EXTON, Pa.--(BUSINESS WIRE)--Innovative Solutions & Support, Inc. (NASDAQ:ISSC) (the “Company”) today announced that its Board of Directors has declared a special cash dividend in the amount of $1.50 per share. The dividend will be payable on or about December 27, 2012 to shareholders of record as of the close of business on December 17, 2012. The aggregate amount of the payment to be made in connection with the dividend will be approximately $24.9 million.
Geoffrey S.M. Hedrick, the Company’s Chief Executive Officer commented: “We are pleased to return approximately $24.9 million to our shareholders through this special dividend. The Company has a strong cash position that the Company believes will be sufficient to fund the day to day operations of the business. In addition, absent legislative action, there may be potential significant increases in tax rates on dividends beginning next year. As a result, the Board of Directors, taking into consideration these potential significant tax rate increases, has declared a special dividend in order to return value to our shareholders.”
About Innovative Solutions
Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEM’s) and retrofit applications. The company supplies integrated Flight Management Systems (FMS) and advanced GPS receivers for precision low carbon footprint navigation.
Certain matters contained herein that are not descriptions of historical facts are “forward-looking” (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflects management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.