(All amounts in Canadian dollars)
OAKVILLE, ON, Feb. 21, 2013 /CNW/ - Tim Hortons Inc. (TSX: THI)
(NYSE: THI) today announced that its Board of Directors has
approved a higher targeted annual dividend payout range of 35% to
40% of prior year, normalized net income attributable to Tim
Hortons Inc. The previous targeted payout range was 30% to
35% of prior year, normalized net income attributable to Tim
Hortons Inc.
Coinciding with this change, the Board has approved a 23.8%
increase in the quarterly dividend. The Board has declared a
dividend at the new payout rate of $0.26 per common share, payable on March 19th, 2013, to shareholders of
record as of March 4th,
2013.
"Our strong cash flows have enabled us to increase our dividend
for the sixth consecutive year and increase the target payout
range, thereby returning more capital to our investors," said
Cynthia Devine, Chief Financial
Officer.
Dividends are declared and paid in Canadian dollars to all
shareholders with Canadian resident addresses. For U.S.
shareholders, the dividends will be converted to, and paid in, U.S.
dollars based on prevailing exchange rates at the time of
conversion by Tim Hortons for
registered shareholders and by Clearing and Depository Services
Inc. for beneficial shareholders. The payment of future
dividends and the targeted payout range remain at the discretion of
the Board of Directors.
Tim Hortons Inc. Overview
Tim Hortons is one of the largest
publicly-traded restaurant chains in North America based on market capitalization,
and the largest in Canada.
Operating in the quick service segment of the restaurant industry,
Tim Hortons appeals to a broad range
of consumer tastes, with a menu that includes premium coffee,
espresso-based hot and cold specialty drinks including lattes,
cappuccinos and espresso shots, specialty teas, fruit smoothies,
home-style soups, fresh Panini and classic sandwiches, wraps, hot
breakfast sandwiches and fresh baked goods, including our trademark
donuts. As of December
30th, 2012, Tim
Hortons had 4,264 systemwide restaurants, including 3,436 in
Canada, 804 in the United States and 24 in the Gulf
Cooperation Council. More information about the Company is
available at www.timhortons.com.
SOURCE Tim Hortons Inc.