Kimball Electronics, Inc. Announces Stock Repurchase Plan
September 29 2016 - 4:15PM
Kimball Electronics, Inc. (NASDAQ:KE), (the “Company”), today
announced that the Board of Directors (the “Board”) of Kimball
Electronics, Inc., at a September 29, 2016 meeting, authorized an
extension of the current stock repurchase plan (“Plan”) that was
authorized in October 2015, allowing a repurchase of up to an
additional $20 million worth of common stock of the Company.
The extension brings the total amount of authorized share
repurchases under the plan to $40 million. 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 additional purchases
with existing liquidity.
“Our business continues to generate strong cash flows, funding
growth initiatives in our long-term strategy and providing an
opportunity to return capital to our shareholders through the
increase in our share repurchase program,” said Mike Sergesketter,
Vice President and Chief Financial Officer of Kimball
Electronics.
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, China, Mexico,
Poland, Romania, and Thailand, 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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