UTICA, N.Y., Feb. 15 /PRNewswire-FirstCall/ -- CONMED Corporation (Nasdaq:
CNMD) announced today that its Board of Directors has authorized the Company
to repurchase up to $50 million of its Common Stock, although no more than $25
million may be purchased in any calendar year. The repurchase program calls
for shares to be purchased in the open market or in private transactions from
time to time. CONMED may suspend or discontinue the program at any time.
CONMED expects principally to repurchase shares to offset the dilutive
effect of the issuance of shares under its employee benefit plans, including
as a result of the exercise of outstanding stock options, but may also
repurchase shares from time to time depending upon market conditions, the
market price of CONMED Common Stock and management's assessment of CONMED's
liquidity and cash flow needs. The Company will finance the repurchases from
cash-on-hand and amounts available under the Company's bank credit facility.
Eugene Corasanti, Chief Executive Officer and Chairman of the Board said,
"The Board's decision to implement the share repurchase program reflects the
Board's belief in the Company's performance. This program gives the Company
the opportunity to offset the dilutive effect of the issuance of shares under
the Company's employee benefit plans, including the exercise of outstanding
in-the-money stock options. It also permits the Company to enhance
shareholder value by repurchasing some of our stock based on market
conditions."
CONMED Profile
CONMED is a medical technology company with an emphasis on surgical
devices and equipment for minimally invasive procedures and monitoring. The
Company's products serve the clinical areas of arthroscopy, powered surgical
instruments, electrosurgery, cardiac monitoring disposables, endosurgery and
endoscopic technologies. They 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 2,800 employees distribute its products worldwide from eleven
manufacturing locations.
Forward Looking Information
This press release contains forward-looking statements based on certain
assumptions and contingencies that involve risks and uncertainties. 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, including the above mentioned
anticipated revenues and earnings, 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, 2003; (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 acquisition (and its
integration) or other transaction may require the Company to reconsider its
financial assumptions and goals/targets; and/or (vii) the Company's ability to
devise and execute strategies to respond to market conditions.
SOURCE CONMED Corporation
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Related links:
http://www.conmed.com
CONTACT:
Robert Shallish, Chief Financial Officer, of
CONMED Corporation, +1-315-624-3206; or Julie Huang and Lanie
Marcus, Investors, or Sean Leous, Media, all of Financial
Dynamics, +1-212-850-5600
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