Chorus Aviation Inc. Initiates Quarterly Dividend
HALIFAX, NS, June 25, 2025 /CNW/ - Chorus Aviation Inc. (TSX: CHR) (" Chorus") today announced the declaration of a cash dividend of $0.08 per Class A Variable Voting and Class B Voting Share (collectively, the " Shares"), payable on August 15, 2025 to shareholders of record at the close of business on July 31, 2025.
Chorus intends to declare future quarterly cash dividends in the amount of $0.08 per Share concurrent with the announcement of its quarterly earnings reports, starting with the 2025 third quarter earnings release currently scheduled to occur on November 6, 2025.
Colin Copp, President and Chief Executive Officer, Chorus stated: "Today's announcement of a dividend is a further concrete step we have taken to enhance shareholder value – in addition to debt reduction and share buybacks – since the sale of our Regional Aircraft Leasing business last year."
"Management is focused on growing Chorus' earnings and cash flows over time and aims to distribute approximately 25% of Chorus' Free Cash Flow 1 after debt repayments as dividends to shareholders. This reflects our commitment to delivering value to our shareholders while investing in future growth," said Mr. Copp.
"Our first-quarter Leverage Ratio 1 of 1.6x is well within our target range of 1.0x to 2.0x, and we have $200 million in available credit facilities. While returning capital to shareholders, we are now also actively pursuing growth opportunities and positioning Chorus for the future," Mr. Copp concluded.
This dividend is an eligible dividend in Canada. It may also be considered a qualified dividend from a U.S. tax perspective; however, shareholders should consult their tax advisor to confirm the treatment of the dividend under U.S. tax laws.
Forward-Looking Information
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, " forward-looking information"). Forward-looking information may be identified by the use of terms and phrases such as "anticipate", "believe", "can", "could", "estimate", "expect", "future", "intend", "make", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof and other similar expressions. Statements concerning Chorus' intention to declare future dividends and the amount and timing of those dividends, and Chorus' intention and ability grow future earnings and cash flows constitute forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information. In particular, any determination to declare and pay dividends in future is at the discretion of Chorus' board of directors and will depend on many factors, including, among others, consideration of Chorus' results of operations and financial condition, profitability, cash flow and other factors as the directors of Chorus consider appropriate from time to time, including compliance with covenants contained in Chorus debt agreements. Actual results could differ materially from those described in forward-looking information due to known or unknown risks, including, but not limited to, the considerations described above, the continuing availability of credit facilities, Chorus' dependence on the Capacity Purchase Agreement with Air Canada, as well as the risk factors described in Chorus' public disclosure record available under Chorus' profile on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.
About Chorus Aviation Inc.
Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026 and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.B' and 'CHR.DB.C' respectively. For further information on Chorus, please visit w ww.chorusaviation.com.
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