MITY Enterprises Inc. Directors Approve Additional Stock Repurchase
August 03 2006 - 7:35PM
Business Wire
MITY Enterprises Inc. (Nasdaq: MITY), designer, manufacturer and
marketer of a variety of institutional furniture, today announced
that its board of directors has approved the repurchase of up to
400,000 additional shares of the company's common stock from time
to time in open market and negotiated or block transactions,
including potential repurchases from shareholders who are directors
of the company. The authorization of 400,000 additional shares
brings the number of shares authorized for repurchase since 2005 to
1,250,000 and leaves 484,171 shares of stock remaining in the stock
buy back authorization. Following the buy back, the company will
have approximately 3.2 million shares of common stock outstanding.
The program is effective immediately. Founded in 1987, MITY
Enterprises Inc. designs, manufactures and markets innovative
institutional furniture created to meet the efficiency needs of its
customers. MITY Enterprises focuses on providing premium quality
institutional furniture products to niche markets. The product
lines consist of multipurpose room furniture and health care
seating. MITY's products are marketed under the Mity-Lite, Broda
and Versipanel tradenames. Headquartered in Utah, MITY Enterprises
serves national and international customers directly and through
distributors. For further information, visit MITY Enterprises
online at www.mityinc.com. This press release contains
forward-looking statements related to the possible repurchase of up
to 400,000 additional shares of the company's common stock, the
company's belief that this repurchase program will provide a sound
return to investors, and the company's flexibility to fund this
repurchase program because of its strong balance sheet. The company
may elect, at any time and for any number of reasons, not to
repurchase some or all of the indicated shares. Various
uncertainties, including general economic and furniture industry
uncertainties, the market price of the company's Common Stock, and
the risk factors listed in the company's filings with the
Securities and Exchange Commission, may adversely affect the
company's balance sheet and its desire and ability to effect
repurchases in the future.
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