01/28/2013 09:31 EST | Updated 03/30/2013 05:12 EDT

Glacier Media Inc. increases quarterly dividend 33%; now totals 8 cents a year

VANCOUVER - Glacier Media Inc. (TSX:GVC) plans to increase its dividend by 33 per cent.

The Vancouver-based print and digital media company said Monday that it will pay a two-cent per share quarterly dividend starting April 5 to shareholders of record March 15.

The new dividend, which amounts to eight cents annually, up from six cents, raises Glacier's annual yield to about 4.4 per cent based on Friday's closing share price of $1.83

"The new dividend policy is consistent with Glacier's ongoing objective of maximizing shareholder value and related return on investment...," the company said in making the announcement.

"Glacier generates sufficient cash flow from operations and has available financial capacity to pursue and internally finance acquisition opportunities, invest in operations as required, maintain debt at prudent levels, repurchase its shares as deemed attractive and pay the increased dividend," it added.