MOD-PAC CORP. Increases Share Repurchase Authorization to 200,000 Shares
August 30 2010 - 3:36PM
Business Wire
MOD-PAC CORP. (NASDAQ: MPAC) (the “Company”), a manufacturer of
custom and stock paper board packaging and provider of personalized
print products, announced today that its Board of Directors has
authorized an increase of the existing share repurchase program up
to an aggregate of 200,000 shares of the Company’s common stock.
The previous share repurchase program, which was announced on
August 18, 2005, had a remaining authorization of 25,383
shares.
Mr. Daniel G. Keane, President and CEO of MOD-PAC CORP.,
commented, “The increased share repurchase authorization
demonstrates our continued confidence in our business and
commitment to deliver long-term value to our shareholders. Our
strong cash position and cash flow from operations will allow us to
continue to invest in our core businesses while maintaining the
flexibility to execute share repurchases.”
Repurchases are expected to be made from time to time on the
open market or in privately negotiated transactions in accordance
with applicable federal securities laws. The timing and extent of
any repurchases will depend upon market conditions, the trading
price of the Company’s share, SEC regulations and other factors.
The repurchases will be funded using the Company’s available cash
balances and cash generated from operations. The program does not
obligate the Company to acquire any particular amount of common
stock and may be modified, suspended or terminated at any time at
the Company’s discretion.
ABOUT MOD-PAC CORP.
MOD-PAC CORP. is a high value-added, on demand print services
firm providing products and services in two product categories:
folding cartons and personalized print. Within folding cartons,
MOD-PAC provides CUSTOM FOLDING CARTONS for branded and private
label consumer products in the food and food service, healthcare,
medical and automotive industries. The Company also offers a line
of STOCK PACKAGING primarily to the retail confectionary industry.
MOD-PAC’s PERSONALIZED PRINT product line is a comprehensive
offering for consumer and corporate social occasions.
MOD-PAC’s strategy for growth is to leverage its capabilities to
innovate and aggressively integrate technology into its production
operations providing cost-effective solutions for its customers.
Through its large, centralized facility, the Company has captured
significant economies of scale by channeling large numbers of
small-to-medium-sized orders through its operations due to its
rapid order change out skills. Applying its lean manufacturing
processes coupled with state-of-the-art printing technologies,
MOD-PAC is able to address short-run, highly variable content needs
of its customers with quick turn around times relative to industry
standards.
Additional information on MOD-PAC can be found at its website:
http://www.modpac.com.
Safe Harbor Statement:
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. One can identify these forward-looking statements by
the use of the words such as "expect," "anticipate," "plan," "may,"
"will," "estimate" or other similar expressions. Because such
statements apply to future events, they are subject to risks and
uncertainties that could cause the actual results to differ
materially. Important factors, which could cause actual results to
differ materially, include market events, competitive pressures,
changes in technology, customers preferences and choices, success
at entering new markets, the execution of its strategy, marketing
and sales plans, the rate of growth of internet related sales, the
effectiveness of agreements with print distributors and other
factors which are described in MOD-PAC’s annual report on Form 10K
on file with the Securities and Exchange Commission. The Company
assumes no obligation to update forward-looking information in this
press release whether to reflect changed assumptions, the
occurrence of unanticipated events or changes in future operating
results, financial conditions or prospects, or otherwise.
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