Sun-Times Media Group To Suspend Quarterly Dividend |
CHICAGO, Dec. 13 /PRNewswire-FirstCall/ -- Sun-Times Media Group, Inc. (NYSE: SVN) today announced that its Board of Directors has completed its previously announced review of its dividend policy and has voted to suspend the Company's quarterly dividend of five cents ($0.05) per share. The Company's Board of Directors has determined that it is not prudent to pay a dividend at this time in light of the significant shortfall in operating performance and cash flow due to ongoing weakness in the Chicago advertising market, as well as the Company's continued exposure to contingent tax liabilities, the final outcome of which remains uncertain. The Board will reconsider regular dividend payments and other forms of cash distribution to shareholders, as appropriate, taking into account operating performance and the status of the Company's contingent tax liabilities. About Sun-Times Media Group Sun-Times Media Group, formerly known as Hollinger International, is dedicated to being the premier source of local news and information for the greater Chicago area. Its media properties include the Chicago Sun-Times and Suntimes.com as well as newspapers and websites serving 120 communities across Chicago. Further information can be found at http://www.thesuntimesgroup.com. Cautionary Statement on Forward-Looking Statements: Certain statements made in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward- looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result" or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by Sun-Times Media Group with the Securities and Exchange Commission, including in its Forms 10-K and 10-Q. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Contacts: Molly Morse / Jeremy Fielding Kekst and Company 212-521-4826/4825 molly-morse@kekst.com / jeremy-fielding@kekst.comSOURCE Sun-Times Media Group, Inc.
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CONTACT:
Molly Morse, +1-212-521-4826,
molly-morse@kekst.com or Jeremy Fielding, +1-212-521-4825,
jeremy-fielding@kekst.com, both of Kekst and Company for
Sun-Times Media Group
