West Marine issues first quarterly dividend

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West Marine said its board declared a cash dividend of 5 cents a share on issued and outstanding shares of common stock.

The dividend is payable May 25 to stockholders of record as of the close of business on May 11. The ex-dividend date is May 9.

The company said it expects to continue the dividend on a quarterly basis for the foreseeable future.

“With the payout of this quarterly dividend, the first in West Marine’s history since going public in 1996, we expect to return approximately $5 million to our stockholders annually,” West Marine CEO Matt Hyde said in a statement. “We are pleased to offer a dividend to our stockholders as we continue to generate strong cash flow driven by our improved generation of cash from operations.”

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