Savaria Corporation
TSX : SIS

Savaria Corporation

October 31, 2006 11:38 ET

Savaria Raises Dividend

LAVAL, QUEBEC--(CCNMatthews - Oct. 31, 2006) - The Board of Directors of Savaria Corporation (TSX:SIS), the second largest company in the accessibility industry in North America, is pleased to announce a change in the Corporation's dividend policy. The Board has voted in favour of henceforth paying to shareholders an annual dividend equivalent to 50% of the previous year's earnings before income taxes, depreciation and amortization. Instituted in June 2005, the former dividend policy provided for the payment of 25% of the prior year's net earnings.

In this regard, Marcel Bourassa, the Corporation's President and Chief Executive Officer, explained: "We are pleased that the company's strong cash position allows us both to increase the dividend to shareholders while continuing to invest in future growth."

Savaria Corporation (www.savaria.com) is Canada's leader and the second largest accessibility company in North America. The Corporation designs, manufactures and distributes products, meeting the needs of people with mobility challenges, mainly stairlifts, vertical and inclined platform lifts, as well as elevators for residential and commercial use. Savaria's annualized sales of close to $65 million rely on a network of over 600 retailers in North America. The Corporation records close to 60% of its sales outside Canada and employs some 400 people.

Contact Information

  • Savaria Corporation
    Marcel Bourassa
    Chairman of the Board, President and Chief Executive Officer
    1-800-931-5655
    www.savaria.com