AUSTIN, Texas, Feb. 21, 2017 /PRNewswire/ -- Luminex
Corporation (NASDAQ: LMNX) (the "Company") today announced that its
board of directors has authorized the initiation of a quarterly
cash dividend to its shareholders, the first in the company's
history. This initial cash dividend will be payable on
April 14, 2017 to shareholders of
record as of the close of business on March
24, 2017.
The board of directors intends for the Company to pay a regular
quarterly cash dividend of $0.06 to
holders of its common stock, representing a planned annual dividend
of $0.24 per share. The
declaration of any future dividend is subject to the discretion of
the Company's board of directors. Future dividends will be
funded by current cash balances and future cash flows from
operations and is designed to preserve the Company's financial
flexibility to invest in future growth opportunities.
"Effective capital deployment is an important part of our
strategy for creating shareholder value," said Homi Shamir, President and Chief Executive
Officer of Luminex Corporation. "Acquisitions have been an
important part of our strategy and we will continue to pursue
opportunities that generate sustainable growth. Today's
actions reflect our confidence in the Company's strategy, and are a
result of our strong operating results in 2016 and our 2017 outlook
that includes an attractive pipeline of innovative technology, and
continued solid financial performance with continued strong cash
flow generation. I am delighted to make this announcement for
our shareholders and am confident that we are retaining the
flexibility to pursue future strategic opportunities."
Statements made in this release that express Luminex's or
management's intentions, plans, beliefs, expectations or
predictions of future events are forward-looking statements.
Forward-looking statements in this release include statements
regarding expected revenue and cost savings, projected 2017
performance, including revenue guidance, including the revenue
contribution from our recently completed acquisition of Nanosphere,
Inc. The words "believe," "expect," "intend," "estimate,"
"anticipate," "will," "could," "should" and similar expressions are
intended to further identify such forward-looking statements for
purposes of the Private Securities Litigation Reform Act of
1995. It is important to note that the Company's actual
results or performance could differ materially from those
anticipated or projected in such forward-looking statements.
Factors that could cause Luminex's actual results or performance to
differ materially include risks and uncertainties relating to,
among others, market demand and acceptance of Luminex' products and
technology in development, including ARIES®,
Verigene® and NxTAG products, the uncertainty
relating to increased focus on direct sales to the end user,
dependence on strategic partners for development, commercialization
and distribution of products, concentration of Luminex' revenue in
a limited number of direct customers and strategic partners, some
of which may be experiencing decreased demand for their products
utilizing or incorporating Luminex' technology, budget or finance
constraints in the current economic environment, or periodic
variability in their purchasing patterns or practices as a result
of material resource planning challenges, the timing of and process
for regulatory approvals, the impact of the ongoing uncertainty in
global finance markets and changes in governmental funding,
including its effects on the capital spending policies of Luminex'
partners and end users and their ability to finance purchases of
Luminex' products, fluctuations in quarterly results due to a
lengthy and unpredictable sales cycle, fluctuations in bulk
purchases of consumables, fluctuations in product mix, and the
seasonal nature of some of Luminex' assay products, Luminex'
ability to obtain and enforce intellectual property protections on
Luminex' products and technologies, risks and uncertainties
associated with implementing Luminex' acquisition strategy,
including Luminex' ability to obtain financing, Luminex' ability to
integrate acquired companies or selected assets into Luminex'
consolidated business operations, and the ability to recognize the
benefits of Luminex' acquisitions, reliance on third party
distributors for distribution of specific Luminex-developed and
manufactured assay products, Luminex' ability to scale
manufacturing operations and manage operating expenses, gross
margins and inventory levels, changes in principal members of
Luminex' management staff, potential shortages, or increases in
costs, of components or other disruptions to Luminex' manufacturing
operations, competition and competitive technologies utilized by
Luminex' competitors, Luminex' ability to successfully launch new
products in a timely manner, Luminex' increasing dependency on
information technology to enable Luminex to improve the
effectiveness of Luminex' operations and to monitor financial
accuracy and efficiency, the implementation, including any
modification, of Luminex' strategic operating plans, the
uncertainty regarding the outcome or expense of any litigation
brought against or initiated by Luminex, and risks relating to
Luminex' foreign operations, including fluctuations in exchange
rates, tariffs, customs and other barriers to importing/exporting
materials and products in a cost effective and timely manner;
difficulties in accounts receivable collections; the burden of
monitoring and complying with foreign and international laws and
treaties; and the burden of complying with and change in
international taxation policies, as well as the risks discussed
under the heading "Risk Factors" in Luminex's Reports on Forms 10-K
and 10-Q, as filed with the Securities and Exchange
Commission. The forward-looking statements, including the
financial guidance and 2017 outlook, contained herein represent the
judgment of Luminex as of the date of this press release, and
Luminex expressly disclaims any intent, obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in Luminex's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based.
Contacts:
|
Harriss T.
Currie
|
Matthew
Scalo
|
|
Sr. Vice President,
Finance and Chief Financial Officer
|
Sr. Director,
Investor Relations
|
|
512-219-8020
|
512-219-8020
|
|
hcurrie@luminexcorp.com
|
mscalo@luminexcorp.com
|
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SOURCE Luminex Corporation