Alaska Communications Announces $10 Million Share Repurchase Program Authorization
March 14 2017 - 8:50AM
Business Wire
Alaska Communications’ Board of Directors has authorized
management to repurchase up to $10 million of the Company’s
outstanding common stock for a period concluding at the end of
2019. Combined with alternatives for investing in growth and the
extension of debt maturities provided by its new senior credit
facility, this additional avenue of capital allocation provides
Alaska Communications with multiple levers for the maximization of
long-term shareholder value.
Alaska Communications’ Board of Directors authorized a program
to repurchase up to $10 million of the Company’s outstanding common
stock, subject to the closing of the new senior credit facility.
Repurchases can be conducted in the open market or through private
transactions, from time to time, including through purchases made
in accordance with Rule 10b plans. The timing and amount of
repurchases will be determined by the Company, based on its
evaluation of market conditions, its financial position, the
trading price of its stock and other factors. The Company intends
to use available cash balances to fund the share repurchases
subject to, among other things, federal and state securities,
corporate and other laws and regulations and the Company’s
financing arrangements. Shares repurchased under this program shall
be considered treasury stock.
About Alaska Communications
Alaska Communications (NASDAQ: ALSK) is a leading provider of
advanced broadband and managed IT services for businesses and
consumers in Alaska. The company operates a highly reliable,
advanced statewide data and voice network with the latest
technology and the most diverse undersea fiber optic system
connecting Alaska to the contiguous U.S. For more information,
visit http://www.alaskacommunications.com or
http://www.alsk.com.
Forward-Looking Statements
This press release includes certain “forward-looking
statements,” as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management’s beliefs as well as on a number of assumptions
concerning future events made using information currently available
to management. Readers are cautioned not to put undue reliance on
such forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside the Company’s control. Such
factors include, without limitation, Federal and Alaska Universal
Service Fund changes, our ability to meet the terms and conditions
of the new credit facility, draw down funds under the facility and
continue to meet its requirements, our ability to repurchase our
convertible notes or make repurchases of shares of common stock
under the requirements of the Company’s repurchase plan or
otherwise, adverse economic conditions, the effects of competition
in our markets, our relatively small size compared with our
competitors, the Company’s ability to compete, manage, integrate,
market, maintain, and attract sufficient customers for its products
and services, adverse changes in labor matters, including workforce
levels, our ability to service our debt (including pursuant to our
refinanced credit arrangements) and refinance as required, labor
negotiations, including renegotiating our collective bargaining
agreement, employee benefit costs, our ability to control other
operating costs, disruption of our suppliers’ provisioning of
critical products or services, the impact of natural or man-made
disasters, changes in Company’s relationships with large customers,
unforeseen changes in public policies, regulatory changes, changes
in technology and standards, our internal control over financial
reporting, and changes in accounting standards or policies, which
could affect reported financial results. Specifically, the share
repurchase program does not obligate the Company to purchase any
particular amount of shares of Common Stock and it may be
suspended, discontinued or modified at any time at the Company’s
discretion and without prior notice.
For further information regarding risks and uncertainties
associated with the Company’s business, please refer to the
Company’s SEC filings, including, but not limited to, the sections
entitled “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in our most
recent annual report on Form 10-K and subsequent quarterly reports
on Form 10-Q. Copies of the Company’s SEC filings may be obtained
by contacting its investor relations department at (907) 564-7556
or by visiting its investor relations website at www.alsk.com or at
the SEC’s website, www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20170314005509/en/
Alaska CommunicationsMedia:Heather Cavanaugh,
907-564-7722Hannah Blankenship,
907-564-1326orInvestors:Tiffany Smith, 907-564-7556Manager,
Investor Relationsinvestors@acsalaska.com
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