CAMBRIDGE, ON, Jan. 9, 2014 /CNW/ - COM DEV International Ltd. (TSX:CDV) today announced that its Board of Directors has determined that it intends to revise the Company's dividend policy, and accordingly, will seek shareholder approval at the upcoming Annual General Meeting of shareholders, of any matters required by regulation, to allow implementation of a quarterly dividend of $0.03 per share, subject to any other necessary approvals.
"COM DEV has had strong growth in its cash position over the past several years and we are confident in the stability of our core business," said Michael Pley, CEO of COM DEV International. "The dividend we are planning to put in place will provide a return to our shareholders while maintaining sufficient resources to continue to grow our business."
"We are very pleased to be able to implement this dividend policy," added Terry Reidel, Chairman of COM DEV International. "This is a reflection of our desire to provide a balanced strategy of ongoing shareholder return with continued long term growth of the business."
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading global provider of space hardware and services. The company has a staff of 1,300, annual revenues of $215 million, and facilities in Canada, the United Kingdom and the United States. COM DEV designs, manufactures and integrates advanced products, subsystems and microsatellites that are sold to major satellite prime contractors, government agencies and satellite operators, for use in communications, space science, remote sensing and defence applications. The company has won contracts to supply its equipment on over 900 spacecraft. COM DEV's majority-owned subsidiary, exactEarth Ltd., provides satellite data services for global maritime surveillance.
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements may include financial and other projections, as well as statements regarding COM DEV's future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. COM DEV uses words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by COM DEV in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors COM DEV believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to COM DEV's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause COM DEV's actual results, historical financial statements, or future events to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: uncertainty in the global economic environment; fluctuations in currency exchange rates; delays in the purchasing decisions of COM DEV's customers; the competition COM DEV faces in its industry and/or marketplace; and the possibility of technical, logistical or planning issues in connection with the deployment of COM DEV's products or services.
The triangular logo and the word COM DEV are each registered trademarks and the property of COM DEV Ltd. All rights reserved.
SOURCE: Com Dev International Ltd.
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