Mercury Air (AMEX:MAX)
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Mercury Air Group, Inc. Announces Amount of Contingent One Time
Special Dividend Per Common Share
LOS ANGELES, Oct. 19 /PRNewswire-FirstCall/ -- Mercury Air Group, Inc.
(AMEX:MAX) In connection with Mercury Air Group, Inc.'s contingent one-time
special cash dividend of $17.5 million, the Company has announced that based on
3,056,355 shares of its common stock outstanding as of the close of business on
October 18, 2004, the dividend payable per common share will be $5.70. The
amount payable per share of common stock is net of the mandatory dividend
payments of approximately $70,000 on the Company's outstanding Series A 8%
Cumulative Convertible Preferred Stock (the "Preferred Stock") as of the
scheduled dividend payment date of November 5, 2004. Under American Stock
Exchange rules for this type of dividend, even though the record date is
October 18, 2004 the shares of common stock will not trade ex-dividend until
November 8, 2004, the first trading date after the dividend is paid.
The payment of this one-time special dividend is contingent upon the execution
of an amendment to a loan agreement prior to the payment of the dividend. The
Company believes the proposed amendments will be agreed to and finalized but
cannot assure such amendment will be successfully consummated. If the Company
and its lender do not agree to the amended terms and conditions of the loan
agreement, the Company reserves the right to cancel or delay the payment of the
dividend, to delay the record date for payment, and to revise the amount
payable per share of common stock.
About Mercury Air Group
Los Angeles-based Mercury Air Group (AMEX:MAX) provides aviation petroleum
products, air cargo services and transportation, and support services for
international and domestic commercial airlines, general and government aircraft
and specialized contract services for the United States government. Mercury
Air Group operates three business segments worldwide: MercFuel, Inc., Maytag
Aircraft Corporation and Mercury Air Cargo, Inc. For more information, please
visit http://www.mercuryairgroup.com/.
Statements contained in this news release, which are not historical facts, are
forward looking statements as that item is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed in the
Company's filings with the Securities and Exchange Commission.
Company Contact:
Joseph Czyzyk
Mercury Air Group, Inc.
(310) 827-2737
Public Relations Contact:
David Herbst/Amado Zavala
MWW Group
(213) 486-6560
DATASOURCE: Mercury Air Group, Inc.
CONTACT: Joseph Czyzyk of Mercury Air Group, Inc., +1-310-827-2737, or
David Herbst or Amado Zavala, both of MWW Group, +1-213-486-6560, for Mercury
Air Group, Inc.
Web site: http://www.mercuryairgroup.com/