In a move that will save the company about $1.8 million a year, the Preston Corp. slashed its dividend yesterday from 12 1/2 cents to 3 cents a quarter.
The Eastern Shore-based owner of the Preston Trucking Co. and other transportation companies hasn't made money in two years.
Declines in shipping tonnage caused Preston to lose $733,000 in its first fiscal quarter of 1991. It lost $18.7 million in all of 1990 and $850,000 the year before.
Ross Whealton, a spokesman for the trucking company, said that Preston's board of directors made the decision at a special meeting in order to save capital and make the company's dividend payout similar to that of competing companies.