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FOR IMMEDIATE RELEASE:
July 31, 1998
AMERICAN CAPITAL DECLARES DIVIDEND OF $0.32 PER SHARE, A 10% INCREASE FROM THE PRIOR QUARTER
BETHESDA, Md., July 31 /PRNewswire/ -- American Capital (Nasdaq:ACAS), announced today that its Board of Directors has declared a third quarter dividend of $0.32 per share payable on September 30, 1998, to record holders as of September 18, 1998. This dividend is a 10% increase over the previous quarter and a 52% increase over its first dividend as a public company in December 1997.
American Capital CFO John Erickson commented, ``We are extremely pleased to have generated strong results that have allowed us to increase the dividend by 52% over the course of the first twelve months of operations as a public company. The current dividend is in line with our plan and is estimated to be distribution of ordinary income.''
Analyst Vernon Plack of Scott & American Capital provides the estimated tax characteristics of its dividend on a quarterly basis and those estimates are subject to recharacterization. The actual tax characteristics will be reported to each shareholder on form 1099 in January.
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