ST. LOUIS, Feb. 22 /PRNewswire/ -- Mallinckrodt Inc. (NYSE: MKG)
management said today that it will expand its share repurchases during the
balance of this fiscal year due to recent weakness in the price of the
company's stock.
"We see this as a substantial buying opportunity," said C. Ray Holman,
Mallinckrodt chairman and chief executive officer, "and we plan to take
advantage of this situation. We also are reiterating our confidence in our
ability to continue meeting our plan and expectations for the year."
Management's plan to accelerate its stock repurchase program confirms its
confidence in the future growth of the company. So far this fiscal year,
Mallinckrodt has repurchased 2.8 million shares of its stock at a market value
of $90 million.
Based in St. Louis, Missouri, Mallinckrodt Inc. is a global manufacturer
and marketer of specialty medical products designed to sustain breathing,
diagnose disease and relieve pain. The company does business in more than 100
countries and had fiscal 1999 net sales of $2.6 billion. The Mallinckrodt web
site address is http://www.mallinckrodt.com .
This news release contains forward-looking statements that involve risks
and uncertainties. These statements are based on current expectations; actual
results may differ materially. Among the factors that could cause actual
results to differ materially from those projected are the following: the
effect of business and economic conditions; the impact of competitive products
and continued pressure on prices realized by the company for its products;
constraints on supplies of raw materials used in manufacturing certain of the
company's products; capacity constraints limiting the production of certain
products; difficulties or delays in the development, production, testing, and
marketing of products; difficulties or delays in receiving required
governmental or regulatory approvals; market acceptance issues, including the
failure of products to generate anticipated sales levels; difficulties in
rationalizing acquired businesses and in realizing related cost savings and
other benefits; the effects of and changes in trade, monetary and fiscal
policies, laws and regulations; foreign exchange rates and fluctuations in
those rates; the costs and effects of legal and administrative proceedings,
including environmental proceedings and patent disputes involving the company;
difficulties or delays in addressing "Year 2000" problems in the company's
operations, or the inability of a major supplier or customer to continue
operations due to such problems; and the risk factors reported from time to
time in the company's SEC reports. The company undertakes no obligation to
update any forward-looking statements as a result of future events or
developments.
CONTACT: Media, Barbara Abbett, 314-654-5230, or barbara.abbett@mkg.com,
or Investor, Barbara Gould, 314-654-3190, or Invest@mkg.com, both of
Mallinckrodt Inc.
SOURCE Mallinckrodt Inc.
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Related links:
http://www.mallinckrodt.com
Company News On-Call:
http://www.prnewswire.com/comp/440950.html or fax,
800-758-5804, ext. 440950
CONTACT:
Media, Barbara Abbett, 314-654-5230, or
barbara.abbett@mkg.com, or Investor, Barbara Gould, 314-654-3190,
or Invest@mkg.com, both of Mallinckrodt Inc.
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