Span-America Declares Special Cash Dividend of $1.00 Per Share and Regular Quarterly Dividend of $0.15 Per Share
November 14 2014 - 10:19AM
Business Wire
Marks 100th Consecutive
Quarterly Dividend Payment
Span-America Medical Systems, Inc. (NASDAQ: SPAN) announced
today that the Board of Directors declared a special cash dividend
of $1.00 per share. The special dividend is payable January 7,
2015, to shareholders of record on December 17, 2014.
The Board of Directors also declared a regular quarterly cash
dividend of 15 cents ($0.15) per share. The regular
dividend is payable December 11, 2014, to shareholders of record on
November 25, 2014.
“The special cash dividend of $1.00 per share highlights the
milestone of Span-America paying our 100th consecutive quarterly
cash dividend and our positive outlook for fiscal 2015,” stated Jim
Ferguson, president and chief executive officer of
Span-America. “We have a strong balance sheet and will pay the
regular and special cash dividends from cash on hand. Our Board of
Directors remains committed to building long-term shareholder value
by returning a portion of the company’s earnings to shareholders
through our cash dividend program.”
About Span-America Medical Systems, Inc.
Span-America manufactures and markets a comprehensive selection
of pressure management products for the medical market, including
Geo-Matt®, PressureGuard®, Geo-Mattress®, Custom Care®, Span+Aids®,
Isch-Dish®, Risk ManagerTM and Selan® products. We also supply
custom foam and packaging products to the consumer
and industrial markets. Through our
wholly-owned subsidiary Span Medical Products Canada Inc., we
manufacture and market the M.C. Healthcare Products
brands of EncoreTM, Maxxum, Advantage and Rexx bed frames as
well as related case goods, tables and seating products for the
long-term care market. Span-America’s stock is traded on The
NASDAQ Global Market under the symbol “SPAN.” For more
information, visit www.spanamerica.com and
www.mchealthcare.com.
Forward-Looking Statements
We have made forward-looking statements in this release
regarding our outlook for fiscal year 2015 and our expected level
of cash during the next two quarters. We wish to caution the reader
that these statements are only predictions. These forward-looking
statements may be generally identified by the use of
forward-looking words and phrases such as “will,” “intends,” “may,”
“believes,” “anticipates,” “should” and “expects,” and are based on
the company’s current expectations or beliefs concerning future
events that involve risks and uncertainties. Actual events or
results may differ materially as a result of risks and
uncertainties facing the company, including: (a) the inability to
achieve anticipated sales growth in the medical and custom products
segments, (b) the possibility of disruptions in our consumer
products business related to the transfer of our exclusive
distribution agreement from Louisville Bedding Company to Hollander
Home Fashions in May 2013 as a result of the sale of Louisville
Bedding’s utility bedding retail business to Hollander, (c) the
possibility of a loss of a key customer or distributor for our
products, (d) risks related to international operations and foreign
exchange associated with our Canadian subsidiary, (e) the
possibility of having material uncollectible receivables from one
or more key customers or distributors, (f) the potential for
volatile pricing conditions in the market for polyurethane foam,
(g) raw material cost increases, (h) the possibility that some or
all of our medical products could be determined to be subject to
the 2.3% medical device excise tax imposed by the Affordable Care
Act, (i) the potential for lost sales due to competition from
low-cost foreign imports, (j) changes in relationships with large
customers or key suppliers, (k) the impact of competitive
products and pricing, (l) government reimbursement changes in
the medical market, (m) FDA and Health Canada regulation of medical
device manufacturing and (n) other risks referenced from time
to time in our Securities and Exchange Commission filings. We
disclaim any obligation to update publicly any forward-looking
statement, whether as a result of new information, future events or
otherwise. We are not responsible for changes made to this document
by wire services or Internet services.
Span-America Medical Systems, Inc.Jim Ferguson, 864-288-8877,
ext. 6912President and Chief Executive Officer
Span America (NASDAQ:SPAN)
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