WOODSTOCK, ON, Jan. 15, 2014 /CNW/ - The Board of Directors of Contrans Group Inc. ("Contrans") (TSX Symbol CSS) announced today that it has declared a dividend of $0.125 per outstanding Class A Subordinate Voting Share and Class B Multiple Voting Share, in respect of the fourth quarter of 2013, payable on February 14, 2014 to shareholders of record at the close of business on January 31, 2014. In addition, Contrans' Board of Directors announced today its intention to increase its dividends by 20% commencing with the Company's next quarterly dividend.
"We are committed to providing Contrans' shareholders with dividends that reflect the Company's financial performance," stated Mr. Dunford. "Contrans has continued to generate solid operating results and has also enhanced the sustainability of its earning power with growth into the niche markets. In light of the Company's financial performance and strong financial position, the Board of Directors believes that it would be appropriate to increase the Company's annual dividend rate from $0.50 per share to $0.60 per share."
For Canadian resident shareholders the dividend declared above 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.
Contrans has been providing freight transportation services since 1985. With approximately 1,500 power units and 2,600 trailers under management, Contrans is one of the largest freight transportation companies in Canada.SOURCE Contrans Group Inc.