UTICA, N.Y., Dec. 5 /PRNewswire-FirstCall/ -- CONMED Corporation
(Nasdaq: CNMD) announced today that its Board of Directors has increased its
authorization to repurchase the Company's common stock to a total of $100
million from the previously authorized $50 million. Under the new
authorization, up to $50 million may be purchased in a calendar year, which is
an increase from up to $25 million in a calendar year under the previous
authorization. Through December 2, 2005, the Company has repurchased
approximately $24 million of its common stock as approved by the Board of
Directors in its previous authorization of February 2005. 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 to repurchase shares depending upon market conditions, the
market price of CONMED common stock and management's assessment of CONMED's
liquidity and cash flow. The Company will also 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.
The Company will finance the repurchases from cash-on-hand and amounts
available under the Company's bank credit facility.
Eugene R. Corasanti, Chief Executive Officer and Chairman of the Board
said, "The Board's decision to revise the share repurchase program reflects
the Board's belief in the Company's long-term performance and considers the
current market price of the Company's common stock. It 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 3,100 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 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, 2004; (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; (vii) increasing costs for raw
material, transportation, or litigation; and/or (viii) 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 Investors: Julie Huang of
Financial Dynamics, +1-212-850-5600
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