March 18--Tribune Publishing declared a quarterly dividend of 17.5 cents per share after the market close Tuesday.
The dividend will be payable on May 15 to shareholders of record as April 15.
"Tribune Publishing is pleased to declare this quarterly dividend, our second since becoming a public company, Tribune Publishing CEO Jack Griffin said in a statement. "It reflects our capital allocation strategy of returning cash to shareholders as we reduce debt and maintain a strong balance sheet and cash flow liquidity."
The dividend, approved by the Tribune Publishing board, was announced nearly two weeks after the company reported earnings of $15 million, or 60 cents per share, for the fourth quarter.
Tribune Publishing previously paid a dividend of 17.5 cents per share in December.
The dividends pay out about $4.5 million to shareholders per quarter. The board will determine whether to pay out future dividends on a quarterly basis, a spokeswoman said Tuesday.
Tribune Publishing had $36.7 million in cash at the end of 2014, according to financial records.
Los Angeles-based Oaktree Capital Management, a senior creditor in the protracted Tribune Co. bankruptcy, is the largest Tribune Publishing shareholder with about 18.5 percent of the equity.
Tribune Publishing, which includes the Chicago Tribune, Los Angeles Times and eight other daily newspapers, spun off from Tribune Media (formerly Tribune Co.) in August.
rchannick@tribpub.com
