UCP Announces Stock Repurchase Program
June 06 2016 - 6:00AM
Business Wire
UCP, Inc. (NYSE:UCP) (the “Company”) today announced that its
board of directors has authorized a stock repurchase program. Under
the program, the Company may purchase up to $5.0 million of its
Class A common stock beginning June 1, 2016 and ending June 1,
2018. Purchases under the program may be made in the open market or
through privately negotiated transactions from time to time as
permitted by federal securities laws and other legal
requirements.
Jamie Pirrello, Chief Financial Officer of UCP, stated, “This
repurchase authorization provides a unique opportunity to create
shareholder value and complement our primary objective of deploying
capital into new growth opportunities. Our expanding deliveries,
efficient corporate platform and extensive land portfolio provide a
strong base for continued earnings and cash flow improvement. This
additional path to value creation builds on our commitment to
capitalize on positive momentum, exercise operating discipline and
actively transform our Company into a leading homebuilder in our
markets.”
The timing and amount of any repurchases will be at the
discretion of the Company and are subject to prevailing market
conditions and other considerations, including the Company's
liquidity, the terms of its debt instruments, planned land
investment and development spending, acquisition and other
investment opportunities, and ongoing capital requirements.
Notwithstanding the authorization of the repurchase program, there
is no guarantee or representation that the Company will repurchase
any of its Class A common stock given the foregoing
considerations.
About UCP, Inc.
UCP is a leading homebuilder and land developer with expertise
in residential land acquisition, development and entitlement, as
well as home design, construction and sales. UCP operates in the
states of California, Washington, North Carolina, South Carolina
and Tennessee. UCP designs and builds high-quality, sustainable
single-family homes for a variety of lifestyles and budgets through
its wholly-owned subsidiary, Benchmark Communities, LLC. The
Benchmark Communities brand is recognized by homebuyers for its
high-quality construction and craftsmanship, cutting-edge home
design and customer-centric service and warranty programs.
Forward-Looking Statements
This press release contains forward-looking statements. You
should not place undue reliance on those statements because they
are subject to numerous uncertainties and factors relating to the
Company's operations and business environment, all of which are
difficult to predict and many of which are beyond the Company's
control. Forward-looking statements include information concerning
the Company's potential repurchase of shares of its Class A common
stock. These statements are based on assumptions that the Company
has made in light of its experience in the industry as well as its
perceptions of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
under the circumstances. Although the Company believes that these
forward-looking statements are based on reasonable assumptions, it
can give no assurance they will prove to be correct. Therefore, you
should be aware that many factors could affect future events and
could cause actual results to differ materially from those in the
forward-looking statements.
Any forward-looking statement made by the Company herein, or
elsewhere, speaks only as of the date on which it was made. New
risks and uncertainties come up from time to time, and it is
impossible for the Company to predict these events or how they may
affect it. The Company has no obligation to update any
forward-looking statements after the date hereof, except as
required by federal securities laws.
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