BATESVILLE, Ind., Sept. 10, 2013 /PRNewswire/ -- Hill-Rom Holdings, Inc. (NYSE: HRC) announced today that its board of directors has set the Company's share repurchase authorization at $190 million, an increase of $150 million. The authorization has no expiration date.
The Company also announced today that its board of directors has declared a fiscal year 2013 fourth quarter dividend of $0.1375 per share. This amount represents a 10 percent increase over the quarterly dividend paid a year ago and brings the fiscal year-to-date dividend paid per share to $0.525. The fourth quarter dividend is payable on September 30, 2013 to shareholders of record as of the close of business on September 20, 2013.
"The expansion of our share repurchase authorization and our long standing dividend program reflect Hill-Rom's continuing commitment to disciplined capital allocation and value creation for our shareholders," said Mike Macek, Vice President, Treasurer and Interim Chief Financial Officer. "Combining dividends and share repurchases, we will return $125 million to our shareholders during the current fiscal year. Today's actions reflect the confidence we have in our ability to generate significant free cash flow and create long-term shareholder value."ABOUT HILL-ROM HOLDINGS, INC. Hill-Rom is a leading worldwide manufacturer and provider of medical technologies and related services for the health care industry, including patient support systems, safe mobility and handling solutions, non-invasive therapeutic products for a variety of acute and chronic medical conditions, medical equipment rentals, surgical products and information technology solutions. Hill-Rom's comprehensive product and service offerings are used by health care providers across the health care continuum and around the world in hospitals, extended care facilities and home care settings to enhance the safety and quality of patient care.