Heroux-Devtek announces special dividend in wake of asset sale

LONGUEUIL, Que. – Aircraft equipment maker Heroux-Devtek Inc. (TSX:HRX) will pay a special cash distribution of $5 per share to its shareholders next month.

The money comes from the Montreal-area company’s sale of a large portion of its operations at the end of August in order to focus on its landing-gear business.

Heroux-Devtek also announced $2.7 million of net income from continuing operations, or nine cents per share for the third quarter.

Revenue from continuing operations was $57.7 million, up from $55.5 million.

The company’s discontinued operations brought total profit in the third quarter to $112.7 million, or $3.64 per share.

That’s up from $4.8 million or 16 cents per share a year earlier, before the company sold manufacturing plants in Dorval, Que., Mexico and Texas.

The company has kept its landing gear product line and eight locations in Quebec, Ontario and Ohio.

Its shares gained 4.65 per cent in early trading Friday, rising 61 cents to $13.74 on the Toronto Stock Exchange.