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GeoVision's Dividend Includes a Cash Dividend of NT$1.0 and a Stock Dividend of NT$1.5, According to AGM
Issue Date: June 9, 2017
GeoVision (3356TW) held the 2017 annual shareholders general meeting on June 8th in Taipei, Taiwan. The 2016 Financial Statements and the resolution of the surplus earnings distribution for 2016 were approved by shareholders in the meeting.
GeoVision's consolidated net incomes amounted to NT$139.9 million, representing an EPS of NT$1.80 for 2016. A dividend of total NT$2.5 for 2016 surplus earnings distribution based on the distributable earnings and additional paid in capital has been approved at the AGM held yesterday. The dividend includes a cash dividend of NT$1.0 and a stock dividend of NT$1.5 per common share.
At the AGM George Tai, Chairman and Chief Executive Officer of GeoVision, commented, "2016 was a very tough year for GeoVision on the fact that revenues and net profits both declined drastically. The daunting challenges since 2016 have resulted from products pricing war in the market and rapid appreciation of New Taiwan Dollars against USD and Euro. The pricing adjustment inevitably led to margin erosion and the NTD appreciation led to non-operating expense loss". He added that the company has been working on products and sales strategy adjustment and will introduce to the markets the most updated products soon this year. New products will include but not limited to Surround Video series network cameras and Megapixels network cameras with embedded face recognition software on the edge device.
"The products and solutions of the company are all very well developed on account of our nearly 20 years of accumulation. We are also looking for new applications with current surveillance products and solutions." he added.
The proposal of issuing new restricted employee shares of 800,000 shares as a compensation system to encourage R&D employees was also approved at the AGM held yesterday. 5 new Board Members and 3 Supervisors were elected at the AGM yesterday. George Tai was elected as the Chairman of the Board at the Board of Directors' Meeting after the AGM. "I founded this company in 1998 and has helped the company live up to one of the top companies for 20 years. Despite the biggest challenges ever encountered, I will endeavor my best to lead the business constantly grow and help the company through this stage of its breakthrough.
GeoVision Inc. is a manufacturer of intelligent video surveillance systems founded by Mr. George Tai in 1998 in Taiwan. (Taiwan Stock Exchange Code: 3356). For nearly 20 years of research and development accumulated in video surveillance products, GeoVision is a now a leading digital and networked video surveillance company that has customers in 110 countries worldwide. As one of the top security 50 companies in the world, GeoVision specializes in R&D and manufacturing of professional-grade DVR systems, NVR systems and IP cameras. GeoVision has regional subsidiaries in Tokyo Japan, Calif. the USA, Prague Czech Republic, Vendôme France, and Sao Paulo Brazil, and 4 offices in New York, Indianapolis, Dallas, and Montreal Quebec under the USA subsidiary.