HOUSTON, March 7, 2018 /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
million of the Company's outstanding common stock. As of
January 28, 2018, the Company had
repurchased approximately $46.7
million of its common stock (2.7 million shares) under the
previously announced October 2017
stock repurchase program.
Mr. Donald R. Riley, President
and Chief Executive Officer, commented, "Our Board of Directors and
Management team remain committed to returning value to our
shareholders, as well as the prudent management of our capital
structure. We continue to generate strong cash flow from our
operations and have three areas of focus for investing this capital
– funding our growth initiatives both organic and inorganic,
repayment of debt and share repurchases. Over the last two years,
we have utilized over $100 million of
our cash flow to repurchase shares. We believe it is good corporate
policy to continually have an approved repurchase program
available."
Under the stock repurchase program, the Company may repurchase
shares in open-market purchases in accordance with all applicable
securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as
amended, in privately negotiated purchases or otherwise. 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 plan. 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. The words "believe," "anticipate," "plan," "intend,"
"foresee," "guidance," "potential," "expect," "should," "will"
"continue," "could," "estimate," "forecast," "goal," "may,"
"objective," "predict," "projection," or similar expressions are
intended to identify forward-looking statements in this press
release. These forward-looking statements reflect the Company's
current expectations and/or beliefs concerning future events. The
forward-looking statements in this press release 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. 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 our indebtedness; 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; costs related to
maintenance or replacement of our ERP system; our ability to make
strategic acquisitions accretive to earnings; retention and
replacement of key personnel; our ability to carry out our
restructuring plans and to fully realize the expected cost savings;
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. See also the "Risk
Factors" in the Company's Annual Report on Form 10-K for the fiscal
year ended October 29, 2017 and other
filings we make with the SEC, which identify other important
factors, though not necessarily all such factors, that could cause
future outcomes to differ materially from those set forth in the
forward-looking statements. The Company expressly disclaims any
obligation to release publicly any updates or revisions to these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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, and
Mexico 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
View original
content:http://www.prnewswire.com/news-releases/nci-building-systems-announces-new-50-million-stock-repurchase-program-300609377.html
SOURCE NCI Building Systems, Inc.