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A question on the feasability of continuted dividend payments of the magnitude Glatfelters had for the last decade. I noted in the 2002 10-K, that in the dividend payment section, new language (i.e., it wasn't in any of the F/S for the last 10 years) had been inserted, to the effect that dividends are paid at managements discretion, may not continue, &c., &c. Now, I've seen this before in other F/S, so in and of itself, not a big deal. But, in retiring a measure of debt last year, Glatfelter reduced it's cash on hand to approximately $30m (from ~$90m the year previous, if I recall correctly), which corresponds roughly to the amount paid last year in dividends. It seems that their significant dividend policy will be more difficult to maintain. Any thoughts on the ability/will of Glatfelter to continue it's excellent dividend policy? Any thoughts on the mindset of the new board members committment to this dividend policy? And last, any thoughts on recent downgrades of this stock, presicely because of a potential reduction in future dividends?
Thanks in advance.
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