EVANSVILLE, Ind. — Atlas World Group stockholders will receive the first dividend from the company marking a huge financial milestone for the firm that posted record revenues in 2004.
Evansville-based Atlas World Group — the parent company of Atlas Van Lines, the nation's second largest van line — is owned by 61 stockholders operating 161 agent locations. The dividend payout is the first one since the company returned to agent ownership in 1988.
"This is a great way to return money to our stockholders, and it is solid evidence that Atlas is achieving its financial objectives," said Mike Shaffer, Atlas Chairman and CEO. "However, the dividend should not be seen as a sign of a slowdown in our plans for expansion. We're still very focused on strategic growth, both organically and through strategic partnerships and acquisitions."
The amount — which was not disclosed — and the timing of the dividend are based on Atlas World Group's record revenue of $860 million in 2004. An improving U.S. economy and an upswing in relocation business contributed to the upward trend in revenue. In connection with the announcement of the dividend payment, Atlas World Group advised stockholders that it will consider declaring dividends each fall, based upon profitability.
Atlas went public in the early 1980s but in 1984 was purchased by an outside concern in response to a hostile takeover bid. In September 1988, a group of Atlas agents repurchased the company, and it remains today one of the few agent-owned van lines in the industry. In 1994, Atlas World Group, Inc. was formed as the holding company for Atlas and its subsidiaries.
Atlas World Group companies employ more than 700 people throughout North America. More than 600 Atlas agents in the United States and Canada specialize in corporate employee relocation and in the transportation of high-value items such as electronics, fine art and new fixtures and furniture. Visit www.atlasworldgroup.com for more information on the company and Atlas agents.