HOUSTON, Oct. 10, 2017 /PRNewswire/ -- NCI
Building Systems, Inc. (NYSE: NCS) (the
"Company") announced today that its Board of Directors has
authorized a new stock repurchase program for up to an aggregate of
$50.0 million of the company's
outstanding common stock. To date, during the fourth quarter of
fiscal 2017, under the previously announced September 2016 share repurchase program, the
Company used $37.7 million to
repurchase 2.56 million shares of its common stock at an average
price of $14.75, completing the
majority of the prior authorization.
Mr. Donald R. Riley President and
Chief Executive Officer, commented, "Management and the Board of
Directors are committed to returning value to our shareholders, as
well as prudent management of our capital structure. Having
completed last year's stock repurchase plan, we believe that this
new stock repurchase program, combined with the initiatives in
front of us should continue to create long-term value for our
shareholders."
Under the stock repurchase program, the Company may repurchase
shares in open-market purchases, in privately negotiated purchases
or otherwise, in accordance with all applicable securities laws and
regulations, including Rule 10b-18 of the Securities Exchange Act
of 1934, as amended. The Company may commence such
repurchases immediately, subject to compliance with applicable
securities laws. The Company may enter into a pre-arranged stock
trading plan in accordance with the guidelines specified under Rule
10b5-1 to effectuate the Company's new stock repurchase program.
The Company expects to finance any repurchases from a combination
of cash on hand and cash provided by operating activities. The
timing and method of any repurchases, which will depend on a
variety of factors, including market conditions, are subject to
results of operations, financial conditions, cash requirements and
other factors, and may be suspended or discontinued at any
time.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as "believe," "anticipate," "guidance," "plan,"
"potential," "expect," "should," "will," "forecast" and similar
expressions are forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect our
current expectations, assumptions and/or beliefs concerning future
events. As a result, these forward-looking statements rely on a
number of assumptions, forecasts, and estimates and, therefore,
these forward-looking statements are subject to a number of risks
and uncertainties that may cause the Company's actual performance
to differ materially from that projected in such statements. Such
forward-looking statements include, but are not limited to, the
Company's belief in its strong operational and financial
performance, as well as its expected ability to generate
significant cash flow, and the Company's expectation to reduce its
debt. Among the factors that could cause actual results to differ
materially include, but are not limited to, industry cyclicality
and seasonality and adverse weather conditions; challenging
economic conditions affecting the nonresidential construction
industry; volatility in the U.S. economy and abroad, generally, and
in the credit markets; substantial indebtedness and our ability to
incur substantially more indebtedness; our ability to generate
significant cash flow required to service or refinance our existing
debt, including the 8.25% senior notes due 2023, and obtain future
financing; our ability to comply with the financial tests and
covenants in our existing and future debt obligations; operational
limitations or restrictions in connection with our debt; increases
in interest rates; recognition of asset impairment charges;
commodity price increases and/or limited availability of raw
materials, including steel; our ability to make strategic
acquisitions accretive to earnings; retention and replacement of
key personnel; enforcement and obsolescence of intellectual
property rights; fluctuations in customer demand; costs related to
environmental clean-ups and liabilities; competitive activity and
pricing pressure; increases in energy prices; volatility of the
Company's stock price; dilutive effect on the Company's common
stockholders of potential future sales of the Company's common
stock held by our sponsor; substantial governance and other rights
held by our sponsor; breaches of our information system security
measures and damage to our major information management systems;
hazards that may cause personal injury or property damage, thereby
subjecting us to liabilities and possible losses, which may not be
covered by insurance; changes in laws or regulations, including the
Dodd-Frank Act; the timing and amount of our stock repurchases; and
costs and other effects of legal and administrative proceedings,
settlements, investigations, claims and other matters.
About NCI Building Systems
NCI Building Systems, Inc. is one of North America's largest integrated
manufacturers of metal products for the nonresidential building
industry. NCI is comprised of a family of companies operating
manufacturing facilities across the
United States, Canada,
Mexico and China with additional sales and distribution
offices throughout the United
States and Canada. For more
information visit www.ncibuildingsystems.com.
Contact:
K. Darcey
Matthews
Vice President, Investor Relations
281-897-7785
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SOURCE NCI Building Systems, Inc.