ORIGINAL: Savaria Increases Its Dividend by 17%, and Provides an Update to Its 2018 Guidance and New Forecasts for 2019

2018-09-20 08:00 ET - News Release

LAVAL, Qubec, Sept. 20, 2018 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria”) (TSX: SIS) announces today that its Board of Directors has approved a 17% increase to its monthly dividend, raising it to 3.5 cents per month from 3.0 cents. On an annual basis, this represents an increase of 6 cents and raises its dividend to 42 cents per share. This increase will apply to the dividends payable monthly starting on October 16, 2018 to shareholders of record of the Corporation at the close of business on October 2, 2018. This is an eligible dividend within the meaning of the Income Tax Act.

Having closed the acquisition of Garaventa Lift, Savaria is now forecasting revenue of CAD$ 285 million and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA*”) in a range of CAD$ 44 million to CAD$ 45 million for 2018. For 2019, Savaria preliminarily forecasts revenue of CAD$ 400 million and adjusted EBITDA* in a range of CAD$ 60 million to CAD$ 62 million, excluding any new acquisitions.

“Our financial position following the acquisition of Garaventa Lift remains strong, and we are optimistic about the growth of our industry supported by the aging of the population and the need of our products to improve mobility. I would also like to express my gratitude to our employees for their devotion and hard work,” said Marcel Bourassa, Chairman, President and Chief Executive Officer of Savaria.