Dividends were pared back in 2003 to $0,25 a share the lowest dividend since 1990 . in 2004. The board of directors declared a payout of $0.25 a share. Despite reporting the largest per-share earnings loss in the firm’s history and despite, in effect , having to borrow to play that dividend. In the first two quarters of 2005 , the directors did not declare a dividend. In a special letter to shareholder, however, the directors declared their intention to continue the annual payout later in 2005