DEERFIELD, Ill., Nov. 13 /PRNewswire-FirstCall/ -- The Board of Directors of Baxter International Inc. today declared a quarterly dividend of $0.2175 per Baxter common share, payable on January 3, 2008, to shareholders of record as of the close of business on December 10, 2007. This represents an increase of 30 percent over the previous quarterly rate of $0.1675 per common share.
Earlier this year, Baxter reinstituted a quarterly schedule for payment of dividends and increased the dividend rate by 15 percent. In addition, through the third quarter of this year, Baxter accelerated share repurchases, buying back a total of $1.6 billion in common stock, or 30.4 million shares.
"The increase in our dividend rate reflects our continued confidence in the strength of our business and the reliability of our cashflows," said Robert L. Parkinson, Jr., chairman, chief executive officer and president. "Our actions further reinforce our ongoing commitment of returning value to shareholders through a disciplined capital allocation strategy, while also investing in our business to drive future growth."
Baxter International Inc., through its subsidiaries, assists healthcare professionals and their patients with the treatment of complex medical conditions, including hemophilia, immune disorders, cancer, infectious diseases, kidney disease, trauma and other conditions. The company applies its expertise in medical devices, pharmaceuticals and biotechnology to make a meaningful difference in patients' lives.
This release includes forward-looking statements concerning the company's dividend. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: continued strength in the company's financial position, including cash flows; future decisions of the board of directors of the company to continue payments to shareholders in the form of a dividend on a quarterly or other basis relative to alternative uses of funds; and other risks identified in the company's most recent filing on Form 10-Q and other SEC filings, all of which are available on the company's website. The company does not undertake to update its forward- looking statements.
CONTACT: Media, Deborah Spak, +1-847-948-2349, or Investors, Mary Kay
Ladone, +1-847-948-3371, or Clare Trachtman, +1-847-948-3085, all of Baxter
International Inc.
Web site: http://www.baxter.com/
