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Apogee Enterprises Increases Share Repurchase Authorization, Reaffirms Guidance For Fiscal 2008
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 Apogee Enterprises, Inc. announced that its Board of Directors has increased its share repurchase authorization by 750,000 shares to 2,250,000 shares of the company's common stock; approximately 750,000 shares have already been purchased under this authorization. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.
"We believe Apogee's stock represents an attractive investment at recent prices, and we intend to repurchase stock from time to time to reduce share dilution resulting from our incentive programs," said Russell Huffer, Apogee chairman and chief executive officer. "We continue to remain optimistic about the future prospects and potential for Apogee - we have great businesses, strong architectural markets and backlogs, and our businesses generally are executing well."
Apogee recently purchased 200,000 shares at a total cost of approximately $3 million. The company has remaining authority to repurchase approximately 1,500,000 shares. The company said that shares may be purchased from time to time through open market or private transactions, or Rule 10b-18 purchase plans, depending on market conditions.
Apogee has approximately 29 million shares of common stock outstanding. The repurchased shares will be available for re-issuance for employee stock option and other stock-based benefit plans, and for other corporate purposes. The company intends to fund such repurchases with operating cash flow or via its revolving credit facility.
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January 28th, 2008
Photo: Apogee Enterprises, Inc.
Source: Apogee Enterprises, Inc. |
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