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Mac-Gray Initiates Quarterly Dividend Policy

WALTHAM, Mass. — Mac-Gray Corp. has initiated a quarterly dividend policy for its common stock, now that it has closed the sale of its MicroFridge business to Danby Products. Mac-Gray declared a quarterly dividend of $0.05 per share payable on April 1 to shareholders of record of the company’s common stock as of the close of business on March 1. “Mac-Gray’s strategy has long been focused on becoming the industry leader in order to maximize shareholder value,” says Stewart G. MacDonald, Mac-Gray’s chief executive officer. “After an extended period of growth, we view a dividend policy as a way to share our success and reward our shareholders for their loyalty. While we remain committed to growth as well as further debt reduction, at this time, we believe that paying a dividend from our free cash flow is an appropriate use of our capital and is in the best interest of our shareholders.” The company’s board of directors will review the dividend policy periodically, and any changes in the dividend amount will be made after consideration of the needs of the business, trends in its cash flow, the interests of shareholders and other factors, the company says. 

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