Cryolife, Inc. (NYSE:CRY)

ATLANTA, Aug. 21, 2012 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a leading tissue processing and medical device Company focused on cardiac and vascular surgery, announced today that its Board of Directors has approved the initiation of a quarterly cash dividend of $0.025 per share of common stock outstanding.  The initial quarterly cash dividend of $0.025 per share will be paid on September 21, 2012 to all common stockholders of record as of September 14, 2012.  The ex-dividend date for the quarterly dividend is September 12, 2012. 

Steven G. Anderson, CryoLife's President and Chief Executive Officer, said, "The initiation of a cash dividend reflects our confidence in the Company's financial strength and long-term ability to generate sustained profits and cash flow while also investing in significant new growth opportunities.  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."

Mr. Anderson added, "In addition to the payment of cash dividends, the Company expects to allocate future operating cash flow to our product development pipeline, business development opportunities, and the potential continuation of our common share repurchases.  In November 2011, we announced a Board approved expansion of our repurchase program of up to $15 million prior to December 31, 2012.  In 2011 we repurchased 593,000 shares at an average price of $4.90 for $2.9 million, and year-to-date in 2012 we have repurchased 626,000 shares at an average price of $5.14 for $3.2 million.  We currently have $10.3 million remaining under the current authorization."

CryoLife anticipates paying the quarterly dividends in March, June, September, and December of each year.  Based on the number of shares currently outstanding, the Company expects to pay a total annual dividend of approximately $2.7 million.  The actual declaration of such future dividends and the establishment of the per share amount, record dates, and payment dates for future dividends are subject to final determination by the Company's Board of Directors, and will be dependent upon future earnings, cash flows, financial requirements, and other factors.