CHELMSFORD, Mass.--(BUSINESS WIRE)--ZOLL Medical Corporation (Nasdaq GS: ZOLL), a manufacturer of resuscitation devices and related software solutions, announced today that its Board of Directors has authorized the repurchase of up to $50 million of the Company's shares of common stock.
“Given our demonstrated cash generation and current market valuation, we are announcing a share repurchase program. I believe that ZOLL represents an attractive investment opportunity and this program reflects our ongoing commitment to increasing shareholder value,” said Richard A. Packer, ZOLL’s Chief Executive Officer. “We have ample liquidity, no debt, and generated in excess of $40 million in cash from operating activities during our 2011 fiscal year. We are pleased that our strong balance sheet allows us to demonstrate our confidence in our future prospects, without sacrificing our pursuit of those business opportunities in front of us.”
Repurchases will take place on the open market or in privately negotiated transactions from time to time based on market and other conditions. The timing and number of any shares repurchased will be determined by the Company’s management, based on their evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan. The repurchase program may be modified, suspended or discontinued at any time. The repurchase program will be funded using the Company’s available cash and cash equivalents, borrowings available under its current line of credit, and supplemental borrowings if necessary.
About ZOLL Medical Corporation
ZOLL Medical Corporation develops and markets medical devices and software solutions that help advance emergency care and save lives, while increasing clinical and operational efficiencies. With products for defibrillation and monitoring, circulation and CPR feedback, data management, fluid resuscitation, and therapeutic temperature management, ZOLL provides a comprehensive set of technologies that help clinicians, EMS and fire professionals, and lay rescuers treat victims needing resuscitation and critical care.
A NASDAQ Global Select company and a Forbes 100 Most Trustworthy Company in 2007, 2008 and 2009, and a Forbes Top 100 Small Business Company in 2011, ZOLL develops and manufactures its products in the United States, in California, Colorado, Illinois, Massachusetts, Pennsylvania, and Rhode Island. More than 400 direct sales and service representatives, 1,100 business partners, and 200 independent representatives serve our customers in over 140 countries around the globe. For more information, visit www.zoll.com.
Certain statements contained in this press release, including statements regarding the anticipated development of the Company's business and other statements contained herein regarding matters that are not historical facts, are “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995). Specifically, statements regarding the Company's intention to repurchase shares of its common stock from time to time under a stock repurchase program and the sources of funding for the repurchase program are forward-looking, involving risks and uncertainties. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; developments that may affect the Company’s ability to borrow on terms satisfactory to it; and those factors discussed in the section entitled “Risk Factors” in the Company's Annual Report on Form 10-K filed with the SEC on December 17, 2010 and updated in the Company’s Quarterly Reports on Form 10-Q filed subsequently to the Form 10-K, including the Form 10-Q Quarterly Report filed on August 8, 2011. You should not place undue reliance on the forward-looking statements in this press release, and the Company disavows any obligation to update or supplement those statements in the event of any changes in the facts, circumstances, or expectations that underlie those statements.
Copyright © 2011 ZOLL Medical Corporation. All rights reserved. ZOLL is a registered trademark of ZOLL Medical Corporation in the United States and/or other countries. All trademarks are the property of their respective owners.