Questcor Raises Quarterly Cash Dividend 20 Percent to $0.30/Share

Questcor Pharmaceuticals

today announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per share ($1.20 per share on an annual basis), reflecting a 5 cent or 20 percent increase over the previous quarter's dividend, and a 50 percent increase year over year. The dividend will be paid on or about October 30, 2013 to shareholders of record at the close of business on October 22, 2013. "Our second dividend increase this year reflects our strong financial performance to date, driven by increasing usage of Acthar among physicians to treat patients with serious, difficult to treat medical conditions," said Don M. Bailey, President and CEO of Questcor. "Our business is generating a growing amount of cash flow, as evidenced by Questcor's $278 million in cash and investments at October 4, 2013. Our cash position includes $75 million in restricted cash, unchanged from the second quarter 2013. We remain committed to using our strong cash flow to invest in our business, including significant investments in R&D, while returning cash to shareholders.