AAON Authorizes $20 Million for Stock Buyback Program
March 13 2020 - 02:15PM
AAON, Inc. (NASDAQ-AAON), today announced that its Board of
Directors has authorized the Company to make up to $20 million in
purchases of the Company’s common stock at prevailing market prices
from time to time through open market purchases, privately
negotiated transactions, or otherwise in compliance with Rule
10b-18 under the Securities Exchange Act of 1934, as amended.
The actual timing, number of value of shares
repurchased by the Company under the stock buyback program will
depend on several factors, including price, general market and
business conditions as well as alternative investment
opportunities. The payment for shares repurchased under the stock
buyback program will be funded through the Company’s cash on hand
and all shares repurchased will be restored to the status of
authorized but unissued stock.
Norman H. Asbjornson, CEO, stated, “We are
pleased our strong capital position enables us to announce this
stock buyback program and continue to return value to our
stockholders, all while maintaining our significant 2020 capital
expenditure program.”
Gary D. Fields, President, stated, “Given recent
market conditions, we believe this stock buyback program provides
an attractive investment opportunity for the Company and also
underscores our confidence in the quality of our business and
ability to continue generating free cash flow.”
About AAONAAON, Inc. is engaged
in the engineering, manufacturing, marketing and sale of air
conditioning and heating equipment consisting of standard,
semi-custom and custom rooftop units, chillers, packaged outdoor
mechanical rooms, air handling units, makeup air units, energy
recover units, condensing units, geothermal/water-source heat
pumps, coils and controls. Since the founding of AAON in 1988, AAON
has maintained a commitment to design, develop, manufacture and
deliver heating and cooling products to perform beyond all
expectations and demonstrate the value of AAON to our customers.
For more information, please visit www.AAON.com.
Certain statements in this news release may be
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended. Statements regarding future
prospects and developments are based upon current expectations and
involve certain risks and uncertainties that could cause actual
results and developments to differ materially from the
forward-looking statements.
Contact InformationJerry R. Levine Phone: (914)
244-0292 Fax: (914) 244-0295Email: jrladvisor@yahoo.com
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