TORONTO, Dec. 15 /CNW/ - Pareto Corporation (TSX: PTO), a leading shopper marketing company, today announced that its Board of Directors has declared a quarterly dividend of $0.015 per issued and outstanding common share. The dividend will be payable on January 15, 2010, to shareholders of record at the close of business on December 31, 2009.
In addition, the Company also declared a special cash dividend of $0.04 per share, payable on January 15, 2010 to shareholders of record as of December 31, 2009. The special cash dividend is not indicative of future performance. The Company currently estimates that ongoing quarterly dividends will be maintained at $0.015 per issued and outstanding common share.
"We are pleased to be able to provide a return to our shareholders through the payment of this special dividend. Having demonstrated the ability to deliver improved earnings and steady cash flow in very difficult market conditions, we believe this is the appropriate strategy for the company at this time," said Kerry Shapansky, Pareto's President and CEO. "In addition to our focus on organic growth, we will continue to evaluate potential acquisition opportunities as they arise and maintain the financial capacity necessary to complete suitable transactions that complement our existing business."
Pareto advises that these dividends are designated as an "eligible dividend" as defined in subsection 89(1) of the Income Tax Act (Canada) and corresponding provincial legislation.
About Pareto Corporation
Pareto Corporation is Canada's leading shopper marketing firm. Pareto offers shopper marketing solutions to leading companies across a broad range of industry sectors. Our success is based on our proven ability to drive measurable increases in our clients' sales by enhancing the shopper experience and influencing consumer behaviour. We provide quantifiable services that complement our clients' marketing and sales departments. For more information, please visit our website at www.pareto.ca.
This press release contains forward-looking statements related to expected future events and financial operating results of Pareto that involve risks and uncertainties. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed from time to time in Pareto's SEDAR filings.
SOURCE PARETO CORPORATION
For further information: For further information: Kerry Shapansky, President and Chief Executive Officer, Pareto Corporation, (416) 790-2350; Karen Trudell, Chief Financial Officer, Pareto Corporation, (416) 790-2360; Glen Williams, Investor Relations, Equicom Group, (416) 815-0700 ext 272