WOODSTOCK, ON, January 19, 2011 /CNW/ - The Board of Directors of Contrans Group Inc. ("Contrans") (TSX Symbol CSS) announced today that it has declared a dividend of $0.08 per outstanding Class A Subordinate Voting Share and Class B Multiple Voting Share, in respect of the fourth quarter of 2010, payable on February 15, 2011 to shareholders of record at the close of business on January 31, 2011.
Contrans also announced today its intention to increase its quarterly dividend for 2011 to $0.10 per share, a 25% increase. "The Company has delivered positive results in 2010 and has a healthy balance sheet that has us well positioned for growth," stated Stan G. Dunford, Chairman and Chief Executive Officer. "Accordingly, the Board of Directors has determined that an increase in dividends is appropriate."
For Canadian resident shareholders the dividend declared above is designated as an "eligible dividend" for purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.
Contrans has been providing freight transportation services since 1985. With approximately 1,200 power units and 2,200 trailers under management, Contrans is one of the largest freight transportation companies in Canada.
SOURCE Contrans Group Inc.
For further information: Stan G. Dunford, Chairman and Chief Executive Officer, or Greg W. Rumble, President and Chief Operating Officer, Phone: 519-421-4600, E-mail: email@example.com, Web site: www.contrans.ca