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| Thursday, 13 September 2012, 20:45 HKT/SGT | |
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Source: Omnicare | |
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Cincinnati, Sept 13, 2012 - (ACN Newswire) - Omnicare, Inc. (NYSE:OCR), today announced that its board of directors has approved an additional $350 million in share repurchases, which brings the total available authorization of the share repurchase program to $498 million. In addition, the board increased the quarterly cash dividend by 100% to $0.14 per share.
Under the terms of Omnicare's share repurchase program, the Company is authorized to repurchase up to $350 million of outstanding shares of its common stock from time to time through December 31, 2014. In addition, Omnicare has $148 million remaining under its existing share repurchase program, which is effective through February 28, 2014. Taken together, the Company has approximately $498 million of available authorization for share repurchases as of September 11, 2012.
Omnicare's board of directors approved a quarterly cash dividend of $0.14 per share on the Company's common stock, reflecting a 100% increase over the previous quarterly cash dividend rate of $0.07 per share. The dividend, which is payable on September 28, 2012 to stockholders of record on September 24, 2012, represents the fourth authorized increase to the Company's quarterly cash dividend since August 2010.
"We believe these substantial increases to our share repurchase and dividend programs reflect our confidence in the business and in our ability to maximize our strong financial position and robust cash flow capabilities," said John L. Workman, Omnicare's Chief Executive Officer. "Consistent with our focus on returning value to shareholders, we believe the new authorization will enable us to return value to shareholders beyond our previous 25 percent target by creating a reasonable yield and allowing for opportunistic share repurchases."
About Omnicare
Omnicare, Inc., a Fortune 400 company based in Cincinnati, Ohio, 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 .
Forward-looking Statements
In addition to historical information, this report contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements regarding the intent, belief or current expectations regarding the matters discussed or incorporated by reference in this document (including statements as to "beliefs," "expectations," "anticipations," "intentions" or similar words) and all statements which are not statements of historical fact. Such forward-looking statements, together with other statements that are not historical, are based on management's current expectations and involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated. The most significant of these risks and uncertainties are described in the Company's Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Patrick C. Lee
+1-513-719-1507
patrick.lee@omnicare.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Omnicare via Thomson Reuters ONE
Topic: Press release summary
Source: Omnicare
https://www.acnnewswire.com
From the Asia Corporate News Network
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