IRMD - IRADIMED CORPORATION Announces Establishment of a Quarterly Dividend of $0.15 per share and a Special Cash Dividend of $0.48 per share | Benzinga
WINTER SPRINGS, Fla., Dec. 12, 2023 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the "Company") (NASDAQ:IRMD) announced today that its Board of Directors approved a special cash dividend of $0.48 per share and the initiation of a regular quarterly dividend on the Company's outstanding common stock. The regular quarterly dividend is $0.15 per share. The special cash dividend and the quarterly dividend are payable on January 12, 2024, to shareholders of record at the close of business on December 22, 2023.
Dividend history to date:
At the end of 2021, the Company's Board concluded that the strong financial performance being posted warranted a dividend to return to shareholders some of the available cash held by the Company that was more than the Company's foreseeable needs. Therefore, in February 2022, the Board declared and paid a special cash dividend of $1 per share ($12.6M) to its stockholders. Similarly, in February 2023, the Board declared and paid a special cash dividend of $1.05 per share ($13.2M).
Payment of special dividend and establishment of a quarterly dividend:
On December 7, 2023, the Board decided that the Company's strong performance warranted the payment of a special dividend of $0.48 (approximately $6.1M) and the initiation of a regular quarterly dividend of $0.15 per share (approximately $1.9M) on the Company's common stock. The special and quarterly dividend have a record date of December 22, 2023, and a payable date of January 12, 2024. This initial quarterly dividend implies a $0.60 per share per annum rate (approximately $7.6M per annum).
Other cash matters concerning the expansion of our facilities to support expected growth:
The Company's continued strong performance has also led to its commitment to significantly expand its production capacity by buying land and building an assembly, R&D, and office facility to replace its current leasehold. The total resource commitment for this expansion is approximately $20M, with approximately $7M expended to date on this project for the land and initial construction expenses. The Company is currently evaluating whether to use available cash for the remainder of this expansion or possibly seek financing for the construction and ...