Kimball Electronics, Inc. Announces Stock Repurchase Plan
August 24 2017 - 9:25AM
Kimball Electronics, Inc. (NASDAQ:KE), (the “Company”), today
announced that the Board of Directors (the “Board”) of Kimball
Electronics, Inc., at its August 23, 2017 meeting, authorized an
extension of the current stock repurchase plan (“Plan”) that was
originally authorized in October 2015, and extended in September
2016, allowing a repurchase of up to an additional $20 million of
common stock of the Company. This extension brings the total amount
of authorized share repurchases under the plan to $60 million, with
no expiration. 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 Board of Directors and management believe the stock
repurchase program is an indication of the strength of our balance
sheet, demonstrates confidence in our growth strategy, and a
commitment to delivering shareholder value,” 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 automotive, medical, industrial, and
public safety end 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
electronic manufacturing services, including engineering and supply
chain support, 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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