Savaria increases its dividend by 4.3% to 48 cents a year (4 cents a month)
September 15 2020 - 5:05PM
Savaria Corporation (“Savaria”) (TSX: SIS) one of the global
leaders in the accessibility industry, announces today that its
Board of Directors approved an increase to the Corporation’s
monthly dividend, raising it from 3.8 cents ($0.0383) to 4 cents
($0.04) per common share, representing an increase of 4.3%. On an
annual basis, this represents an increase of 2 cents ($0.02),
raising the dividend to 48 cents ($0.48) per share. This increase
will apply to the dividends payable monthly starting on October 8,
2020 to shareholders of record of the Corporation at the close of
business on September 30, 2020. This is an eligible dividend within
the meaning of the Income Tax Act (Canada).
A Word from the President
“The global economic uncertainty stemming from COVID-19 forces
Savaria to be cautious about increasing its dividends. For the past
five years, we have increased our dividend from 20 cents in 2015 to
46 cents in 2019, representing a 26% average annual increase,“
stated Mr. Marcel Bourassa, President and Chief Executive
Officer of Savaria.
“We are proud to have been added to the S&P/TSX Canadian
Dividend Aristocrat index earlier this year. At this time, the
Corporation has a strong balance sheet, with little debt. More
importantly, in the first six months of 2020 we have realized $26.8
million in adjusted EBITDA, representing an 8.4% increase over the
same period in 2019 ($24.7 million). Our industry is really one
that remains essential to provide equipment for the growing need of
mobility issues and our “Stay at Home with SavariaTM” motto is
something we believe resonates with a worldwide audience. I thank
our employees for their contributions to our success through the
challenges of the pandemic,” concluded Mr. Bourassa.
About Savaria Corporation
Savaria Corporation (savaria.com) is one of the global leaders
in the accessibility industry. It provides accessibility solutions
for the physically challenged to increase their comfort, their
mobility and their independence. Its product line is one of the
most comprehensive on the market. Savaria designs, manufactures,
distributes and installs accessibility equipment, such as
stairlifts for straight and curved stairs, vertical and inclined
wheelchair lifts and elevators for home and commercial use. It also
manufactures and markets a comprehensive selection of pressure
management products for the medical market, medical beds for the
long-term care market, as well as an extensive line of medical
equipment and solutions for the safe handling of patients. In
addition, Savaria converts and adapts vehicles to be wheelchair
accessible. The Corporation operates a sales network of dealers
worldwide and direct sales offices in North America, Europe
(Switzerland, Germany, Italy, Czech Republic, Poland and United
Kingdom), Australia and China. Savaria employs approximately 1,430
people globally and its plants are located across Canada in Laval
and Magog (Québec), Brampton, Beamsville and Toronto (Ontario) and
Surrey (British Columbia), in the United States at Greenville
(South Carolina), in Huizhou (China), in Milan (Italy) and in
Newton Abbot (United Kingdom).
For further information: |
|
|
Marcel BourassaPresident and
Chief Executive Officer1.800.661.5112mbourassa@savaria.com |
Nicolas Rimbert, CFAVice
President, Corporate
Development1.800.931.5655nrimbert@savaria.com |
|
www.savaria.com
www.facebook.com/savariabettermobilitywww.twitter.com/Mobilityforlife
Forward-Looking Statements
This press release includes certain statements that are
“forward-looking statements” within the meaning of the securities
laws of Canada. Any statement in this press release that is not a
statement of historical fact may be deemed to be a forward-looking
statement. When used in this press release, the words “believe”,
“could”, “should”, “intend”, “expect”, “estimate”, “assume” and
other similar expressions are generally intended to identify
forward-looking statements. It is important to know that the
forward-looking statements in this document describe the
Corporation’s expectations as at the date hereof, which are not
guarantees of future performance of Savaria or its industry, and
involve known and unknown risks and uncertainties that may cause
Savaria’s or the industry’s outlook, actual results or performance
to be materially different from any future results or performance
expressed or implied by such statements. The Corporation’s actual
results could be materially different from its expectations if
known or unknown risks affect its business, or if its estimates or
assumptions turn out to be inaccurate. A change affecting an
assumption can also have an impact on other interrelated
assumptions, which could increase or diminish the effect of the
change. As a result, the Corporation cannot guarantee that any
forward-looking statement will materialize and, accordingly, the
reader is cautioned not to place undue reliance on these
forward-looking statements. Forward-looking statements do not take
into account the effect that transactions or special items
announced or occurring after the statements are made may have on
the Corporation’s business. For example, they do not include the
effect of sales of assets, monetizations, mergers, acquisitions,
other business combinations or transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made.
Unless otherwise required by applicable securities laws, Savaria
disclaims any intention or obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing risks and uncertainties
include the risks set forth under “Risks and Uncertainties” in
Savaria’s latest Annual MD&A as well as other risks detailed
from time to time in reports filed by Savaria with securities
regulators in Canada.
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