SOURCE: Leggett & Platt, Incorporated

February 19, 2009 12:09 ET

Leggett & Platt Announces Quarterly Dividend

CARTHAGE, MO--(Marketwire - February 19, 2009) - Leggett & Platt (NYSE: LEG)

--  1Q dividend is $.25 per share
--  Indicated dividend yield is 8.0% (based on yesterday's $12.45 closing
    stock price)
    

Leggett & Platt's Board of Directors announced a dividend of $.25 per share for the first quarter. The dividend will be paid on April 15, 2009 to shareholders of record on March 13, 2009.

Chairman of the Board, Richard T. Fisher, stated, "Leggett & Platt continues to view dividends as a key element of its goal to consistently achieve Total Shareholder Return (TSR(1)) within the top one-third of the S&P 500. The company is proud of its 37-year record of dividend increases, and hopes to extend that record well into the future."

The company believes that 2009 cash flow from operations should exceed $300 million, and be more than sufficient to fund the estimated $255 million needed for capital expenditures and dividends. Leggett's financial position is strong, with: i) net debt-to-capital well below the company's long-term target range of 30%-40%, ii) no significant long-term debt maturing until 2012, and iii) more than $500 million available under the company's existing commercial paper program and revolver facility.

FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.

COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in most homes, offices, and automobiles. The company serves a broad suite of customers that comprise a "Who's Who" of U.S. manufacturers and retailers. The 126-year-old firm's continuing operations are composed of 20 business units, 20,000 employee-partners, and approximately 160 manufacturing facilities located in 18 countries.

Leggett & Platt is North America's leading independent manufacturer of: a) components for residential furniture and bedding; b) components for office furniture; c) drawn steel wire; d) automotive seat support and lumbar systems; e) carpet underlay; f) adjustable beds; and g) bedding industry machinery.

FORWARD-LOOKING STATEMENTS: Statements in this release that are not historical in nature are "forward-looking." These statements involve uncertainties and risks, including the company's ability to improve operations and realize cost savings, price and product competition from foreign and domestic competitors, changes in demand for the company's products, cost and availability of raw materials and labor, fuel and energy costs, future growth of acquired companies, general economic conditions, foreign currency fluctuation, litigation risks, and other factors described in the company's Form 10-K. Any forward-looking statement reflects only the company's beliefs when the statement is made. Actual results could differ materially from expectations, and the company undertakes no duty to update these statements.

(1) TSR = (Change in Stock Price + Dividends Received) / Beginning Stock Price

Contact Information

  • CONTACT:
    Investor Relations
    (417) 358-8131
    Email Contact

    David M. DeSonier
    Vice President of Strategy and Investor Relations

    Susan R. McCoy
    Director of Investor Relations