Innovative Solutions & Support, Inc. Board of Directors Authorizes Stock Repurchase Program
February 03 2012 - 4:30PM
Business Wire
Innovative Solutions & Support, Inc. (NASDAQ:ISSC) (the
“Company”) today announced that the Board of Directors has approved
a stock repurchase program pursuant to which the Company may
repurchase up to 1 million shares of its common stock. The program
will remain in effect until February 10, 2013, unless extended by
the Board of Directors. This program replaces the Company’s
previous stock repurchase program, which expires as of February 10,
2012.
Geoffrey S. M. Hedrick, Chief Executive Officer of Innovative
Solutions & Support, said, “The Board’s repurchase
authorization demonstrates our commitment to improve shareholder
value. Given the Company’s strong financial position, our Board has
encouraged us to opportunistically use this repurchase
authorization so long as our stock remains at a level they believe
is significantly below our intrinsic value.”
Under the repurchase program, the Company may purchase shares of
its common stock through open market transactions or in privately
negotiated block purchases or other private transactions (either
solicited or unsolicited). The timing and amount of repurchase
transactions under this program will depend on market conditions
and corporate and regulatory considerations, and the program may be
discontinued or suspended at any time. The Company anticipates
funding for this program to come from available corporate funds,
including cash on hand and future cash flow.
About Innovative Solutions &
Support, Inc.
Headquartered in Exton, Pa., Innovative Solutions & Support,
Inc. (www.innovative-ss.com) designs, manufactures and markets
flight information computers, electronic displays and advanced
monitoring systems that measure and display critical flight
information. This includes data relative to aircraft separation
(RVSM), airspeed and altitude, as well as engine and fuel data
measurements.
Certain matters contained herein that are not descriptions of
historical facts are “forward-looking” (as such term is defined in
the Private Securities Litigation Reform Act of 1995). Because such
statements include risks and uncertainties, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause results to
differ materially from those expressed or implied by such
forward-looking statements include, but are not limited to, those
discussed in filings made by the Company with the Securities and
Exchange Commission. Many of the factors that will determine the
Company’s future results are beyond the ability of management to
control or predict. Readers should not place undue reliance on
forward-looking statements, which reflects management’s views only
as of the date hereof. The Company undertakes no obligation to
revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
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