Big Revenue Increase, Stock Split for Toromont

TORONTO — Toromont, Caterpillar dealer for Ontario, Manitoba, Newfoundland, Nunavit and Labrador, last month reported revenue of U.S. $285.1 million in the fourth quarter, up 17 percent year over year. Toromont said the period ended Dec. 31, 2003, was its 11th consecutive quarter of double-digit revenue growth.

The company also announced that its board of directors approved a two-for-one stock split of the company's outstanding common shares and also approved an 18-percent increase in Toromont's quarterly cash dividend.

The two-for-one stock split will take the form of a stock dividend. Shareholders will receive one additional common share for each common share held. The stock dividend will be payable on April 14, 2004, to shareholders of record at the close of business on April 5, 2004.

In addition, a quarterly cash dividend of 13 cents per share pre-split, to be paid on April 1, 2004, to shareholders of record at the close of business on March 18, 2004, was declared by the company's board of directors.

This is Toromont's third increase in its cash dividend in the past 12 months, the 15th consecutive annual dividend increase and the 36th consecutive year of cash dividend payment.

Toromont is the parent company of Hamilton, Ontario-based Battlefield Equipment, No. 23 on the RER 100.

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