Laval, Quebec, May 15, 2013– 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.
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For more information, please contact:
Helene Bernier, CA
Vice-President, Finance
1-800-931-5655, ext. 248
www.savaria.com
Marcel Bourassa
Chairman of the Board, President and
Chief Executive Officer
1-800-661-5112