FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Online Vacation Center Holdings Corp. (OTCPK:ONVC), today announced its FY 2013 results, a share repurchase, and a special annual cash dividend of $0.02 per share on its outstanding shares of Common Stock. This dividend will be payable on August 15, 2014 to stockholders of record at the close of business on June 30, 2014.
Audited FY 2013 results included Net Revenues of $12,600,984 ($1.04 per share), Operating Income of $978,803 ($0.08 per share), and Net Income of $591,182 ($0.05 per share). These per share calculations were based on 12,087,398 shares outstanding at December 31, 2013. Complete Audited Financial Statements, are available at: www.onlinevacationcenter.com/ir_home.cfm
In June of 2014, Online Vacation Center Holdings Corp. entered into an agreement with Reginald Flosse to purchase 250,000 shares of the Company’s common stock at a purchase price of $0.45 per share. The purchase price was paid from the Company’s working capital. This repurchase transaction is not part of the Company’s previously announced repurchase program.
In announcing the special annual cash dividend, Edward B. Rudner, Chairman and CEO of Online Vacation Center Holdings Corp. said, “This action demonstrates our commitment to returning cash to our shareholders. The Board of Directors felt it was appropriate at this time to issue a special dividend because of the strength of our performance and our healthy cash balances. The Board, while not committing to a regular dividend payment, will, however, consider cash dividends in the future as circumstances warrant.”
About Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp. is a Florida holding company, focused on building a network of diversified vacation marketing entities with a wide range of products that can be cross-sold to an extensive customer base. The portfolio of Online Vacation Center Holdings Corp. travel companies includes Online Vacation Center, one of the country's largest cruise retailers; Dunhill Travel Deals, a newsletter publisher with a circulation of more than 3M travel enthusiasts; Enrichment Journeys, a cruise, land, and tour operator; and Expedia CruiseShipCenters®, OVC, an Expedia CruiseShipCenters® franchise hosting independent travel consultants. The Company, based in Fort Lauderdale, Florida, has been in business since 1972. Additional information can be found at www.onlinevacationcenter.com/ir_home.cfm.