TORONTO, ONTARIO--(Marketwired - March 25, 2014) - AlarmForce Industries Inc. (TSX:AF) announces today that its Board of Directors have declared a special dividend of $0.60 per share payable on May 20, 2014 to all shareholders of record at the close of business on April 30, 2014.
Anthony Pizzonia, interim President and Chief Executive Officer said, "We believe this special dividend is the best utilization of the company's strong cash position. Along with our regular dividend, this return of cash to shareholders reinforces the strength of our performance, our healthy cash balances, and our ability to grow the company through cash flows from operations."
For Canadian resident shareholders, this dividend 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.
AlarmForce provides security alarm monitoring, personal emergency response monitoring, video surveillance and related services to residential and commercial subscribers throughout Canada and the United States. More information about the Company's products and services can be found at www.alarmforce.com.
EBITDA is defined as earnings before interest expenses, income taxes, depreciation and amortization. EBITDA is a key measure used in the security industry to assist in understanding and comparing operating results and is often referred to by our competitors. Management views EBITDA as a measure to assess the operating performance of the Company. Yet, since it does not have any standardized meaning defined by IFRS, it may not be considered in isolation of IFRS measures such as net income/loss or cash flows, as a measure of liquidity. The Company, however, utilizes these measures in making operating decisions and assessing its performance. Management believes that it allows the Company to assess its ongoing business without the impact of depreciation or amortization expenses. Since EBITDA is not a defined term under IFRS, it is unlikely to be comparable to similar measures presented by other issuers.