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CryoLife Expands Stock Repurchase Program
Date:2/14/2013

ATLANTA, Feb. 14, 2013 /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 authorized the Company's purchase of $15 million of its common stock through October 31, 2014.  Under this program, the purchase of shares can be made from time to time in the open market or through privately negotiated transactions on such terms as management deems appropriate, and will be dependent upon various factors, including price, regulatory requirements and other market conditions.  The Company may enter into agreements from time to time that provide for common stock repurchases during Company announced "blackout periods" of such securities in compliance with Rule 10b5-1 promulgated under the Securities Exchange Act of 1934.  Pursuant to its credit facility the Company is entitled to repurchase up to approximately $10.2 million of its common stock without obtaining lender's consent.

Steven G. Anderson , president and chief executive officer, noted, "CryoLife's Board of Directors continues to believe that the stock repurchase program provides the appropriate flexibility for the potential use of the company's cash.  Over the last several years, we have balanced the purchase of more than $12 million of the company's shares, while also completing several business development transactions that position the Company for accelerated growth and continued profitability.  In 2012 we also initiated a dividend, which allows us to return a portion of our earnings to our investors.  All together, we ended the year with $18.3 million in cash and we will continue to leverage our strong cash flow to make strategic investments in the Company to accelerate growth and build value for our sha
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SOURCE CryoLife, Inc.
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