Ceradyne, Inc. Announces Common Stock Repurchase Program
March 04 2008 - 7:30AM
Business Wire
Ceradyne, Inc. (NASDAQ:CRDN) announced today that its Board of
Directors has authorized the repurchase of up to $100 million of
Ceradyne common stock in open market transactions, including block
purchases, or in privately negotiated transactions. The stock
repurchase program does not include specific price targets or
timetables and may be suspended or terminated at any time prior to
completion. Ceradyne intends to use cash on hand and excess free
cash flow to acquire the shares. Repurchased shares will be added
to Ceradyne�s treasury and cancelled. Joel P. Moskowitz, Ceradyne�s
chairman and chief executive officer, commented: �We believe a
repurchase program is an appropriate use of our cash and
underscores our belief in the long-term value of our stock. At our
current trading levels, our Board of Directors believes that
Ceradyne stock is an attractive investment for Ceradyne and its
shareholders.� Ceradyne develops, manufactures and markets advanced
technical ceramic products and components for defense, industrial,
automotive/diesel and commercial applications. Additional
information about the Company can be found at www.ceradyne.com.
Except for the historical information contained herein, this press
release contains forward-looking statements regarding future events
and the future performance of Ceradyne that involve risks and
uncertainties that could cause actual results to differ materially
from those projected. Words such as �anticipates,� �believes,�
�plans,� �expects,� �intends,� �future,� and similar expressions
are intended to identify forward-looking statements. These risks
and uncertainties are described in the Company�s Annual Report on
Form 10-K for the fiscal year ended dated December 31, 2007 and its
Quarterly Reports on Form 10-Q as filed with the U.S. Securities
and Exchange Commission.
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