AutoCanada Inc. - Declares Quarterly Dividend

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[{"type":"text","content":"\n\n\n\nAutoCanada Inc. - Declares Quarterly Dividend\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAutoCanada Inc. - Declares Quarterly Dividend\nCanada NewsWire\nEDMONTON, Feb. 19, 2016\n\n\n\nEDMONTON, Feb. 19, 2016 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX:ACQ) announced today that the Board of Directors has declared a quarterly eligible dividend of $0.25 per common share on AutoCanada's outstanding Class A common shares, payable on March 15, 2016 to shareholders of record at the close of business on February 29, 2016. The quarterly eligible dividend of $0.25 represents an annual dividend rate of $1.00 per common share.\n\nMr. Tom Orysiuk, President & Chief Executive Officer stated that \"We continue to closely monitor the economic environment in our key markets and the automotive environment in the Canadian economy generally, and Alberta in particular, suggests that fiscal 2016 will be more challenging than the previous year from a retail perspective. The increase in unemployment levels and erosion of consumer confidence will likely continue throughout the year. One positive outcome of this challenging environment is the likelihood that good acquisition opportunities will come available which bring long-term shareholder value. To ensure that we have the ability to take advantage of these potential opportunities, we have embarked on a number of initiatives including the reduction of capital expenditures for fiscal 2016 by $34 million dollars compared to what we reported in November 2015, as well as a cost reduction plan which is intended to result in $15 million in annualized savings. Throughout fiscal 2015 all except two of our dealerships were profitable though in the case of our Western Canadian dealerships some were at significantly reduced levels as compared to previous years. Our plan for 2016 is prudent management of the business in a manner that maintains a strong and conservatively managed balance sheet, while meeting all of our capital requirements and providing the necessary capital to take advantage of buying opportunitie...

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