EXTON, Pa., March 13, 2012 /PRNewswire/ -- The board of
directors of Kensey Nash Corporation (Nasdaq: KNSY) announced today
that the board has declared a cash dividend of $0.25 per share of the Company's common stock,
payable to stockholders of record on April
30, 2012. The dividend will be paid on May 31, 2012. A total of approximately
$2.2 million will be paid on the
Company's 8.7 million outstanding shares of common stock. This
declaration is the second consecutive quarterly dividend under the
Company's dividend policy, adopted on January 3, 2012, whereby the board of directors
expects to declare a total annual dividend of $1.00 per share of common stock, to be paid in
equal quarterly installments. Any decision to pay future cash
dividends will, however, be made by the board of directors and will
depend on the Company's future earnings and financial condition and
other relevant factors.
On an annualized basis, the quarterly dividend announced today
represents a yield of 4.2% based upon the $23.93 per share closing price of the Company's
common stock on the NASDAQ Global Select Market on March 12, 2012. With the payment of this
dividend, the Company will have paid a total of approximately
$4.4 million in cash
dividends.
About Kensey Nash Corporation. Kensey Nash Corporation is
a medical device company primarily focused on regenerative medicine
utilizing its proprietary collagen and synthetic polymer
technology. The Company is recognized as a leader for innovative
product development and unique technology in the field of
resorbable biomaterials. The Company has an extensive range of
products, which are sold through strategic partners in multiple
medical markets, including the cardiology, orthopaedic, sports
medicine, spine, endovascular and general surgery markets. For more
information, visit www.kenseynash.com.
Cautionary Note for Forward-Looking Statements. This
press release contains forward-looking statements, including
statements regarding the current expectations of Kensey Nash
Corporation (the "Company") about its prospects and opportunities.
The forward-looking statements are covered by the "Safe Harbor for
Forward-Looking Statements" provided by the Private Securities
Litigation Reform Act of 1995. The Company has tried to identify
the forward-looking-statements by using words such as "plan,"
"expect," "will," "would," "should," "believe," "guidance" and
similar expressions, but these words are not the exclusive means
for identifying such statements. The Company's expectation that
dividends will be paid on a quarterly basis assumes that the
Company's financial condition will permit payment under
Delaware law, that the Company
will generate sufficient cash flow to warrant the payment of a
dividend, and that the declaration and payment of cash dividends
can be made in accordance with applicable law and agreements of the
Company. The Company also cautions that a number of other
risks, uncertainties and other important factors could cause the
Company's actual results to differ materially from those expressed
in, or implied by, the forward-looking statements, and therefore
impact the board of directors' determination of future dividend
payments, including, without limitation, the Company's mediation
with St. Jude Medical, the Company's success in and the uncertainty
of transitioning the Norian manufacturing operations to the Company
and Synthes' success in distributing the Norian products, St. Jude
Medical's success in selling the Angio-Seal device and the extent
to which St. Jude Medical is able to and does in fact rely on its
internal manufacturing to fulfill its requirements for collagen
plugs for the Angio-Seal device, the success of the Company's
customers and partners (including St. Jude Medical, Arthrex,
Stryker and Synthes) in selling Kensey
Nash related products in the marketplace, the Company's
success in its research and development efforts (including in its
cartilage repair, extracellular matrix and adhesive materials
programs), the success of clinical trials in both the U.S. and
outside the U.S. to support regulatory approval of the Company's
products, and competition from other technologies, as well as tax
and other risks associated with healthcare reform, general economic
conditions and foreign currency fluctuations. For a detailed
discussion of factors that could affect the Company's future
operating results, please see the Company's SEC filings, including
the disclosures under "Risk Factors" in those filings. Except as
expressly required by the federal securities laws, the Company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, changed
circumstances or future events or for any other reason.
SOURCE Kensey Nash Corporation