PALM BEACH GARDENS, Fla.,
March 15, 2012 /PRNewswire/
-- Dycom Industries, Inc. (NYSE:DY) announced today that its
Board of Directors has authorized $40
million to repurchase shares of Dycom's outstanding common
stock. The stock repurchases are authorized to be made over
the next eighteen (18) months in open market or private
transactions. The exact timing and amount of repurchases will
depend on market conditions and other factors. The Company
expects to fund repurchases using cash on hand. The Company
used the remainder of its previous repurchase authorization, which
was approximately $10.9 million as of
January 28, 2012, during the third
quarter of fiscal 2012. As of March 14, 2012, the Company had 33,528,477 shares
of common stock outstanding.
Dycom is a leading provider of specialty contracting services
throughout the United States.
These services include engineering, construction, maintenance and
installation services to telecommunications providers, underground
facility locating services to various utilities including
telecommunications providers, and other construction and
maintenance services to electric and gas utilities and others.
This press release may contain forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform
Act. These statements are based on management's current
expectations, estimates and projections. Forward-looking
statements are subject to risks and uncertainties that may cause
actual results in the future to differ materially from the results
projected or implied in any forward-looking statements contained in
this press release. Such risks and uncertainties include:
business and economic conditions and trends in the
telecommunications industry affecting our customers, the adequacy
of our insurance and other reserves and allowances for doubtful
accounts, whether the carrying value of our assets may be impaired,
the future impact of any acquisitions or dispositions, the
anticipated outcome of other contingent events, including
litigation, liquidity and other financial needs and the
availability of financing and the other risks detailed in our
filings with the Securities and Exchange Commission. The
Company does not undertake to update forward-looking
statements.
SOURCE Dycom Industries, Inc.