HOUSTON –

Group 1 Automotive announced the specifics of its third quarter cash dividend, a practice the company had halted for more than a year.

Officials revealed late last week that they plan to pay 10 cents per share on Dec. 15 to stockholders of record as of Dec. 1.

“We are pleased to be able to reward our shareholders by reinstating a dividend,” stated Earl Hesterberg, Group 1’s president and chief executive officer.

“After suspending the dividend due to the economic uncertainty in February of 2009, we now feel that the economy is gaining strength and, based on Group 1’s operational results over the last several quarters, we are confident about the continuing recovery of the automotive retailing industry,” Hesterberg continued.

Group 1’s double-digit revenue lift during the third quarter — including substantial gains on the used-vehicle side — helped push the auto retailer’s quarterly earnings to a considerable increase.

Specifically, Group 1 had adjusted net income of $19.3 million, up 14.6 percent from $16.8 million in the year-ago period. Net income for the recent period was $19 million, compared with $18.3 million in the third quarter of 2009.

Group 1 reported $1.5 billion in net revenues, a 17.2-percent upswing from the year-ago period.