OKLAHOMA CITY, Dec. 20, 2004 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) today announced that it will not declare or pay the cash dividend due on January 15, 2005 on its outstanding 12-1/4% Senior Exchangeable Preferred Stock or the February 1, 2005 cash dividend on its outstanding 13% Senior Exchangeable Preferred Stock. Unpaid dividends will accrue interest at the stated dividend rates, compounded quarterly.
This is the second quarterly deferral on dividends for the two preferred stock issues. Holders of each of these two classes of preferred stock separately have the right to elect two new directors to Dobson's board if dividends on their respective class are in arrears and unpaid for four quarterly dividend periods (whether consecutive or not).
Dobson Communications is a leading provider of wireless phone services to rural markets in the United States. Headquartered in Oklahoma City, the Company owns wireless operations in 16 states. For additional information on the Company and its operations, please visit its Web site at www.dobson.net.