DUBLIN, Ohio, May 2, 2007 - Cardinal Health, a global provider of products and services that improve the safety and productivity of health care, today announced its board of directors has approved a 3-cent-per share increase to the company’s quarterly dividend and elected Gregory B. Kenny as director.
At a meeting on May 2, the board approved an increased quarterly dividend to $0.12 per share payable on July 15 to shareholders of record on July 1. Cardinal Health has paid a 9-cents-per-share quarterly dividend since July 15, 2006.
The increase supports Cardinal Health's previously stated longer-term goals to return up to 50 percent of operating cash flow to shareholders and to increase its dividend payout to up to 20 percent of earnings per share during the next several years. The dividend is the 91st consecutive regular quarterly dividend for Cardinal Health. The company had approximately 385 million shares outstanding as of April 30.
The board of directors also announced the election of Gregory B. Kenny as director, effective August 1. Mr. Kenny, 54, is president and CEO of General Cable, a $3.7 billion wire and cable manufacturing company headquartered in Highland Heights, Ky.
Mr. Kenny has a diverse career in government and industry, including a diplomatic career with the U.S. Department of State as a Foreign Service Officer, where he focused on international economics and trade. Prior to joining General Cable, he was an officer of Penn Central Corp where he held a variety of positions including Vice President of Corporate Development and Group Executive for the Technical Products and Services companies. Mr. Kenny holds a bachelor of science degree from Georgetown University, a masters of business administration from The George Washington University and a masters of public administration from Harvard University. He is a member of the board of directors for IDEX Corporation and Corn Products International.
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is an $80 billion, global company serving the health-care industry with products and services that help hospitals, physician offices and pharmacies reduce costs, improve safety, productivity and profitability, and deliver better care to patients. With a focus on making supply chains more efficient, reducing hospital-acquired infections and breaking the cycle of harmful medication errors, Cardinal Health develops market-leading technologies, including Alaris® IV pumps, Pyxis® automated dispensing systems, MedMined® data mining software and the CareFusion® patient identification system. The company also manufactures medical and surgical products and is one of the largest distributors of pharmaceuticals and medical supplies worldwide. Ranked No. 19 on the Fortune 500 and No. 1 in its sector on Fortune's ranking of Most Admired firms, Cardinal Health employs more than 40,000 people on five continents. More information about the company may be found at www.cardinalhealth.com
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are 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, and include (but are not limited to) the following: competitive pressures in its various lines of business; the loss of one or more key customer or supplier relationships or changes to the terms of those relationships; changes in the distribution patterns or reimbursement rates for health-care products and/or services; the results, consequences, effects or timing of any inquiry or investigation by any regulatory authority or any legal and administrative proceedings; with respect to future dividends, the decision by the board of directors to declare such dividends, which is expected to consider Cardinal Health’s surplus, earnings, cash flows, financial condition and prospects at the time any such action is considered; with respect to future share repurchases, the approval of the board of directors, which is expected to consider Cardinal Health’s then-current stock price, earnings, cash flows, financial condition and prospects as well as alternatives available to Cardinal Health at the time any such action is considered; and general economic and market conditions. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.