Declares quarterly dividend of $.21 per share
ST. PAUL, Minn.--(BUSINESS WIRE)-- St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced that its Board of Directors has approved the initiation of a regular quarterly cash dividend to shareholders. The initial quarterly dividend of $.21 per share will be paid on April 29, 2011, to stockholders of record at the close of business on March 31, 2011. The commencement of this dividend represents St. Jude Medical’s commitment to its shareholders, as well as its continued confidence in its ongoing growth program.
Commenting on the dividend initiation, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “St. Jude Medical is committed to rewarding its shareholders through value creation. In its decision to initiate a dividend at this time, the Board is demonstrating its confidence in the growth potential, pipeline, strong balance sheet and cash flows. We believe that we are now at a scale where we are able to return a portion of shareholder value in the form of a cash dividend, while continuing to invest in the Company’s long-term growth programs. This includes continued investment in internal research and development, periodic share repurchases and acquisitions where appropriate and cost effective.”
Subject to the declaration of each dividend by the Board of Directors, the following dividend schedule will be in place for 2011:
|Record Date||Pay Date|
|March 31, 2011||April 29, 2011|
|June 30, 2011||July 29, 2011|
|September 30, 2011||October 31, 2011|
|December 30, 2011||January 31, 2012|
About St. Jude Medical
St. Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient. St. Jude Medical is headquartered in St. Paul, Minn. and has four major focus areas that include: cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company’s control and the risk factors and other cautionary statements described in the Company’s filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 2, 2010. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.
St. Jude Medical, Inc.
KEYWORDS: United States North America Minnesota
INDUSTRY KEYWORDS: Health Biotechnology Hospitals Medical Devices Manufacturing Engineering Professional Services Finance