Acorn Energy, Inc. Announces Quarterly Dividend
Feb 7, 2013 12:10:00 PM
WILMINGTON, Del., Feb. 7, 2013 /PRNewswire/ -- Acorn Energy, Inc. (NASDAQ: ACFN), an energy technology holding company, today announced its Board of Directors has approved a dividend of $0.035 per share to be paid on March 4, 2013 to common stockholders of record on February 20, 2013.
John Moore, CEO of Acorn Energy said, "The dividend reflects confidence in our near term pipeline of business opportunities and that current cash is in excess of our needs for 2013 under the current strategic plan for our Acorn Energy companies. This dividend is, as were the 2012 dividends, expected to be treated for tax purposes as a return of capital and will reduce the holders cost basis in our stock. Acorn initiated the dividend because of the sale of CoaLogix in August of 2011 for $101 million from which we received a total of $61.9 million, representing an Internal Rate of Return of over 44%. Our five previous quarterly dividends, the upcoming March 2013 dividend and one special dividend totaling approximately $4.6 million represents approximately 7.5% of the net proceeds from the sale. Our Board of Directors reviews our dividend policy each quarter. As 2012 closed we ended the year with approximately $22.7 million of corporate cash plus an expected income tax receivable of approximately $1.6 million."
Mr. Moore continued, "I welcome our shareholders to join, as I have, our Dividend Reinvestment Plan or DRIP." The Plan is administered by Acorn's stock transfer agent, American Stock Transfer & Trust Company, LLC (AST). Stockholders may obtain a copy of the Plan prospectus and enrollment form by contacting AST toll-free at 877-276-7523 or visiting the AST website at www.amstock.com at "Invest Online" under the "Shareholders" tab. It should be noted that participants currently receive a 5% discount when shares are obtained through the DRIP.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose four portfolio companies help their customers achieve greater productivity, reliability, security, and efficiency—factors which can lead to greater profitability. GridSense—provides monitoring for all critical points along the electricity delivery system. OMNIMETRIX—remotely monitors emergency back-up power generation systems to increase their reliability. US Seismic—supplies fiber optic sensing solutions to increase oil/gas production and lower costs. DSIT—provides security solutions from underwater threats to marine based energy assets. For more information visit: http://www.acornenergy.com
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in the Company's most recent Annual Report on Form 10-K and its most recent 10-Q as filed by the Company with the Securities and Exchange Commission.
Investor & Press Contact:
Paul G. Henning
SOURCE Acorn Energy, Inc.