Shareholders of Fay's Drug Co. Inc. on Tuesday voted to change the company's name to Fay's Inc. The Liverpool, N.Y.-based company also declared a 10 percent stock dividend to be distributed July 3 to shareholders of record June 15.
The stock dividend will precede Fay's regular common-stock cash dividend of 5 cents a share, which is to be paid July 14 to shareholders of record June 30.
The combined moves in effect increase by 10 percent the cash payout for those who own Fay's shares as of June 15.
Fay's earned a record $10.01 million, or 73 cents a share, on record sales of $526.63 million during the fiscal year ended Jan. 31.