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Thursday, 23 February 2012, 20:45 HKT/SGT | |
| | | | Source: Omnicare | |
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Share repurchase authorization of $200 million; Dividend increased 75 percent |
COVINGTON, Ky., Feb 23, 2012 - (ACN Newswire) - Omnicare, Inc. (NYSE:OCR), today announced that its board of directors has approved an additional $200 million of share repurchase authorization and a 75% increase to the quarterly cash dividend.
Omnicare's quarterly cash dividend was approved at $0.07 per share on its common stock, comparing favorably with the previous quarterly cash dividend rate of $0.04 per share. The dividend, which is payable on March 22, 2012 to stockholders of record on March 6, 2012, represents the third authorized increase to the Company's quarterly cash dividend within the past two years.
Omnicare's newly authorized $200 million share repurchase program permits the Company to repurchase outstanding shares of its common stock from time to time through February 28, 2014. Collectively with its existing share repurchase program, which is effective through December 31, 2012, the Company had approximately $259 million of available authorization for share repurchases as of February 22, 2012.
"We believe these announcements illustrate our confidence in our long-term growth objectives while ensuring a continued focus on returning capital to shareholders in a disciplined yet opportunistic manner," said John Figueroa, Omnicare's Chief Executive Officer.
About Omnicare
Omnicare, Inc., a Fortune 400 company based in Covington, Kentucky, provides comprehensive pharmaceutical services to patients and providers across North America. As the market-leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry's most innovative technological capabilities to the benefit of its long-term care customers. Omnicare also provides key commercialization services for the bio-pharmaceutical industry and end-of-life disease management through its Specialty Care Group. For more information, visit www.omnicare.com .
Contact: Investors: Patrick C. Lee +1-859-392-3444 patrick.lee@omnicare.com
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Source: Omnicare via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2012. All rights reserved.
Topic: Press release summary
Source: Omnicare
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