Savaria Changes its Dividend Policy and Moves from an Annual to a Quarterly Dividend
15 Mai 2013 - 5:00PM
Marketwired
Savaria Corporation (TSX:SIS), North America's leader in the
accessibility industry, announced today that it changed its
dividend policy and declared a quarterly dividend of two cents ($
0.02) per common share.
Having declared an annual dividend for nine consecutive years,
at an average of 9 cents per share in the last four years, the
Board of Directors of Savaria approved the change of its dividend
policy so dividends are now reported on a quarterly basis, to the
amount of two cents ($ 0.02) per common share. The dividend related
to the fourth quarter will be adjusted to reflect the policy of the
Corporation, which is to declare a total dividend to an amount of
50% of net income before income tax, depreciation and amortization
for a given fiscal year.
The first quarterly dividend is payable on June 11, 2013 to
shareholders of record of the Corporation at the close of business
on May 28, 2013. This is an eligible dividend within the meaning of
the Income Tax Act.
A Word from the President
"The change in our dividend policy is another important
milestone in the history of Savaria. The payment of a recurring
dividend year after year shows that the Corporation has the ability
to generate cash flow, and this, every year for the last nine
years", declared Marcel Bourassa, President and Chief Executive
Officer of Savaria.
Savaria Corporation (savaria.com) is North America's leader in
the accessibility industry focused on meeting the needs of people
with mobility challenges. Savaria designs, manufactures, installs
and distributes primarily elevators for home and commercial use, as
well as stairlifts and vertical and inclined platform lifts. In
addition, it converts and adapts wheelchair accessible automotive
vehicles and offers scooters and motorized wheelchairs. The
diversity of its product line, one of the world's most
comprehensive, enables the Corporation to stand out by proposing an
integrated and customized solution for its customers' mobility
needs. Its operations in China have substantially grown since 2006
and the collaboration with Savaria's other Canadian facilities
increases its competitive edge in the market place. The Corporation
records slightly over 50% of its revenue outside Canada, primarily
in the United States. It has a sales network of some 600 retailers
in North America and employs some 360 people at its head office in
Laval and at its plants in Montreal (Quebec), Brampton and London
(Ontario), Calgary (Alberta) and Huizhou (China).
Forward looking statements
Certain statements may constitute forward-looking statements.
Such forward-looking statements involve risks, uncertainties and
other factors, which may cause actual results, performance or
achievements of the Corporation to be materially different from
future results, performance or achievements expressed or implied by
such forward-looking statements.
Contacts: Helene Bernier, CPA, CA Vice-President, Finance
1-800-931-5655, ext. 248helene.bernier@savaria.com Marcel Bourassa
President and Chief Executive Officer
1-800-661-5112marcel.bourassa@savaria.com www.savaria.com
Savaria (TSX:SIS)
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