Astronics Corporation Announces $50 Million Share Repurchase Program
March 09 2016 - 6:46PM
Astronics Corporation (NASDAQ:ATRO), a leading supplier of products
to the global aerospace, defense, consumer electronics and
semiconductor industries, announced today that its Board of
Directors has approved a share repurchase program, authorizing
Astronics to repurchase in the aggregate up to $50 million of its
outstanding common stock. Purchases by Astronics under this
program may be made from time to time at prevailing market prices
in open market purchases, privately negotiated transactions, block
purchase techniques or otherwise, as determined by Astronics’
management. The program has no time limit and may be
discontinued at any time at the Company’s discretion.
Peter J. Gundermann, President and Chief Executive Officer,
commented, “This share repurchase initiative reflects the company’s
belief that our shares represent an attractive investment
opportunity. Our goal is to implement the repurchase program
while maintaining our capital allocation strategy of reinvesting in
the company both internally and externally for future growth.”
The purchases are expected to be funded by the Company’s
operating cash flows and revolving credit facility. The
timing of the purchases and the number of shares repurchased will
depend upon business and financial market conditions. The
Company is not obligated under the program to acquire any
particular number of shares.
About Astronics Corporation Astronics
Corporation is a leading supplier of products to the global
aerospace, defense, consumer electronics and semiconductor
industries. Astronics’ products include advanced,
high-performance electrical power generation and distribution
systems, lighting and safety systems, avionics products, aircraft
structures, engineering design and systems certification, and
automated test systems. Astronics’ strategy is to increase
its value by developing technologies and capabilities, either
internally or through acquisition, and using those capabilities to
provide innovative solutions to its targeted markets and other
markets where its technology can be beneficial. Astronics
Corporation, through its wholly-owned subsidiaries, has a
reputation for high-quality designs, exceptional responsiveness,
strong brand recognition and best-in-class manufacturing practices.
The Company routinely posts news and other important information on
its website at www.astronics.com.
For more information on Astronics and its products,
visit its website at www.astronics.com.
Safe Harbor StatementThis news release contains
forward-looking statements as defined by the Securities Exchange
Act of 1934. One can identify these forward-looking statements by
the use of the words “expect,” “anticipate,” “plan,” “may,” “will,”
“estimate” or other similar expressions. Because such
statements apply to future events, they are subject to risks and
uncertainties that could cause actual results to differ materially
from those contemplated by the statements. Important factors
that could cause actual results to differ materially from what may
be stated here include the state of the aerospace, defense,
consumer electronics and semiconductor industries, the market
acceptance of newly developed products, internal production
capabilities, the timing of orders received, the status of customer
certification processes and delivery schedules, the demand for and
market acceptance of new or existing aircraft which contain the
Company’s products, the need for new and advanced test and
simulation equipment, customer preferences and other factors which
are described in filings by Astronics with the Securities and
Exchange Commission. The Company assumes no obligation to
update forward-looking information in this news release whether to
reflect changed assumptions, the occurrence of unanticipated events
or changes in future operating results, financial conditions or
prospects, or otherwise.
For more information, contact:
Company:
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Apr 2024 to May 2024
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From May 2023 to May 2024