ATLANTA, May 28, 2013 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a leading tissue processing and medical device Company focused on cardiac and vascular surgery, announced today that its Board of Directors has approved a 10 percent increase in the quarterly cash dividend for the second quarter 2013 from $0.025 to $0.0275 per share of common stock outstanding. At the new rate, the indicated dividend on an annual basis is $0.11 per share compared to the previous rate of $0.10 per share. The quarterly cash dividend of $0.0275 per share will be paid on June 21, 2013 to all common stockholders of record as of June 14, 2013. The ex-dividend date for the quarterly dividend is June 12, 2013.
Steven G. Anderson, CryoLife's President and Chief Executive Officer, said, "Since initiating a dividend less than one year ago, we have continued to execute on our strategic growth plan for the Company. Based on our continued confidence in the Company's financial strength and long-term growth outlook, we are pleased to announce our first increase to the dividend, which has been increased by 10 percent."
CryoLife anticipates paying quarterly dividends in March, June, September, and December of each year. Based on the number of shares currently outstanding, the Company expects to pay a total annual dividend of approximately $3.0 million. These statements represent management's current beliefs and expectations and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As such, they are subject to risks and uncertainties that could cause future events to deviate from current expectations, including without limitation that the declaration of future dividends and the establishment of the per share amount, record dates, and payment dates for future dividends are subject to final determination by the Company's Board of Directors, and will be dependent upon future earnings, cash flows, financial requirements, the Board's evaluation of competing uses for available cash, and other factors.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the U.S., certain countries in Europe, and Canada. CryoLife's CryoValve® SG pulmonary heart valve, processed using CryoLife's proprietary SynerGraft® technology, has FDA 510(k) clearance for the replacement of diseased, damaged, malformed, or malfunctioning native or prosthetic pulmonary valves. CryoLife's CryoPatch® SG pulmonary cardiac patch has FDA 510(k) clearance for the repair or reconstruction of congenital heart defects. CryoLife's BioGlue® Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in the European Community for use in soft tissue repair and approved in Japan for use in the repair of aortic dissections. Additional marketing approvals for BioGlue have been granted in several other countries throughout the world. CryoLife, through its subsidiary Cardiogenesis Corporation, specializes in the treatment of coronary artery disease for severe angina using a laser console system and single use, fiber-optic handpieces to perform a surgical procedure known as Transmyocardial Revascularization (TMR). In addition, CryoLife and its subsidiary Hemosphere, Inc. market the HeRO® Graft, which is a solution for end-stage renal disease in certain hemodialysis patients. CryoLife distributes PerClot®, an absorbable powder hemostat, in the European Community and other select international countries. CryoLife's BioFoam® Surgical Matrix is CE marked in the European Community for use as an adjunct to hemostasis in cardiovascular surgery and on abdominal parenchymal tissues (liver and spleen) when control of bleeding by ligature or conventional methods is ineffective or impractical.
For additional information about CryoLife, visit CryoLife's website, www.cryolife.com.
SOURCE CryoLife, Inc.