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COPPELL, Texas - Mannatech Inc.'s board has cut its quarterly dividend by 7 cents to 2 cents.
| MTEX | 2.48 |  -0.02 |
The dietary supplement and skin care product maker said Wednesday the dividend will be payable on Sept. 29 to stockholders of record as of Sept. 10.
"Reflecting our lower quarterly sales and recruiting, we believe it is financially prudent to adjust our dividend downward," said CEO Wayne Badovinus in a statement. "Strong liquidity is an important factor in our ongoing turnaround efforts and this action will make an important contribution."
In July, Mannatech said it would cut 60 jobs, or 15 percent of its work force, to reduce costs. It has posted three straight quarters of losses.
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