CALGARY, May 11 /PRNewswire-FirstCall/ - The Board of
Directors of Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP)
today declared an increase in CP's next quarterly dividend to
thirty cents ($0.30) Canadian per share on the outstanding
Common Shares, from twenty-seven
cents ($0.27) per share. The
increased dividend is payable on July 25,
2011 to holders of record at the close of business on
June 24, 2011, and is an eligible
dividend pursuant to subsection 89(14) of the Income Tax Act.
"With the growing demand in our bulk and energy franchises, we
feel positive about the long-term fundamentals of our business,"
stated Kathryn McQuade, Executive
Vice-President and Chief Financial Officer. "The Company believes
that increasing the dividends as earnings grow provides a balanced
approach to total shareholder return."
Note on forward-looking information
This news release contains certain forward-looking statements
relating but not limited to our operations, anticipated financial
performance and business prospects. Undue reliance should not be
placed on forward-looking information as actual results may differ
materially.
By its nature, CP's forward-looking information involves
numerous assumptions, inherent risks and uncertainties, including
but not limited to the following factors: changes in business
strategies; general North American and global economic, credit and
business conditions; risks in agricultural production such as
weather conditions and insect populations; the availability and
price of energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
laws and regulations, including regulation of rates; changes in
taxes and tax rates; potential increases in maintenance and
operating costs; uncertainties of litigation; labour disputes;
risks and liabilities arising from derailments; transportation of
dangerous goods, timing of completion of capital and maintenance
projects; currency and interest rate fluctuations; effects of
changes in market conditions and discount rates on the financial
position of pension plans and investments, including long-term
floating rate notes; and various events that could disrupt
operations, including severe weather conditions, security threats
and governmental response to them, and technological changes.
Except as required by law, CP undertakes no obligation to update
publicly or otherwise revise any forward-looking information,
whether as a result of new information, future events or
otherwise.
About Canadian Pacific
Canadian Pacific (TSX: CP) (NYSE: CP) operates a North American
transcontinental railroad providing freight transportation
services, logistics solutions and supply chain expertise.
Incorporating best-in-class technology and environmental practices,
CP is re-defining itself as a modern 21st century transportation
company built on safety, service reliability and operational
efficiency. Visit cpr.ca and see how Canadian Pacific is Driving
the Digital Railway.
SOURCE Canadian Pacific