Tribeca announces maiden dividend and share buy-back
Financial services training and education provider Tribeca will declare its first ever dividend to shareholders, after what it describes as strong financial and operational performance during the six months to December 31, 2002.
The maiden dividend, an interim dividend of 0.5 cents per share, will be paid on May 10, 2003 — three years to the day that Tribeca listed on theAustralian Stock Exchange(ASX).
The move comes after the group announced its revenues had grown by 22 per cent to $6.8 million in the six month period, while its operating cash flow was up 300 per cent to $1.8 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) were also up 90 per cent to $1.2 million.
Tribeca managing director Adam Davis attributed the positive financial results to increased demand forIntegratec’s accredited financial planning courses and continuing professional development (CPD) training products, and the successful integration of the recently acquiredResnik Communicationsgroup.
Davis expects Tribeca’s financial performance to continue to increase in the next half due to the recent acquisition of Melbourne-based Financial Planning Resources group.
Tribeca also announced its intention to conduct an on market share buy-back, under which the company will buy back up to five per cent of its fully paid ordinary shares during the next 12 months.
“The buy-back program is regarded by the board as a prudent capital management exercise and is indicative of the board’s belief that the value of the company is not reflected in its current share price,” Davis says.
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