KELOWNA,
BC, Nov. 5, 2024 /CNW/ - Decisive Dividend
Corporation (TSXV: DE) (the "Company" or "Decisive") today reported
its financial results for the three and nine months ended
September 30, 2024.
Q3 2024 operating performance was sequentially stronger than
both Q2 2024 and Q1 2024, driven by several third quarter
operational wins, cost control initiatives, and improved
performance from Decisive's diversified portfolio of manufacturing
businesses, combined with a move into stronger seasonal periods.
Consolidated sales in Q3 2024 were 12% higher than in Q2 2024 and
10% higher than in Q1 2024, while overall Adjusted EBITDA* in Q3
2024 was 65% higher than in Q2 2024 and 42% higher than in Q1
2024.
Recent Operating Highlights
Decisive and its subsidiaries have been undertaking significant
efforts to drive revenue and enhance operational activities,
leading to several positive developments which are expected to
generate continued sequential improvement in results in Q4 2024 and
also bolster results into 2025 as follows:
- Blaze King positioned for a potential competitive advantage in
Q4 2024 and beyond, after having proactively renewed its compliance
certificates under new EPA testing methodologies. Blaze King now
has the top three most efficient wood stoves as listed by the
EPA.
- ACR and Blaze King received regulatory approval for its new
product design that incorporates Blaze King's combustion technology
styled and sized for the United
Kingdom and European markets, paving the way for final
design and launch of the product in the United Kingdom in 2025.
- Slimline is experiencing improved order activity of its
agricultural sprayers and has secured confirmed orders for its
larger scale wastewater evaporator for delivery in Q4 2024 and
early 2025, with improvements in product quality and performance
positioning Slimline for improved performance in 2025.
- Marketing Impact order volumes and operational productivity
have experienced steady improvement since Q1 2024, which should
continue to positively affect results into 2025 on the back of
capacity enhancement and enhanced distribution capabilities.
- Capital I secured a significant purchase order for delivery in
Q4 2024 from a long-standing customer, as well as additional
significant confirmed orders from this customer on a joint award
with Unicast and Hawk for the first half of 2025.
- IHT order activity has increased, which is expected to
positively impact Q4 2024 performance. Current optimism of
improving pork futures and lowering feed costs, should positively
impact demand into 2025 as well.
- Unicast orders in recent months have surpassed the same period
in 2023, including those from the joint award with Capital I and
Hawk, which is expected to enhance Unicast results in Q4 2024 and
early 2025.
- Hawk secured significant confirmed orders on a joint award with
Unicast and Capital I for an oil and gas customer that will
positively impact results through the first half of 2025.
- Sales under Northside's
contract with a new commercial vehicle customer are expected to
commence in the coming weeks.
- Following its acquisition in April
2024, Techbelt's positive momentum has continued with sales
ahead of pre-acquisition levels.
- Cost control initiatives have been undertaken across the
business, ranging from workforce optimization to reductions or
deferrals of both operating and capital expenditures.
Jeff Schellenberg, Chief
Executive Officer of Decisive, noted:
"We believe that with the steps taken by our subsidiaries to
drive sales of their products and enhance their operational
efficiency, combined with the steps being taken by central banks to
ease interest rates and make monetary policy less restrictive, we
have experienced an inflection point in our business in Q3 2024
coming out of what was an extremely challenging first half of the
year for our businesses. The operational efficiency enhancements
made by our subsidiaries through 2024 positions our subsidiaries to
experience the benefit of operating leverage in their businesses as
demand firms, which is positive for the profitability of Decisive
heading into Q4 2024 and 2025.
Based on the opportunities we currently see in the business,
we believe we are positioned to see continued sequential
improvement in our results in Q4 2024, moving us back towards
improving per share financial metrics, which is the standard of
performance for the business. The outcome of improving per share
financial metrics will be the enhancement of our availability and
cost of capital which help support organic growth initiatives and
execution around the strong flow of acquisition opportunities we
continue to see.
These factors, along with the diversified nature of the
portfolio of businesses we own, the differentiated products these
businesses produce, the size of the addressable markets these
products are sold into, and the decisions and investments being
made by our leadership to build teams, strategies and processes
that support these longer term growth objectives give us confidence
in Decisive's business model and the potential for long-term growth
within it."
Selected Financial Information:
The following is selected financial information of Decisive for
the three and nine months ended September
30, 2024. All amounts are expressed in Canadian dollars. The
Company's unaudited - interim condensed consolidated financial
statements as well as its management's discussion and analysis
("MD&A") are posted on SEDAR+ at www.sedarplus.ca and on
Decisive's website (www.decisivedividend.com).
(Stated in thousands
of dollars, except per share amounts)
|
|
For the three months
ended
|
|
For the nine months
ended
|
September
30,
|
|
2024
|
|
|
2023
|
|
Change
|
|
|
2024
|
|
|
2023
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$
|
32,240
|
|
$
|
37,654
|
|
-14 %
|
|
$
|
90,289
|
|
$
|
99,213
|
|
-9 %
|
Gross profit
|
|
11,999
|
|
|
16,346
|
|
-27 %
|
|
|
33,235
|
|
|
38,966
|
|
-15 %
|
Gross profit
%
|
|
37 %
|
|
|
43 %
|
|
|
|
|
37 %
|
|
|
39 %
|
|
|
Adjusted
EBITDA*
|
|
5,627
|
|
|
7,862
|
|
-28 %
|
|
|
13,007
|
|
|
18,021
|
|
-28 %
|
Per share
basic
|
|
0.29
|
|
|
0.43
|
|
-33 %
|
|
|
0.67
|
|
|
1.07
|
|
-37 %
|
Profit
|
|
948
|
|
|
2,739
|
|
-65 %
|
|
|
139
|
|
|
5,907
|
|
-98 %
|
Per share
basic
|
|
0.05
|
|
|
0.15
|
|
-67 %
|
|
|
0.01
|
|
|
0.35
|
|
-97 %
|
Free cash
flow*
|
|
3,380
|
|
|
4,795
|
|
-30 %
|
|
|
6,669
|
|
|
10,854
|
|
-39 %
|
Per share
basic
|
|
0.17
|
|
|
0.26
|
|
-35 %
|
|
|
0.35
|
|
|
0.65
|
|
-46 %
|
Free cash flow less
maintenance capital*
|
|
3,227
|
|
|
4,573
|
|
-29 %
|
|
|
6,019
|
|
|
9,791
|
|
-39 %
|
Per share
basic
|
|
0.17
|
|
|
0.25
|
|
-32 %
|
|
|
0.31
|
|
|
0.58
|
|
-47 %
|
Dividends
declared
|
|
2,642
|
|
|
2,210
|
|
20 %
|
|
|
7,745
|
|
|
5,465
|
|
42 %
|
Per share
basic
|
|
0.14
|
|
|
0.12
|
|
17 %
|
|
|
0.40
|
|
|
0.33
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the trailing twelve
month period ended September 30,
|
|
2024
|
|
|
2023
|
|
|
Dividend payout
ratio*
|
|
|
|
|
|
|
|
|
|
95 %
|
|
|
55 %
|
|
|
* Adjusted EBITDA, Free
Cash Flow, Free Cash Flow Less Maintenance Capital, and Dividend
Payout Ratio are not recognized financial measures under
International Financial Reporting Standards (IFRS) and therefore
may not be comparable to similar measures presented by other
issuers but are used by management to assess the performance of the
Company and its segments. A reader should not place undue
reliance on any Non-IFRS financial measures. See "Non-IFRS
Financial Measures" later in this press release for detailed
descriptions of these measures and reconciliations of applicable
IFRS measures to non-IFRS measures.
|
Q3 2024 Results:
- Consolidated sales decreased 14% to $32.2 million compared to record sales of
$37.7 million in Q3 2023. The
decrease was driven by lower demand backlogs, lower energy prices,
reduced overall consumer spending, warmer weather, decreases in
specific customer project work and general macro-economic pressures
that negatively impacted the Finished Product segment in
particular. Hearth product and IHT sales were however sequentially
stronger relative to Q2 and Q1 2024, and Q4 2024 order levels for
these businesses continue to be positive. Similarly, although
Slimline and Capital I sales were comparatively lower in Q3 2024
versus Q3 2023, due to Q3 2023 project work and a $3.5 million wastewater evaporator sale in that
record quarter, both businesses have experienced improved order
activity in these specific areas that will positively impact Q4
2024 and early 2025 results.
- Consolidated gross profit decreased 27% to $12.0 million from $16.3 million in Q3 2023, based
primarily on the decrease in sales.
- Consolidated gross profit percentages decreased to 37% from 43%
in Q3 2023 driven primarily by a change in product mix and the
negative impact of fixed overhead costs on lower overall
sales.
- Consolidated Adjusted EBITDA* decreased to $5.6 million, down 28% relative to the record
quarterly Adjusted EBITDA* in Q3 2023.
- Consolidated net profit in the quarter was $0.9 million, or $0.05 per share, compared to the record quarterly
net profit of $2.7 million, or
$0.15 per share, in Q3 2023.
- Consolidated free cash flow* decreased 30% to $3.4 million relative to Q3 2023.
- Lower sales in the quarter, as described above, offset by
decreases in salaries, wages and benefits and other operating
expenses relative to Q3 2023, was the main driver of the decrease
in Adjusted EBITDA*, net profit, and free cash flow* relative to Q3
2023.
2024 Year-to-Date Results:
- Consolidated sales decreased 9% to $90.3 million, compared to $99.2 million in the first nine months of 2023.
The decrease was driven primarily by decreases in hearth product
sales, Unicast sales and the impact of Slimline's $3.5 million wastewater evaporator sale in Q3
2023. The lower hearth and Unicast sales were impacted by lower
demand backlogs, lower energy prices, reduced overall consumer
spending, warmer weather and general macro-economic
pressures. In recent months, order levels for the hearth
businesses and Unicast have trended higher, which should positively
impact Q4 2024 and Q1 2025. Similarly, Slimline is witnessing
considerable further interest in its larger scale wastewater
evaporator, based on the performance of the product since its first
sale in Q3 2023.
- Consolidated gross profit decreased 15% to $33.2 million from $39.0
million in the first nine months of 2023.
- Consolidated gross profit percentages decreased to 37% from 39%
in the first nine months of 2023 driven primarily by a change in
product mix and the negative impact of fixed overhead costs on
lower overall sales.
- Consolidated Adjusted EBITDA* decreased to $13.0 million, a decrease of 28% relative to the
first nine months of 2023.
- Consolidated net profit was $0.1 million, or $0.01 per share, a decrease of $5.8 million, or $0.34 per share compared to the first nine months
of 2023.
- Consolidated free cash flow* decreased 39% to $6.7 million relative to the first nine months of
2023.
- Lower sales in the first nine months of the year, as described
above, and the increase in the scale of the organization and the
associated operating expenses relative to the first nine months of
2023, were the main drivers of the decrease in Adjusted EBITDA*,
net profit, and free cash flow* relative to the first nine months
of 2023.
Conference Call
Decisive will host a conference call for interested parties on
Wednesday November 6, 2024, at
8:00am Pacific Time (11:00am Eastern Time) to discuss the Company's Q3
2024 results and outlook for the remainder of the year. The call
will be hosted by Jeff Schellenberg,
Decisive's Chief Executive Officer and Rick
Torriero, Chief Financial Officer.
Details for those who wish to participate in this conference
call are as follows:
Conference Call Details:
Wednesday November 6, 2024, at
8:00am Pacific Time / 11:00am Eastern Time
(please call 10 minutes ahead of time)
Participant Information:
To join the conference call without operator assistance, you may
register and enter your phone number at
https://emportal.ink/4epECyd to receive an instant automated
call back.
You can also dial direct to be entered into the call by an
operator:
Dial in number – North America
(toll free): 1-888-510-2154
Dial in number – United Kingdom
(toll free): 448002797040
Dial in number – International: +1-437-900-0527
Replay Information (replay available until November 13, 2024):
Replay number – North America
(toll free): 1-888-660-6345
Replay number – International: +1-289-819-1450
Replay access code 91407#
About Decisive Dividend Corporation
Decisive Dividend Corporation is an acquisition-oriented
company, focused on opportunities in manufacturing. The Company's
purpose is to be the sought-out choice for exiting legacy-minded
business owners, while supporting the long-term success of the
businesses acquired, and through that, creating sustainable and
growing shareholder returns. The Company uses a disciplined
acquisition strategy to identify already profitable,
well-established, high quality manufacturing companies that have a
sustainable competitive advantage, a focus on non-discretionary
products, steady cash flows, growth potential and established,
strong leadership.
For more information on Decisive, or to sign up for email
notifications of Company press releases, please visit
www.decisivedividend.com.
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Non-IFRS Financial Measures
In this press release, reference is made to "Adjusted
EBITDA", "Free Cash Flow", "Growth Capital Expenditures",
"Maintenance Capital Expenditures" and "Dividend Payout Ratio",
which are not recognized financial measures under IFRS
Accounting Standards, but are believed to be meaningful in the
assessment of the Company's performance as defined below.
"Adjusted EBITDA" is defined as earnings before
finance costs, income taxes, depreciation, amortization, foreign
exchange gains or losses, other non-cash items such as gains or
losses recognized on the fair value of contingent consideration
items, asset impairment, share-based compensation, and
restructuring costs, and other non-operating items such as
acquisition costs.
Adjusted EBITDA is a financial performance measure that
management believes is useful for investors to analyze the results
of the Company's operating activities prior to consideration of how
those activities are financed and the impact of non-operating
charges related to planned or completed acquisitions, foreign
exchange, taxation, depreciation, amortization, and impairment
charges.
The most directly comparable financial measure is profit or
loss. Adjusted EBITDA per share is also presented, which is
calculated by dividing Adjusted EBITDA, as defined above, by the
weighted average number of shares outstanding during the
period.
"Free Cash Flow" is defined as cash provided by
operating activities, as defined by IFRS Accounting
Standards, adjusted for changes in non-cash working capital,
timing considerations between current income tax expense and income
taxes paid, interest payments, required principal payments on
long-term debt and right of use lease liabilities, and any unusual
non-operating one-time items such as acquisition and restructuring
costs (as described above).
Free Cash Flow is a financial performance
measure used by management to analyze the cash generated from
operations before the impact of changes in working capital items or
other unusual items and after giving effect to expected income
taxes thereon, as well as required interest and principal payments
on long-term debt and right of use lease liabilities.
The most directly comparable financial measure is cash
provided by operating activities. Adjustments made to cash provided
by operating activities in the calculation of Free Cash Flow
include other IFRS Accounting
Standards measures, including changes in non-cash
working capital, current income tax expense, income taxes paid,
interest paid, and principal payments on long-term debt and right
of use lease liabilities.
Free Cash Flow per share is also presented, which is
calculated by dividing Free Cash Flow, as defined above, by the
weighted average number of shares outstanding during the
period.
"Free Cash Flow Less Maintenance Capital" is defined
as Free Cash Flow, as defined above, less Maintenance Capital
Expenditures, as defined below. Free Cash Flow Less Maintenance
Capital is a financial performance measure used
by management to analyze the cash generated from operations before
the impact of changes in working capital items or other unusual
items and after giving effect to expected income taxes thereon, as
well as required interest and principal payments on long-term debt
and right of use lease liabilities, and capital expenditures
required to sustain the current operations of the Company.
The Company presents Free Cash Flow Less Maintenance Capital
Expenditures per share, which is calculated by dividing Free Cash
Flow Less Maintenance Capital, as defined above, by the weighted
average number of shares outstanding during the period.
"Growth and Maintenance Capital Expenditures"
maintenance capital expenditures are defined as capital
expenditures required to maintain the operations of the Group at
the current level and are net of proceeds from the sale of property
and equipment. Growth capital expenditures are defined as capital
expenditures that are expected to generate incremental cash inflows
and are not considered by management in determining the cash flows
required to sustain the current operations of the Company. While
there are no comparable IFRS Accounting
Standards measures for Maintenance Capital Expenditures
or Growth Capital Expenditures, the total of Maintenance Capital
Expenditures and Growth Capital Expenditures is equivalent to the
total purchases of property and equipment, net of proceeds from the
sale of property and equipment, on the Company's statement of cash
flows.
"Dividend Payout Ratio" the Company presents a
dividend payout ratio, which is calculated by dividing dividends
declared by the Company by Free Cash Flow Less Maintenance Capital,
as defined above. The Dividend Payout Ratio is a
financial ratio used by management to analyze the
percentage of cash generated from operations, before the impact of
changes in working capital items or other unusual items and after
giving effect to expected income taxes thereon, as well as required
interest and principal payments on long-term debt and right of use
lease liabilities, and capital expenditures required to sustain the
current operations of the Company, returned to shareholders as
dividends. Dividend Payout Ratio is analyzed on a trailing
twelve-month basis in order to reduce the impact of seasonality on
the analysis.
While the above Non-IFRS financial measures are used by
management to assess the historical financial performance of the
Company, readers are cautioned that:
- Non-IFRS financial measures, such as
Adjusted EBITDA, Free Cash Flow, Growth Capital Expenditures,
Maintenance Capital Expenditures and Dividend Payout Ratio,
are not recognized financial measures under
IFRS Accounting Standards;
- The Company's method of calculating Non-IFRS financial
measures may differ from that of other corporations or entities and
therefore may not be directly comparable to measures utilized by
other corporations or entities;
- Non-IFRS financial measures should not be viewed as
an alternative to measures that are recognized under IFRS such as
profit or loss or cash provided by operating activities;
and
- A reader should not place undue reliance on any Non-IFRS
financial measures.
Set forth below are reconciliations of Non-IFRS financial
measures to their most relevant IFRS Accounting Standards
measures.
Adjusted EBITDA
(Stated in thousands
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
For the nine months
ended
|
September
30,
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the
period
|
$
|
948
|
|
$
|
2,739
|
|
$
|
139
|
|
$
|
5,907
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
Financing
costs
|
|
1,529
|
|
|
1,076
|
|
|
4,200
|
|
|
2,713
|
Income tax
expense
|
|
225
|
|
|
1,253
|
|
|
325
|
|
|
2,680
|
Amortization and
depreciation
|
|
2,544
|
|
|
2,232
|
|
|
7,120
|
|
|
5,322
|
Acquisition and
restructuring costs
|
|
186
|
|
|
397
|
|
|
880
|
|
|
999
|
Inventory fair value
adjustments and write downs
|
|
4
|
|
|
-
|
|
|
7
|
|
|
-
|
Share-based
compensation expense
|
|
230
|
|
|
283
|
|
|
781
|
|
|
637
|
Foreign exchange
gains
|
|
(31)
|
|
|
(100)
|
|
|
(374)
|
|
|
(124)
|
Interest and other
expense (income)
|
|
(5)
|
|
|
21
|
|
|
(34)
|
|
|
(5)
|
Gain on sale of
equipment
|
|
(3)
|
|
|
(39)
|
|
|
(37)
|
|
|
(108)
|
Adjusted
EBITDA
|
|
5,627
|
|
|
7,862
|
|
|
13,007
|
|
|
18,021
|
Free Cash Flow
(Stated in thousands
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
For the nine months
ended
|
September
30,
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
Cash provided by
operating activities
|
$
|
8,003
|
|
$
|
964
|
|
$
|
7,789
|
|
$
|
7,928
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
Changes in non-cash
working capital
|
|
(2,557)
|
|
|
4,883
|
|
|
2,184
|
|
|
6,169
|
Income taxes
paid
|
|
-
|
|
|
1,597
|
|
|
2,188
|
|
|
2,930
|
Current income tax
expense
|
|
(141)
|
|
|
(1,574)
|
|
|
(608)
|
|
|
(3,409)
|
Acquisition and
restructuring costs
|
|
186
|
|
|
397
|
|
|
880
|
|
|
999
|
Interest
paid
|
|
(1,451)
|
|
|
(1,045)
|
|
|
(4,032)
|
|
|
(2,592)
|
Lease
payments
|
|
(598)
|
|
|
(371)
|
|
|
(1,556)
|
|
|
(1,060)
|
Required principal
repayments on debt
|
|
(62)
|
|
|
(56)
|
|
|
(176)
|
|
|
(111)
|
Free cash
flow
|
$
|
3,380
|
|
$
|
4,795
|
|
|
6,669
|
|
|
10,854
|
Free Cash Flow Less Maintenance Capital and Dividend Payout
Ratio
(Stated in thousands
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
For the trailing twelve
month period ended September 30,
|
|
|
|
|
|
2024
|
|
|
2023
|
Cash provided by
operating activities
|
|
|
|
|
|
|
$
|
15,649
|
|
$
|
11,244
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
Changes in non-cash
working capital
|
|
|
|
|
|
|
|
132
|
|
|
6,440
|
Income taxes
paid
|
|
|
|
|
|
|
|
3,564
|
|
|
2,930
|
Current income tax
expense
|
|
|
|
|
|
|
|
(1,473)
|
|
|
(3,552)
|
Acquisition and
restructuring costs
|
|
|
|
|
|
|
|
881
|
|
|
1,439
|
Interest
paid
|
|
|
|
|
|
|
|
(5,090)
|
|
|
(3,298)
|
Lease
payments
|
|
|
|
|
|
|
|
(1,988)
|
|
|
(1,383)
|
Required principal
repayments on debt
|
|
|
|
|
|
|
|
(236)
|
|
|
(111)
|
Free cash
flow
|
|
|
|
|
|
|
|
11,439
|
|
|
13,709
|
Maintenance capital
expenditures
|
|
|
|
|
|
|
|
(932)
|
|
|
(1,277)
|
Free cash flow less
maintenance capital
|
|
|
|
|
|
|
|
10,507
|
|
|
12,432
|
Dividends
declared
|
|
|
|
|
|
|
|
10,011
|
|
|
6,797
|
Dividend payout
ratio
|
|
|
|
|
|
|
|
95 %
|
|
|
55 %
|
Forward-Looking
Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words
"believes", "expects", "could", "will", "may", "intends",
"projects", "anticipates", "plans", "estimates", "continues" and
similar words or the negative and grammatical variations thereof
and statements relating to matters that are not historical facts
are intended to identify forward-looking information and are based
on management's current beliefs, assumptions and expectations as to
the outcome and timing of such future events. Actual future
results may differ materially. In particular, this press release
contains forward-looking information relating to the future
prospects of the Company and its operating subsidiaries, Q4 2024
and 2025 demand levels, demand from customers, the timing of
product sales and/or deliveries under existing customer contracts
or significant orders received from customers, potential future
acquisitions, and ongoing or planned initiatives to enhance margins
and increase per share financial metrics. Risk factors that
could cause actual results or outcomes to differ materially from
the results expressed or implied by forward-looking information
include, among other things: (i) operational risks, including risks
related to acquisitions; dependence on customers, distributors and
strategic relationships; supply and cost of raw materials and
purchased parts; operational performance and growth, implementation
of the growth strategy; product liability and warranty claims;
litigation; reliance on technology, intellectual property, and
information systems; (ii) financial risks, including risks relating
to the availability of future financing; interest rates and debt
financing; income tax matters; foreign exchange; dividends; trading
volatility of common shares; dilution risk; (iii) external risks,
including risks relating to general economic conditions; pandemics;
competition; government regulation; environmental regulation;
access to capital; market trends and innovation; climate risk;
general uninsured losses; and (iv) human capital risks, including
reliance on management and key personnel; employee and labour
relations; and conflicts of interest, all as more particularly
described in the most recent annual MD&A of the Company
available on the Company's profile at www.sedarplus.ca. There can
also be no assurance as to the future financial performance of the
Company or that the board of directors of the Company will
declare or pay any dividends in the future or, if dividends are
declared and paid, there can be no assurance as to the frequency or
amount of such dividends. The Company cautions the
reader that the risk factors referenced above are not exhaustive.
The forward-looking information contained in this release is made
as of the date hereof and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Decisive Dividend Corporation