PORT HOPE, ON, Nov. 9 /CNW/ - Viceroy Homes today announced that the Company intends to reduce its quarterly dividend from $0.075 to $0.05, reflecting the weak Japanese Yen and its negative impact on the competitiveness of the Canadian house package product.
"Despite sales growth in North America, Japan continues to be Viceroy's largest market, where we have experienced a significant reduction of incoming orders, primarily due to the weak Japanese Yen," said Gaylord Lindal, President, Chairman and CEO of Viceroy Homes. "Our cash position remains strong, we have no debt and we are optimistic about the sales growth we are seeing in several key markets, however with the uncertainty inJapan, Viceroy's Board of Directors determined that it would be prudent to reduce the dividend somewhat, for the time being."
The dividend adjustment will take effect in the third quarter of fiscal 2007.
The dividend of $0.05 per share on the outstanding Class A Subordinate Voting Shares and Class B Multiple Voting Shares of the Corporation is hereby declared payable on the 1st day ofDecember 2006, to the shareholders of record as at the close of business on the 22nd day of November 2006.
Founded 51 years ago, Viceroy Homes is a leader in pre-engineered housing that offers high quality building designs and materials combined with lower cost and reduced on-site construction time. Viceroy is the largest supplier of Canadian housing technology to a growing export market providing superior housing solutions for builders and developers around the world. The Company has vertically integrated manufacturing facilities located in Ontario and British Columbia. Viceroy's Class A Subordinate Voting Shares trade on theToronto Stock Exchange under the symbol VHL.A.
Register now to receive Viceroy Homes' news releases by email.
Simply visit the Investor Relations section at www.viceroy.com
For further information: William R. Simpson, Vice-President, Finance and Secretary-Treasurer, (905) 885-8600 - Ext. 220; www.viceroy.com