In the first quarter of 2009, the number of U.S. companies decreasing dividends surpassed the amount of increases at a record rate, according to data compiled by Standard & Poor's index services group.

In fact, the number of companies reducing dividends in the opening three months of the year hadn't been reached since S&P started keeping such data in 1955, says Howard Silverblatt, the firm's senior index analyst.

"The mammoth $77 billion reduction in dividend payments during the first quarter is eye popping. The full impact of these cuts will be felt this quarter, when the dividend check is sent in the mail," he said in a statement on Tuesday releasing the latest figures.

Out of some 7,000 public companies tracked by S&P, a record 367 dropped dividend payments in the first quarter. That compared to 83 firms decreasing dividends in the first quarter of 2008.

Adding to the sour news was that a record-low 283 companies said during Q1 that they planned to increase dividend payouts later in the year. That represented a 52.7% falloff from Q1 of 2008.

"While the number of dividend decreases is at a record high, the number of increases has set a new record low. Since 1955, the average has been 15 increases for every decrease. Now its three increases for every four decreases," noted Silverblatt.

He added that the bulk of the dividend cuts probably have come for this year. "However, the true test comes in August and September when companies start to review their 2010 budget and expenses. If they don't feel comfortable that they will have a stronger 2010, we might be in for another round of cuts," said Silverblatt.

Source: Standard & Poor's Index Services