Astronics Corporation Announces $50 Million Share Repurchase Plan
December 18 2017 - 6:30AM
Business Wire
Astronics Corporation (NASDAQ:ATRO), a leading supplier of
advanced technologies and products to the global aerospace, defense
and semiconductor industries, announced today that its Board of
Directors has approved a new share repurchase program, authorizing
Astronics to repurchase in the aggregate up to $50 million of its
outstanding common stock. This follows the completion of the $50
million share repurchase program originally approved by the Board
in February 2016.
Purchases by Astronics under this program may be made from time
to time at prevailing market prices in open market purchases,
privately negotiated transactions, block purchase techniques, or
otherwise, as determined by Astronics’ management. The program has
no time limit and may be discontinued at any time at the Company’s
discretion.
“This new share repurchase program underscores the confidence we
have in our strategy and long-term prospects,” commented Peter J.
Gundermann, President and Chief Executive Officer of Astronics.
“While our commitment remains on deploying our strong balance sheet
to fund both internal and external opportunities first, this share
repurchase program affords us the flexibility to be opportunistic
in our capital allocation strategy.”
The purchases are expected to be funded by the Company’s
operating cash flows and revolving credit facility. The timing of
the purchases and the number of shares repurchased will depend upon
business and financial market conditions. The Company is not
obligated under the program to acquire any particular number of
shares.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (NASDAQ: ATRO) serves the world’s
aerospace, defense, and semiconductor industries with proven,
innovative technology solutions. Astronics works side-by-side with
customers, integrating its array of power, connectivity, lighting,
structure, test and additional technologies to solve complex
challenges. For nearly 50 years, Astronics has delivered creative,
customer-focused solutions with exceptional responsiveness. Today
global airframe manufacturers, airlines, military branches,
completion centers, and Fortune 500 manufacturing organizations
rely on the collaborative spirit and innovation of Astronics.
For more information on Astronics and its solutions, visit
Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words “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 actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results to
differ materially include the progress of customer fleet upgrade
programs, the state of the aerospace and defense industries, the
market acceptance of newly developed products, internal production
capabilities, the timing of orders received, the status of customer
certification processes, the demand for and market acceptance of
new or existing aircraft which contain the Company’s products,
customer preferences, and other factors which are described in
filings by Astronics with the Securities and Exchange Commission.
The Company assumes no obligation to update forward-looking
information in this news 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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version on businesswire.com: http://www.businesswire.com/news/home/20171218005239/en/
CompanyAstronics CorporationDavid Burney, 716-805-1599 x
159CFOdavid.burney@astronics.comorMedia RelationsAstronics
CorporationMichelle Manson, 425-463-6603Corporate
Marketingpress@astronics.comorInvestorsKei Advisors
LLCDeborah K. Pawlowski, 716-843-3908dpawlowski@keiadvisors.com
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