HOUSTON, Oct. 25, 2017 /PRNewswire/ -- Carriage
Services, Inc. (NYSE: CSV) today announces that its Board of
Directors has approved a $15.0
million increase in its previously authorized share
repurchase program for repurchases of the Company's common stock.
On February 25, 2016, the Company
announced that the Board had approved the repurchase of up to
$25.0 million of the Company's common
stock. During the third quarter of 2017, the Company began
repurchasing common stock and used $14.0
million of that authorization to purchase approximately
574,000 shares of the Company's common stock, with $11.0 million remaining available for future
purchases. Accordingly, as a result of the Board's
recent action, the Company currently has a total of
$26.0 million available for future
share repurchases.
The share repurchases may be made from time to time through open
market transactions or privately negotiated transactions and are
subject to market conditions, as well as corporate, regulatory, and
other considerations. The company intends to make all repurchases
in compliance with applicable regulatory guidelines and to
administer the plan in accordance with applicable laws, including
Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
Commenting on the announcement, Melvin
C. Payne, Chief Executive Officer, stated "I am pleased that
our Board shares our commitment to long-term value creation for our
shareholders. We will continue to purchase our shares
opportunistically at times when we believe our stock price does not
reflect the intrinsic value of our company. It has been and always
will be our goal in our capital allocation decisions to invest our
recurring Adjusted Free Cash Flow among various options to maximize
intrinsic value per share over the long-term," concluded Mr.
Payne.
Certain statements made herein or elsewhere by, or on behalf of,
the Company that are not historical facts are intended to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements are
based on assumptions that the Company believes are reasonable;
however, many important factors, as discussed under
"Forward-Looking Statements and Cautionary Statements" in the
Company's Annual Report and Form 10-K for the year ended
December 31, 2016, could cause the
Company's results in the future to differ materially from the
forward-looking statements made herein and in any other documents
or oral presentations made by, or on behalf of, the Company. The
Company assumes no obligation to update or publicly release any
revisions to forward-looking statements made herein or any other
forward-looking statements made by, or on behalf of, the Company. A
copy of the Company's Form 10-K, and other Carriage Services
information and news releases, are available at
http://www.carriageservices.com.
Carriage Services is a leading provider of deathcare services
and merchandise in the United
States. Carriage operates 172 funeral homes in 28 states and
32 cemeteries in 11 states.
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SOURCE Carriage Services, Inc.