be
viewed in addition to, and not as an alternative for, the Company's
reported results under accounting principles generally accepted in the
United States. Additional information about the Company is contained in
the Company's filings with the Securities and Exchange Commission and is
available on Masco's Web Site at www.masco.com.
Investor / Media Contact
Maria Duey
Vice President - Investor Relations
313.792.5500
maria_duey@mascohq.com