Cardinal Health Board Authorizes Share-Repurchase Program
DUBLIN, Ohio, Sept. 17 /PRNewswire/ -- Cardinal Health, Inc. (NYSE:
CAH), a leading provider of products and services supporting the
health-care industry, announced today that its board of directors
has authorized a program for the repurchase of up to $500 million
of its outstanding common shares. The company will hold the repurchased
stock as treasury shares and use it for general corporate purposes.
The company has approximately 450 million common shares outstanding.
The board's decision gives the company flexibility to invest in
its stock. Cardinal had been precluded from maintaining a share-repurchase
program under pooling-of-interests rules, a method of accounting
that has now been eliminated.
The company noted that it maintains a high degree of confidence
in its future earnings growth and cash flow and that its low debt-to-capital
position gives the company sufficient financial flexibility to fund
the share repurchase while continuing to invest in future opportunities
for strong and consistent growth.
Cardinal Health, Inc. ( http://www.cardinal.com ) is a leading provider
of products and services supporting the health-care industry. Cardinal
companies develop, manufacture, package and market products for
patient care; develop drug-delivery technologies; distribute pharmaceuticals,
medical-surgical and laboratory supplies; and offer consulting and
other services that improve quality and efficiency in health care.
The company employs approximately 49,000 people on five continents
and produces annual revenues of approximately $40 billion.
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. The forward-looking
information and statements in this news release are subject to various
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied. These risks
and uncertainties include but are not limited to: those discussed
or identified in the public filings with the U.S. Securities and
Exchange Commission (SEC) made by Cardinal Health; risks and uncertainties
with respect to Cardinal Health's expectations regarding the accounting
and tax treatment of acquisitions, the value of merger consideration,
growth opportunities, earnings accretion, cost savings, revenue
enhancements, synergies and other benefits anticipated from acquisition
transactions; the costs and effects of government regulation and
legal and administrative proceedings; difficulties related to integrating
acquired businesses; the effect of any changes in customer and supplier
relationships and customer purchasing patterns, shifts in the growth
rates among segments driven by various factors, general consumer
perceptions of health-related concerns or the distribution outsourcing
pattern for health- care products and/or services and of general
economic conditions such as changes in interest rates and the performance
of the financial markets, changes in domestic and foreign laws,
regulations and taxes, changes in competition and pricing environments,
and general market and industry conditions. Cardinal undertakes
no obligation to publicly update or revise any forward-looking statements.
SOURCE Cardinal Health, Inc.
CONTACT: Investors, Stephen T. Fischbach, +1-614-757-7067, or Media,
Geoffrey D. Fenton, +1-614-757-7871, both of Cardinal Health, Inc./