RICHMOND, Va.--(BUSINESS WIRE)--Owens & Minor, Inc. (NYSE:OMI) announced that its board of directors has approved the payment of the first quarter 2014 cash dividend in the amount of $0.25 per share, a 4.2% increase over the prior quarter’s dividend. The cash dividend is payable on March 31, 2014, to shareholders of record as of March 17, 2014.
The company’s board of directors also authorized a share repurchase program of up to $100 million of the company’s outstanding common stock to be executed at the discretion of management over a three-year period, expiring in February 2017. The timing of repurchases and the exact number of shares of common stock to be purchased will be determined by management and will depend upon market conditions and other factors. The program is intended, in part, to offset shares issued in conjunction with the company’s stock-based compensation and may be suspended or discontinued at any time.
“Owens & Minor has paid dividends consistently since 1930, and this long-standing track record reflects the board’s commitment to creating value for our shareholders,” said Craig R. Smith, chairman & chief executive officer of Owens & Minor. “Also, the $100 million share repurchase authorization gives us an additional means to return capital to our shareholders.”
Owens & Minor, Inc., (NYSE: OMI) a FORTUNE 500 company headquartered in Richmond, Virginia, is a leading national provider of distribution and logistics services to the healthcare industry and a leading European provider of logistics services to pharmaceutical, life-science, and medical-device manufacturers. With a diverse product and service offering and facilities throughout the United States and Europe, the company serves hospitals, integrated healthcare systems, alternate site locations, group purchasing organizations, healthcare manufacturers, and the federal government. Owens & Minor also provides technology and consulting programs that improve inventory management and streamline logistics across the entire medical supply chain. For news releases, or for more information about Owens & Minor, visit the company website at www.owens-minor.com.