SAINT PAUL, Minn., March 28, 2013 /PRNewswire/ -- MGC Diagnostics Corporation (NASDAQ: MGCD), a global medical technology leader, announced that its Board of Directors has approved a special, one-time cash dividend of $0.45 per share on its outstanding common stock, payable on April 26, 2013 to shareholders of record as of April 12, 2013. The Company also announced an extension of its current Stock Repurchase Program to October 31, 2013. The Stock Repurchase Program would otherwise expire on July 31, 2013. This program currently has $2.735 million remaining.
Mark W. Sheffert , Chairman of the Board of Directors of MGC Diagnostics Corporation, stated "The Board of MGC Diagnostics has assessed and will continue to periodically assess the Company's capital resources. If the Board of Directors determines that the Company's capital resources exceed the amount necessary to meet its working capital and liquidity needs, as well as to retain a reasonable cushion for contingencies and strategic opportunities, then the Company will consider various options for increasing shareholder value, including, but not limited to, purchasing its own shares in the open market and in privately negotiated transactions and paying cash dividends."
"In making the current determination, the MGC Diagnostics Board carefully considered the Company's short- and long-term operating and capital resource needs. While we expect the Company will continue to pursue opportunistic product line or business acquisitions, given (i) our cash and cash equivalents position of $8.9 million and our positive net working capital position of approximately $13.2 million, both as of January 31, 2013
|SOURCE MGC Diagnostics Corporation|
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