East Rutherford, NJ-based CCA Industries Inc. has engaged PNC Capital Markets Inc. as the company’s financial advisor to assist the board of directors’ consideratin of a full range of strategic alternatives, company executives added. The company’s goal is to enhance shareholder value through a potential strategic alliance, joint venture, merger, acquisition or sale of the company. “We have been committed to optimizing shareholder value since CCA was formed in 1983,” said executive vice president Ira W. Berman. “However, we do not believe that our accomplishments are adequately reflected in CCA’s share price.”
In other news, the company an-nounced that its board of directors has approved a $0.12 per share cash dividend payable to all holders of shares of the company’s common stock. They added that $0.06 is payable to shareholders of record on April 1, payable May 1 and $0.06 is payable to shareholders Nov. 1, payable Dec. 1. This is the first dividend ever declared by CCA since it became a public company, executives said. The dividend will not be paid to the holders of the Class A stock.