The company said that shares may be purchased from time to time through open market transactions, block purchases, tender offers, private transactions, accelerated share repurchase programs or Rule 10b5-1 purchase plans and may be discontinued at any time. "We believe that the share repurchase program is one excellent use of our cash that will enhance value for all Apogee shareholders," said Russell Huffer, Apogee chairman, president and chief executive officer."This program is part of our plan for excess cash that includes debt reduction, dividend payment and other strategic uses."
On February 19, 2003 the company announced that it had completed a 1.5 million share repurchase program, originally announced on April 25, 2003 and increased on July 23, 2002.
Apogee has approximately 27.2 million shares of common stock outstanding. The repurchased shares will be available for re-issuance for employee stock option and other benefit plans and for other corporate purposes. The Company intends to fund such repurchases with internally generated funds.