CONMED Corporation Announces Share Repurchase
February 15 2005 - 7:00AM
PR Newswire (US)
CONMED Corporation Announces Share Repurchase 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.
DATASOURCE: CONMED Corporation 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 Web site:
http://www.conmed.com/
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