Innovative Solutions surges on special dividend

By Associated Press
September 9, 2008 | Comments (0)

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Shares of Innovative Solutions & Support Inc. jumped 13 percent Tuesday after the electronics maker said it will pay a special dividend of $1 per share from the proceeds of a court settlement.

The stock surged 81 cents to $7.01, but remained well off its 12-month high of $22.20.

Innovative, which makes display, monitoring and computer systems for aircraft, will use $17 million it received as part of a lawsuit settlement with a rival, Kollsman Inc., which is a unit of Elbit Systems Ltd. The case concerned the use of trade secrets.

Innovative plans to pay the dividend around Sept. 29 to shareholders of record on Sept. 18.

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