Board Declares Quarterly Dividend; Four Board Members Re-Elected
ST. LOUIS, Oct. 21 /PRNewswire/ -- Mallinckrodt Inc. (NYSE: MKG) had a
strong first quarter, and the outlook is positive for the fiscal year,
Chairman and Chief Executive Officer C. Ray Holman told shareholders today at
the company's 89th annual meeting.
"We are deeply committed and determined to deliver higher levels of
profitability to reward shareholders at the same time we are pursuing growth
opportunities for the future," Holman said. He said the company has been
transforming itself in recent years to achieve a focus on healthcare.
Today the company has three healthcare groups -- Respiratory, Imaging and
Pharmaceuticals. Holman noted that each of these businesses will benefit from
aging populations and a growing middle class that will fuel demand for better
healthcare in developing countries.
Holman said that shareholders have not yet been adequately rewarded and
said this must change. He noted that first-quarter earnings of 44 cents per
share exceeded analysts' expectations and said the company remains on course
to meet expectations for the year. For the long term, he said, Mallinckrodt
is focusing on new product development and increased globalization to fuel
growth.
Mallinckrodt's board of directors, meeting here, has declared a quarterly
dividend of 16.5 cents per share on the company's common stock, payable
December 31, 1998, to shareholders of record at the close of business on
December 8, 1998. A regular $1 per share quarterly dividend on Mallinckrodt's
4 percent cumulative preferred stock, also payable on December 31, 1998, to
shareholders of record at the close of business on December 8, 1998, also was
declared.
Shareholders re-elected four individuals to serve on the Mallinckrodt
board of directors. Those who will serve three-year terms are William L.
Davis, chairman and chief executive officer of R.R. Donnelley & Sons Company;
Roberta S. Karmel, professor of law and co-director of the Center for the
Study of International Business Law at Brooklyn Law School; and Brian M.
Rushton, former president of the American Chemical Society. Daniel R. Toll,
director of Kemper Insurance Companies, Lincoln National Convertible
Securities Fund, Inc., and Lincoln National Fund, Inc., will serve for a
one-year term.
Shareholders also acted to reduce the minimum required number of directors
from 10 to eight, recognizing that at times there may be a limited number of
qualified persons willing to assume the responsibilities of serving as a
director of a publicly held company.
Shareholders also ratified the appointment of Ernst & Young LLP as
independent auditors to examine and report on the financial statements of the
company for the fiscal year ending June 30, 1999.
Based in St. Louis, Mo., Mallinckrodt Inc. has three healthcare product
groups -- Imaging, Pharmaceuticals and Respiratory. The company operates in
more than 100 countries and had fiscal 1999 net sales of $2.37 billion. The
Mallinckrodt web site address is http://www.mallinckrodt.com.
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, Peter Faur, 314-654-5234, or Barbara
Abbett, 314-654-5230, e-mail, Communications@mkg.com; or
Investors, Barbara Gould, 314-654-3190, e-mail, Invest@mkg.com,
all of Mallinckrodt Inc.
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