Mercury Air Group, Inc. Announces Amount of Contingent One Time Special Dividend Per Common Share
October 19 2004 - 5:04PM
PR Newswire (US)
Mercury Air Group, Inc. Announces Amount of Contingent One Time
Special Dividend Per Common Share LOS ANGELES, Oct. 19
/PRNewswire-FirstCall/ -- Mercury Air Group, Inc. (AMEX:MAX) In
connection with Mercury Air Group, Inc.'s contingent one-time
special cash dividend of $17.5 million, the Company has announced
that based on 3,056,355 shares of its common stock outstanding as
of the close of business on October 18, 2004, the dividend payable
per common share will be $5.70. The amount payable per share of
common stock is net of the mandatory dividend payments of
approximately $70,000 on the Company's outstanding Series A 8%
Cumulative Convertible Preferred Stock (the "Preferred Stock") as
of the scheduled dividend payment date of November 5, 2004. Under
American Stock Exchange rules for this type of dividend, even
though the record date is October 18, 2004 the shares of common
stock will not trade ex-dividend until November 8, 2004, the first
trading date after the dividend is paid. The payment of this
one-time special dividend is contingent upon the execution of an
amendment to a loan agreement prior to the payment of the dividend.
The Company believes the proposed amendments will be agreed to and
finalized but cannot assure such amendment will be successfully
consummated. If the Company and its lender do not agree to the
amended terms and conditions of the loan agreement, the Company
reserves the right to cancel or delay the payment of the dividend,
to delay the record date for payment, and to revise the amount
payable per share of common stock. About Mercury Air Group Los
Angeles-based Mercury Air Group (AMEX:MAX) provides aviation
petroleum products, air cargo services and transportation, and
support services for international and domestic commercial
airlines, general and government aircraft and specialized contract
services for the United States government. Mercury Air Group
operates three business segments worldwide: MercFuel, Inc., Maytag
Aircraft Corporation and Mercury Air Cargo, Inc. For more
information, please visit http://www.mercuryairgroup.com/.
Statements contained in this news release, which are not historical
facts, are forward looking statements as that item is defined in
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from estimated
results. Such risks and uncertainties are detailed in the Company's
filings with the Securities and Exchange Commission. Company
Contact: Joseph Czyzyk Mercury Air Group, Inc. (310) 827-2737
Public Relations Contact: David Herbst/Amado Zavala MWW Group (213)
486-6560 DATASOURCE: Mercury Air Group, Inc. CONTACT: Joseph Czyzyk
of Mercury Air Group, Inc., +1-310-827-2737, or David Herbst or
Amado Zavala, both of MWW Group, +1-213-486-6560, for Mercury Air
Group, Inc. Web site: http://www.mercuryairgroup.com/
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