ElkCorp to Invest up to $4 Million to Repurchase Shares of its Common Stock
23 Janeiro 2006 - 8:28PM
Business Wire
ElkCorp (NYSE:ELK) announced today it has authorized spending up to
$4 million to acquire shares of its outstanding common stock under
a previously approved share repurchase authorization. The company
will purchase shares over the next few weeks pursuant to a
"dribble-in" repurchase plan under Rule 10b-18 restrictions. The
purchases will be executed by the company's agent within a range of
prices established by the company, and at times and in amounts up
to daily maximums within Rule 10b-18 restrictions. Under the
program, the purchases will be funded from available working
capital, and the repurchased shares will be held in treasury. If
parameters set forth in its trading plan are not met, ElkCorp would
not repurchase any shares and is authorized to discontinue the
purchases at any time that management determines additional
purchases are not warranted. As of December 31, 2005, the company
had approximately 20.4 million shares outstanding. "We are pleased
to announce the reimplementation of our stock repurchase plan,
which will provide us with treasury shares for our existing equity
compensation programs," said Thomas Karol, chairman and chief
executive officer of ElkCorp. "We believe that our cash position
and the current valuation of our stock make the reimplementation of
our stock repurchase plan an attractive investment for the company,
while enabling us to maintain sufficient resources to continue
investing in our growth strategies." About ElkCorp: ElkCorp,
through its subsidiaries, manufactures Elk brand premium roofing
and building products (90% of consolidated revenue) and provides
technologically advanced products and services to other industries.
Each of ElkCorp's principal operating subsidiaries is a leader
within its particular market. Its common stock is listed on the New
York Stock Exchange (NYSE:ELK). See www.elkcorp.com for more
information. Safe Harbor Provisions In accordance with the safe
harbor provisions of the securities law regarding forward-looking
statements, in addition to the historical information contained
herein, the above discussion contains forward-looking statements
that involve risks and uncertainties. The statements that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements usually are accompanied by words such as "optimistic,"
"vision," "outlook," "believe," "estimate," "potential,"
"forecast," "project," "expect," "anticipate," "plan," "predict,"
"could," "should," "may," "likely," or similar words that convey
the uncertainty of future events or outcomes and include the
earnings outlook for the third quarter and fiscal year 2006. These
statements are based on judgments the company believes are
reasonable; however, ElkCorp's actual results could differ
materially from those discussed here. Factors that could cause or
contribute to such differences could include, but are not limited
to, changes in demand, prices, raw material costs, transportation
costs, changes in economic conditions of the various markets the
company serves, changes in the amount and severity of inclement
weather, acts of God, war or terrorism, as well as the other risks
detailed herein, and in the company's reports filed with the
Securities and Exchange Commission, including but not limited to,
its Form 10-K for the fiscal year ending June 30, 2005 and Form
10-Q for the quarter ended December 31, 2005. ElkCorp undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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