Laval, Québec, Canada – September 16, 2022 – Savaria Corporation (“Savaria”) (TSX: SIS) one of the global leaders in the accessibility industry, announces today that its Board of Directors has approved an increase to the Corporation’s monthly dividend, raising it to 4.33 cents ($0.0433) per common share. On an annual basis, this represents an increase of two cents ($0.02) or 4%, raising the dividend to 52 cents ($0.52) per common share. This increase will apply to the dividends payable monthly starting on October 7, 2022, to shareholders of record of the Corporation at the close of business on September 29, 2022. This is an eligible dividend within the meaning of the Income Tax Act (Canada).
A Word from the President
“This dividend increase reflects our confidence in delivering sales growth and profitability in the coming years, while maintaining ample balance sheet flexibility to pay down our debt and invest in growth opportunities as they arise. Despite the challenges posed by a global pandemic and inflation, Savaria designs, manufactures and distributes products that fill a growing global need. The population of people aged 65 and over is growing faster than any other age group, and by 2030, it’s expected that 1.4 billion people will be 60 or older. Mobility issues follow this trend and people will need products for an accessible home and public spaces. With our distribution in over 40 countries, we currently deliver a product at a rate of every two minutes around the world. Together with our 2,250 employees, we remain confident in our goal to deliver sales of over $1 billion by the end of 2025. I thank them for their contribution to our success in meeting the challenges of the pandemic” said Marcel Bourassa, President and CEO of Savaria.
About Savaria Corporation
Savaria Corporation (savaria.com) is a global leader 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, including ceiling lifts and slings. In addition, Savaria converts and adapts vehicles for personal and commercial uses. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic), Australia and China. Savaria employs approximately 2,250 people globally and its plants are located across Canada, the United States, Europe and China.
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For further information:
Marcel Bourassa |
Stephen Reitknecht, CPA, CA |
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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.