Kimball Electronics, Inc. Announces Extension of Stock Repurchase Plan
November 11 2020 - 9:20AM
Kimball Electronics, Inc. (Nasdaq: KE), (the “Company”), announced
that the Board of Directors (the “Board”) of Kimball Electronics,
Inc., at its November 10, 2020 regular Board meeting, authorized an
extension of the current stock repurchase plan (the “Plan”) to
allow the purchase of up to an additional $20 million of the
Company’s common stock. The Plan was originally authorized in
October 2015, and then separately extended in September 2016,
August 2017, and November 2018, allowing a repurchase of up to an
additional $20 million of common stock of the Company with each
extension. This current extension brings the total amount of
authorized share repurchases under the Plan to $100 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.
“The authorization of the extension of our stock repurchase
program demonstrates the Board’s confidence in our business model
and continued strong cash flow generation,” said Donald Charron,
Chairman and Chief Executive Officer. “Our balanced approach to
capital deployment, supported by a solid balance sheet, gives us
the flexibility to invest in our strategic growth initiatives while
also returning capital to shareholders.”
Forward-Looking Statements
Certain statements contained within this release are considered
forward-looking under the Private Securities Litigation Reform Act
of 1995 and are subject to risks and uncertainties. Specific risk
factors that could have an effect on the future performance of the
Company can be found in its Annual Report on Form 10-K for the year
ended June 30, 2020.
About Kimball Electronics, Inc.
Kimball Electronics is a multifaceted manufacturing solutions
provider of electronics and diversified contract manufacturing
services to customers around the world. From our operations in the
United States, China, India, Japan, Mexico, Poland, Romania,
Thailand, and Vietnam, our teams are proud to provide manufacturing
services for a variety of industries. Recognized for a reputation
of excellence, we are committed to a high-performance culture that
values personal and organizational commitment to quality,
reliability, value, speed, and ethical behavior. Kimball
Electronics, Inc. (Nasdaq: KE) is headquartered in Jasper,
Indiana.
To learn more about Kimball Electronics, visit:
www.kimballelectronics.com.
Lasting relationships. Global
success.
CONTACT: Adam W. SmithTreasurerTelephone 812.634.4000E-mail:
Investor.Relations@kimballelectronics.com
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