UTICA, NY -- (Marketwired) -- 10/28/13 -- CONMED Corporation (NASDAQ: CNMD) announced today that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable on January 6, 2014 to all shareholders of record as of December 16, 2013. This quarterly dividend declaration represents an increase of 33% compared to the most recent $0.15 per share quarterly cash dividend. The Board expects that future cash dividends will be paid on a quarterly basis such that the total annual dividend rate based on this quarterly cash dividend will equal $0.80 per share, which is equivalent to a dividend yield of approximately 2.2% based on the current share price. Any decision to pay future cash dividends will, however, be subject to Board approval, and will depend on the Company's future earnings, cash flow, financial condition, financial covenants, and other relevant factors.
"The Board's decision to increase the cash dividend reflects its confidence in CONMED's long-term ability to continue generating meaningful profits and cash flow, and a desire to ensure shareholders are benefitting appropriately from our operational strength," stated Mr. Joseph J. Corasanti, President and CEO.
CONMED is a medical technology company with an emphasis on surgical devices and equipment for minimally invasive procedures. The Company's products are used by surgeons and physicians in a variety of specialties including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology. Headquartered in Utica, New York, the Company's 3,600 employees distribute its products worldwide from several manufacturing locations. CONMED has a direct selling presence in 16 countries outside the United States and international sales constitute approximately 50% of the Company's total sales.
This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. For example, all statements regarding the payment of cash dividends in future periods are forward-looking statements. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going-forward basis. The forward-looking statements in this press release involve risks and uncertainties which could cause actual results, performance or trends, to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above, to prove to be correct; (ii) the risks relating to forward-looking statements discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012; (iii) cyclical purchasing patterns from customers, end-users and dealers; (iv) timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; (vi) the possibility that any new acquisition or other transaction may require the Company to reconsider its financial assumptions and goals/targets; (vii) increasing costs for raw material, transportation or litigation; (viii) the risk of a lack of allograft tissues due to reduced donations of such tissues or due to tissues not meeting the appropriate high standards for screening and/or processing of such tissues; and/or (ix) the Company's ability to devise and execute strategies to respond to market conditions.