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Oklahoma business briefs for July 24

Oklahoma business briefs for July 24, 2014
Oklahoman Published: July 24, 2014
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Oklahoma briefs

ONEOK increases dividend

ONEOK Inc. directors on Wednesday increased the company’s quarterly cash dividend by 1.5 cents per share, or 3 percent, to 57.5 cents per share. The dividend is payable Aug. 14 to shareholders of record as of Aug. 4. “We expect that increased distributions from ONEOK Partners, driven primarily by the partnership’s previously announced $6 billion to $6.4 billion capital-growth program through 2016, will enable ONEOK to continue increasing the dividend to our shareholders,” said Terry K. Spencer, president and chief executive officer of ONEOK. Since January 2006, the company has increased the dividend 19 times, representing a 311 percent increase during that period.

EARNINGS

Orchids Paper Products Co.

Orchids Paper Products Co. on Wednesday reported a second-quarter profit of $546,000, or 7 cents a share, down from $3.1 million, or 39 cents a share in the year-ago quarter. Net sales were $29.2 million, flat compared to the second quarter of 2013. “Despite a challenging sales environment in the first half of 2014 due to increased promotions on branded products affecting private label sales, and inventory reductions at our customers, our focus on product development, new distribution, operational efficiencies, and the Fabrica partnership has positioned us well for future growth and profitability,” CEO Jeff Schoen said.

From Staff Reports