CALGARY, ALBERTA--(Marketwire - May 23, 2012) - The Board of Directors of Computer Modelling Group Ltd. ("CMG" or the "Company") (CMG.TO - News) announces a 23% increase in CMG's quarterly dividend to $0.16 per Common Share. In addition, as a result of the exceptional financial performance that the Company achieved in its fiscal year ended March 31, 2012, CMG also declares a special dividend of $0.10 per Common Share. The combined quarterly and special dividends of $0.26 per share will be paid on June 15, 2012 to shareholders of record at the close of business on June 8, 2012.
"Our extensive track record of strong financial results combined with a proven business model and a solid balance sheet have enabled us to pay regular quarterly dividends to our shareholders since March 2004 and a special dividend annually since June 2005," commented Ken Dedeluk, President and CEO. "The growth in the level of dividends paid is reflective of our continued success, and our commitment to share this success directly with our shareholders."
Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. CMG, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Caracas and Dubai. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centers in approximately 50 countries. The Company's shares are listed on the Toronto Stock Exchange under the trading symbol "CMG."
All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of Computer Modelling Group Ltd. will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.