OKLAHOMA CITY-Dobson Communications Corp. said Friday it won’t make cash dividend payments on two preferred classes of stock.
The carrier said it will miss payments on dividends due July 15 on outstanding 12.25-percent senior exchangeable preferred stock, as well as an Aug. 1 payment on 13-percent senior exchangeable preferred stock. Unpaid dividends will accrue interest at those rates compounded quarterly, Dobson said.
The move marks the fourth quarterly deferral on dividends for the two classes of stock. Dobson previously deferred two semi-annual dividends on its Series F convertible preferred stock.
Shares of Dobson dipped slightly on the Nasdaq Friday morning, trading at $4.23 by mid-day after opening at $4.47. The stock has more than doubled in the last month and has climbed steadily since plummeting to $1.02 last August.
