Conrad Industries Announces Special Cash Dividend of $2.00 Per Share ($CNRD)

Press release from Conrad:

"Conrad Industries, Inc. announced today that its Board of Directors declared a special cash dividend of $2.00 per common share. The special cash dividend is payable to shareholders of record on December 24, 2012, and is expected to be paid on or about December 31, 2012. Johnny Conrad, Co Chairman and CEO commented, 'The decision to pay this one-time special cash dividend by our Board of Directors' is indicative of our confidence in the company’s financial strength.'"

That's a 10.5% dividend on yesterday's closing price... pretty big. The stock is up about 4 percent today.

I prefer share buybacks to dividends, but returning surplus capital to shareholders is always good.