Kimball Electronics, Inc. Announces Stock Repurchase Plan
October 22 2015 - 7:00AM
Kimball Electronics, Inc. (NASDAQ:KE), today announced that the
Board of Directors (the “Board”) of Kimball Electronics, Inc. (the
“Company”), at its Oct. 21, 2015 meeting, authorized an eighteen
(18)-month stock repurchase plan (“Plan”), allowing a repurchase of
up to $20,000,000 worth of common stock of the Company. The Plan
may be suspended or discontinued at any time.
Purchases may be made under various programs, including in
open-market transactions, block transactions on or off an exchange,
or in privately negotiated transactions, all in accordance with
applicable securities laws and regulations, including Rule 10b-18
of the Securities Exchange Act of 1934, as amended. Repurchases may
also be made under a Rule 10b5-1 program, which would permit shares
to be repurchased when the Company might otherwise be precluded
from doing so under insider trading laws.
The extent to which the Company repurchases its shares, and the
timing of such repurchases, will depend upon a variety of factors,
including market conditions, regulatory requirements and other
corporate considerations, as determined by the Company’s management
team. The Company expects to finance the purchases with existing
liquidity.
“This announcement comes on the heels of a record fiscal year,”
said Mike Sergesketter, Vice President and Chief Financial Officer.
“It reflects our Board and senior management belief that our cash
flow and growth strategy are not reflected in the Company’s current
stock price. This stock repurchase program demonstrates our
confidence in the strength of our businesses, backed by employees
who are committed to a company focused on customer satisfaction and
shareholder value and have embraced our long-term growth strategy
in a very exciting and promising electronics manufacturing services
industry.” About Kimball Electronics,
Inc.Recognized with a reputation for excellence, Kimball
Electronics is committed to a high performance culture that values
personal and organizational commitment to quality, reliability,
value, speed, and ethical behavior. Kimball Electronics employees
know they are part of a company culture that builds lasting
relationships and global success for customers while enabling
employees to share in the Company’s success through personal,
professional, and financial growth.
Kimball Electronics trades under the symbol “KE” on The NASDAQ
Stock Market. Kimball Electronics is a global contract electronic
manufacturing services (“EMS”) company that specializes in durable
electronics for the medical, automotive, industrial, and public
safety markets. Kimball Electronics is well recognized by customers
and industry trade publications for its excellent quality,
reliability, and innovative service. From its manufacturing
operations in the United States, Mexico, Thailand, Poland, and
China, Kimball Electronics provides engineering, manufacturing, and
supply chain services which utilize common production and support
capabilities to a variety of industries globally. Kimball
Electronics is headquartered in Jasper, Indiana.
To learn more about Kimball Electronics, visit:
www.kimballelectronics.com.
Lasting relationships. Global
success.
CONTACT:
Adam W. Smith
Treasurer
Telephone 812.634.4000
E-mail: Investor.Relations@kimballelectronics.com
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