CryoLife announces new quarterly cash dividend

CryoLife has announced the initiation of a new cash dividend, reflecting the confidence the company continues to place in its own financial strength and growth prospects.

The medical technology firm's board of directors has approved the initiation of a quarterly cash dividend of $0.025 (0.016 pounds) per share of common stock outstanding, to be paid out on September 21st 2012.

Additionally, the company expects to allocate future operating cash flow to product design, business development opportunities and the potential continuation of common share repurchases.

Thus far in 2012, CryoLife has repurchased 626,000 shares at an average price of $5.14 for $3.2 million, with $10.3 million worth of shares remaining under the current authorisation.

Steven Anderson, CryoLife's president and chief executive officer, said: "We are pleased to have the financial flexibility to continue investing in our business, while also returning a portion of our profits to our shareholders through this dividend."

Earlier this month, the firm announced its second-quarter financial results for 2012, during which it experienced a 13 percent year-on-year increase in sales to $33.2 million.