Dycom Announces Authorization of a New $150 Million Stock Repurchase Program
August 23 2023 - 6:30AM
Dycom Industries, Inc. (NYSE: DY) today announced that its Board of
Directors has authorized a new $150 million program to repurchase
shares of Dycom’s outstanding common stock. Repurchases under the
new program are authorized to be made over the next eighteen (18)
months in open market purchases or privately-negotiated
transactions, including pursuant to a Rule 10b5-1 plan. The exact
timing and amount of repurchases will depend on market conditions
and other factors. The repurchase program does not obligate Dycom
to acquire any particular amount of common stock, and may be
suspended or discontinued at any time. The new program replaces the
Company’s previous $150 million stock repurchase program of which
approximately $81.0 million remained outstanding. As of August 23,
2023, the Company had 29,333,411 shares of common stock
outstanding, excluding the dilutive effect of stock options and
unvested restricted stock.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services to
the telecommunications infrastructure and utility industries
throughout the United States. These services include program
management; planning; engineering and design; aerial, underground,
and wireless construction; maintenance; and fulfillment services
for telecommunications providers. Additionally, Dycom provides
underground facility locating services for various utilities,
including telecommunications providers, and other construction and
maintenance services for electric and gas utilities.
Forward Looking Information
This press release contains forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform Act,
including those related to our stock repurchase program.
Forward-looking statements are based on management’s expectations,
estimates and projections, are made solely as of the date these
statements are made, and are subject to both known and unknown
risks and uncertainties that may cause the actual results and
occurrences discussed in these forward-looking statements to differ
materially from those referenced or implied in the forward-looking
statements contained in this press release. The most significant of
these known risks and uncertainties are described in the Company’s
Form 10-K, Form 10-Q, and Form 8-K reports (including all
amendments to those reports) and include future economic conditions
and trends including the potential impacts of an inflationary
economic environment, changes to customer capital budgets and
spending priorities, the availability and cost of materials,
equipment and labor necessary to perform our work, the adequacy of
the Company’s insurance and other reserves and allowances for
doubtful accounts, whether the carrying value of the Company’s
assets may be impaired, the future impact of any acquisitions or
dispositions, adjustments and cancellations of the Company’s
projects, the impact to the Company’s backlog from project
cancellations or postponements, the impacts of pandemics and public
health emergencies, the impact of varying climate and weather
conditions, the anticipated outcome of other contingent events,
including litigation or regulatory actions involving the Company,
the adequacy of our liquidity, the availability of financing to
address our financials needs, the Company’s ability to generate
sufficient cash to service its indebtedness, the impact of
restrictions imposed by the Company’s credit agreement, and other
risks and uncertainties detailed from time to time in the Company’s
filings with the Securities and Exchange Commission. The Company
does not undertake any obligation to update its forward-looking
statements.
For more information, contact:Callie Tomasso,
Investor RelationsEmail: investorrelations@dycomind.comPhone: (561)
627-7171
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