PITTSBURGH, Sept. 17, 2018 /PRNewswire/ -- Koppers
Holdings Inc. (NYSE: KOP) today announced that it has repurchased
684,788 shares for approximately $24.1
million under its share repurchase program authorized by its
Board of Directors in November 2011. The shares were
repurchased during the company's most recent open trading window,
which commenced on August 13, 2018
and ended on September 7, 2018, at an
average price of $35.20 per
share. Approximately $24.8
million of the original authorization of $75 million remains after this latest
activity.
President and CEO Leroy M. Ball
said, "We continue to take a balanced and thoughtful approach to
deploying capital, which includes acquisitions, investing in our
business, debt reduction, and share repurchases. While debt
reduction still remains a priority, the sharp decline in our stock
price created an attractive opportunity to repurchase shares."
Mr. Ball added, "As a result of this cash expenditure, we are
revising our recent forecast of 2018 pro-forma net debt to adjusted
EBITDA ratio from 3.5 times or less to 3.6 times or less by
December 31, 2018. We continue
to be diligent in our efforts to grow long-term shareholder value
as we remain focused on executing our next-stage initiatives to
further strengthen our business."
Share repurchases may be commenced, suspended, or discontinued
from time to time without prior notice. The timing and actual
number of any shares repurchased depends on a variety of factors,
including market conditions, and Koppers assumes no obligation to
publicly disclose future repurchases, except as required by
applicable law.
About Koppers
Koppers, with corporate headquarters in
Pittsburgh, Pennsylvania, is an
integrated global provider of treated wood products, wood treatment
chemicals and carbon compounds. Our products and services are
used in a variety of niche applications in a diverse range of
end-markets, including the railroad, specialty chemical, utility,
residential lumber, agriculture, aluminum, steel, rubber, and
construction industries. Including our joint ventures, we
serve our customers through a comprehensive global manufacturing
and distribution network, with facilities located in North America, South
America, Australasia, China
and Europe. The stock of Koppers Holdings Inc. is publicly
traded on the New York Stock Exchange under the symbol "KOP."
For more information, visit our website at: www.koppers.com.
Questions concerning investor relations should be directed to Ms.
Quynh McGuire at 412 227 2049 or Mr.
Michael Zugay at 412 227 2231.
Non-GAAP Financial Measures
This press release
contains certain non-GAAP financial
measures. Koppers believes that adjusted EBITDA,
net debt, and net leverage ratio provide information useful to
investors in understanding the underlying operational performance
of the company, its business and performance trends, and facilitate
comparisons between periods and with other corporations in similar
industries. The exclusion of certain items permits evaluation
and a comparison of results for ongoing business operations, and it
is on this basis that Koppers management internally
assesses the company's performance. In addition, the Board of
Directors and executive management team use adjusted EBITDA as a
performance measure under the company's annual incentive plans.
Although Koppers believes that these non-GAAP
financial measures enhance investors' understanding of its business
and performance, these non-GAAP financial measures should not be
considered an alternative to GAAP basis financial measures and
should be read in conjunction with the relevant GAAP financial
measure. Other companies in a similar industry may define or
calculate these measures differently than the company, limiting
their usefulness as comparative measures. Because of these
limitations, these non-GAAP financial measures should not be
considered in isolation or as substitutes for performance measures
calculated in accordance with GAAP.
For the company's guidance, adjusted EBITDA excludes
restructuring, impairment, non-cash LIFO charges,
acquisition-related costs, and non-cash mark-to-market commodity
hedging. The forecasted amounts for these items cannot be
reasonably estimated due to their nature, but may be
significant. For that reason, the company is unable to
provide GAAP estimates at this time.
Safe Harbor Statement
Certain statements in this press
release are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve risks and uncertainties. All
statements contained herein that are not clearly historical in
nature are forward-looking, and words such as "outlook,"
"guidance," "forecast," "believe," "anticipate," "expect,"
"estimate," "may," "will," "should," "continue," "plans,"
"potential," "intends," "likely," or other similar words or phrases
are generally intended to identify forward-looking
statements. Any forward-looking statement contained herein
are subject to known and unknown risks, uncertainties and
contingencies. Many of these risks, uncertainties and
contingencies are beyond our control, and may cause actual results,
performance or achievements to differ materially from anticipated
results, performance or achievements. Any
forward-looking statements in this release speak only as of the
date of this release, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
that date or to reflect the occurrence of unanticipated events.
For Information:
|
|
Michael J. Zugay,
Chief Financial Officer
412 227
2231
ZugayMJ@koppers.com
|
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SOURCE Koppers Holdings Inc.