GeoVision Shareholders Meeting Approved Dividend of NT$6.4
Issued by: GeoVision Inc.
Issued on: 2015/6/12
GeoVision Inc. (3356TW) held the annual shareholders assembly general meeting on June 11 and approved NT$5.4 for cash dividends and NT$1.0 for stock dividends.
The meeting, chaired by Chairman and CEO George Tai, approved the resolution of the earnings distribution for the previous year of 2014, which is NT$5.4 for cash dividends and NT$1.0 for stock dividends per common share, making its dividend payout ratios at over 90%.
The meeting also approved the 2014 Financial Statements. GeoVision’s consolidated revenues for 2014 slightly declined 2% to amount to NT$2,222 million, which was also the first time that revenues have declined since its 2010 recovery from financial crisis. Net incomes were NT$490 million, representing after-tax earnings per share of NT$7.00.
In today’s shareholders’ meeting there was also a discussion on the proposal of new restricted employee shares, or known as restricted stocks, as a compensation system to encourage R&D employees. The issuance of 700,000 shares in restricted employee shares compensation has been approved under shareholders’ consent.
George Tai, the chairman and CEO of GeoVision, said that reduction of foreign exchange gains was the main cause to 2014 profits decline compared to the previous year. The trend of a stronger New Taiwan Dollar to Euro and US dollar is also a growing threat to all Taiwan exporters, including GeoVision itself. Russia along with other Eastern Europe countries are the latest examples that have suffered from their currency depreciation and have thus declined drastically in revenues compared to the previous year.
GeoVision has recently added 3 new offices in Texas, Indiana USA and Quebec Canada, along with two other current branches in California and New York. GeoVision is confident that the North America will continue being the most important market for revenues growth.
George Tai mentioned that GeoVision’s innovation abilities, however, will still bring itself potential opportunities in markets and products development. Cloud solutions, for example, will undoubtedly be one of the leading products developments in the near future and will hopefully bring steady recurring revenues for the company. The company also hopes to get one step ahead of the peers to apply H.265 technology to new products, in both hardware and software.