Additional Share Repurchase Authorization of $500 Million
Quarterly Dividend Increased 43% to $0.20 per Share
CINCINNATI, December 5, 2013 - Omnicare, Inc. (OCR), today announced an additional share repurchase program and a sizeable increase to its quarterly dividend, reflecting the Company`s continued focus on returning capital to its stockholders.
Omnicare`s board of directors authorized the Company to repurchase an additional $500 million of outstanding shares of its common stock from time to time through December 31, 2015. Year to date, Omnicare has repurchased 4.2 million shares for an aggregate purchase price of $220 million.
In addition, the Company`s board of directors approved a quarterly cash dividend of $0.20 per share on the Company`s common stock, to be paid on December 24, 2013, to all shareholders of record on December 16, 2013. The new quarterly dividend represents a 43 percent increase over the previous amount of $0.14 per share.
"Returning capital to stockholders is an important element of our capital allocation strategy," said John Workman, Omnicare`s Chief Executive Officer. "With these substantial increases to both our share repurchase program and quarterly cash dividend, we are better positioned to redeploy our cash flows to the benefit of our stockholders."
Omnicare, Inc., a Fortune 500 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 through its Specialty Care Group. For more information, visit www.omnicare.com.
# # #
Patrick C. Lee
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Omnicare via GlobeNewswire