ResMed announces plans for stock dividend in fiscal 2013

ResMed, Inc., of San Diego, a large provider of respiratory and CPAP products and services, last week announced plans to initiate a dividend beginning in fiscal year 2013. The company expects to initiate a quarterly dividend of $0.17 per share. “Over the past several years, we have used some of our cash to invest in our business through increased research and development, market development, acquisitions and capital expenditures,” Peter C. Farrell, chairman and chief executive officer, said in a prepared release. “We have also used some of our cash to repurchase shares. We expect to continue all these activities in the future. Even with these investments, we have sufficient funds for strategic opportunities and to operate our business, and therefore we are initiating a dividend for our shareholders.” Additionally, ResMed’s board of directors reaffirmed the process for seeking a new chief executive officer. Dr. Peter Farrell has agreed to remain as chief executive officer until the end of 2013 while candidates for the position are evaluated.