Black Diamond Group Limited Increases Dividend and Announces Initial 2014 Capital Expenditure Budget
CALGARY, ALBERTA--(Marketwired - Nov. 6, 2013) - Black Diamond Group Limited ("Black Diamond" or "the Company) (TSX:BDI) is pleased to announce its Board of Directors has approved an increase in its monthly dividend to $0.075. The increase is effective December 31, 2013 for payment to shareholders January 15, 2014. This represents a 7% increase in the Company's monthly dividend and is the sixth increase since its initial public offering in September 2006.
The Company also announces an initial 2014 capital expenditure budget of $100 million. The Company plans to expend the approved capital on organic growth opportunities with investment in its four business units. The Company anticipates it will fund the entire capex program from operating cash flow.
"We are pleased to be in a position to both increase our dividend and continue to fund our robust growth program from our operating cash flows," said Trevor Haynes, President and Chief Executive Officer. "We continue to see many opportunities to grow our business and this capital program will allow us to act on these opportunities accordingly."
About Black Diamond Group Limited
Founded in 2003, Black Diamond Group Limited is one of the fastest growing remote lodging, modular building and energy services companies worldwide. With its corporate head office located in Calgary, Alberta, Black Diamond provides world-class services to a full spectrum of industries including oil and gas, mining, power, construction, engineering, military, government and education.
Through its direct and indirect wholly-owned subsidiaries and its approximate 50% equity participation in certain Aboriginal limited partnerships, Black Diamond operates four complementary business units in seventeen strategic locations across Canada, the United States and Australia.
Black Diamond Structures rents and sells remote workforce housing and modular workspace solutions and provides associated services; Black Diamond Logistics provides turnkey lodging services, remote facility management and supply chain solutions; Black Diamond Energy Services rents and sells a complement of oilfield equipment and services and Black Diamond International rents and sells remote workforce housing and modular workspace solutions and provides associated services outside of North America.
Forward-Looking Statement Advisory
Certain information in this news release contains forward-looking statements including, without limitation, future dividend levels, the amount of funds that will be expended on the 2014 capital expenditure budget, the anticipated use of proceeds of the 2014 capital expenditure budget and the planned method of funding the 2014 capital expenditure budget. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Black Diamond's control including, without limitation, the risk that Black Diamond will spend a different amount of funds on the 2014 capital expenditure budget, that Black Diamond will fund and/or expend the 2014 capital expenditure budget in a different manner than that indicated, that Black Diamond will not generate sufficient cash from operations to fund the entire capital expenditure program, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect Black Diamond's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Black Diamond's website (www.blackdiamondgroup.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
President and Chief Executive Officer
(403) 264-9281 (FAX)
Black Diamond Group Limited
Interim Executive Vice President and Chief Financial Officer
(403) 264-9281 (FAX)