March 13, 2009 (FinancialWire) -- Jackson Hewitt Tax Service Inc.'s (NYSE: JTX) (Current Market Cap: US$90.98 Mil.) overall board has voted to suspend the company's $0.18 per share quarterly common stock dividend. The company said that the action will enable it to incrementally retain just over $20 million per year.

Company CEO Michael C. Yerington said, "By conserving capital, enhancing liquidity and strengthening our balance sheet, the suspension of our dividend will provide us with additional resources to devote to our plans to improve our performance, including the development of an online presence and the expansion of our retail distribution base."

In a statement, Jackson Hewitt's board said it would consider reinstating a common stock dividend "when the company's balance sheet and overall financial strength have improved."

Parsippany, new Jersey-based Jackson Hewitt Tax Service provides individual federal and state income tax return preparation through 6,600 franchised and company-owned offices throughout the United States.

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