BD Board Declares Dividend Increase and Authorizes Additional Share Repurchases
FRANKLIN LAKES, N.J., Nov. 25 /PRNewswire-FirstCall/ -- The Board of Directors of BD (Becton, Dickinson and Company) (NYSE: BDX) has declared a quarterly dividend of 33 cents per common share, an increase of 4.5 cents per share or 15.8% from the previous quarter. The dividend will be payable on January 2, 2009 to holders of record on December 12, 2008. At the current rate, the annual dividend for fiscal 2009 would be $1.32 cents per share.
The Board has also authorized BD to repurchase up to 10 million of its common shares. BD plans to use the shares for general corporate purposes. This authorization is in addition to the approximately 5.9 million shares that remained available at September 30, 2008 under a 10 million-share repurchase authorization in July 2007. On September 30, 2008, BD had approximately 243 million common shares outstanding.
"This marks the 36th consecutive year of BD dividend increases. We continue to generate strong cash flow, allowing us to return significant dollars to our shareholders while continuing to make investments for the future," said Edward J. Ludwig, BD Chairman, President and Chief Executive Officer. "Our strategy of increasing sustainable revenue growth through innovation, complemented by driving operating effectiveness and productivity, is working, and our shareholders continue to benefit."
About BD
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 28,000 people in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.
This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues, earnings per share and income, or events or developments that BD expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current downturn in the world financial markets and major economies on our ability to access credit markets and finance our operations or the demand for our products and services; changes in interest or foreign currency exchange rates, particularly in light of increased volatility in currency exchange rates; competitive factors; pricing and market share pressures; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); the effects of potential pandemic diseases; changes in healthcare or other governmental regulation, including changes in government pricing and reimbursement policies or other cost containment reforms; and issuance of new or revised accounting standards, as well as other factors discussed in this press release and in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
SOURCE BD (Becton, Dickinson and Company)
Released November 25, 2008