Board of Directors Authorizes $750 Million Share Repurchase Program, Declares Regular Quarterly Dividend
DUBLIN, Ohio, Nov. 3, 2010 /PRNewswire-FirstCall/ — Cardinal Health today released the preliminary results of shareholder voting at its annual meeting of shareholders, and announced that its board of directors has approved a new $750 million share repurchase program. In addition, the company declared its 105th consecutive regular quarterly dividend.
Based on preliminary voting results, shareholders re-elected all 12 members to the board, ratified Ernst & Young as the company's independent registered public accounting firm and approved a proposal that allows the board of directors to amend the company's restated code of regulations. Three shareholder proposals failed to pass. Final results will be posted on the Investor page at cardinalhealth.com.
In addition, the board of directors approved a new, three-year $750 million authorization to repurchase Cardinal Health common shares. This approval follows the repurchase of $250 million of shares during July and August, which completed the previous $500 million share buyback program. The new share repurchase authorization expires Nov. 30, 2013.
The board of directors also approved a regular quarterly dividend of $0.195 per share, payable Jan. 15, 2011, to shareholders of record on Jan. 1, 2011. For more than 26 years, Cardinal Health has paid a regular quarterly dividend to shareholders.
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $99 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers and physician offices focus on patient care while reducing costs, improving efficiency and quality, and increasing profitability. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products to more than 60,000 locations each day. The company is also a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company supports the growing diagnostic industry by supplying medical products to clinical laboratories and operating the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #17 on the Fortune 500, Cardinal Health employs more than 30,000 people worldwide. More information about the company may be found at cardinalhealth.com.
Cautions concerning forward-looking statements
This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. In addition, Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and exhibits to those reports. This news release reflects management's views as of Nov. 3, 2010. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.
SOURCE: Cardinal Health