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TORONTO--(BUSINESS WIRE)--Magellan Aerospace Corporation ("Magellan Aerospace") (TSX: MAL) announced today that its Board of Directors declared a quarterly cash dividend of $0.08 (eight cents) per share on the Corporation’s common shares, a decrease of $0.025 (two and half cents) from the quarterly dividend paid in the fourth quarter of 2021. The ongoing COVID-19 pandemic, continued low production levels largely related to wide-body aircraft, and supply chain and labour constraints negatively impacted the Corporation’s operation in the first quarter of 2022. In light of these operational challenges, the dividend level has been reduced but a dividend was still declared given the Corporation’s strong balance sheet and cash reserves. The Board of Directors of the Corporation continues to review its dividends on a quarterly basis for more visibility of recovery, and ensure that the dividend declared balances the return of capital to shareholders while maintaining adequate financial flexibility and investment in growth initiatives. The dividend is payable on June 30, 2022, to stockholders of record at the close of business on June 16, 2022.