U.S. Silica Announces Authorization of Share Repurchase Plan
June 12 2012 - 6:25PM
Business Wire
U.S. Silica Holdings, Inc. (NYSE: SLCA), the second largest
domestic producer of commercial silica, today announced that its
Board of Directors has authorized the Company to repurchase up to
$25.0 million of Company common stock. The repurchase program will
be funded over the next 18 months using the Company's available
cash.
Bryan Shinn, President and Chief Executive Officer stated: “U.S.
Silica’s strong financial position affords us opportunities to
purchase our securities at attractive prices. Our Board believes
that even after funding high return capital projects, the
repurchase program is an effective means to enhance shareholder
value. We continue to foresee outstanding growth in both the Oil
& Gas Proppants and Industrial Specialties Product segments of
our business.”
The Company is authorized to repurchase, from time to time,
shares of its outstanding common stock on the open market or in
privately negotiated transactions. The timing and amount of stock
repurchases will depend on a variety of factors, including the
market conditions as well as corporate and regulatory
considerations. The share repurchase program may be suspended,
modified or discontinued at any time and the Company has no
obligation to repurchase any amount of its common stock under the
program. The company intends to make all repurchases in compliance
with applicable regulatory guidelines and to administer the plan in
accordance with applicable laws, including Rule 10b-18 of the
Securities Exchange Act of 1934, as amended.
ABOUT U.S. SILICA
U.S. Silica Holdings, Inc., a Delaware corporation, is
the second largest domestic producer of commercial silica, a
specialized mineral that is a critical input into the oil and gas
proppants end market and a variety of attractive industrial and
specialty products end markets. During its 100-plus year history,
U.S. Silica Holdings, Inc. has developed core competencies in
mining, processing, logistics and materials science that enable it
to produce and cost-effectively deliver over 200 products to
customers across these end markets. U.S. Silica Holdings, Inc. is
headquartered in Frederick, Maryland.
For more information, contact US Silica at: 855.745.4227 or
IR@USSilica.com
Forward-Looking Statements: This press release includes
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include
but are not limited to our plans, objectives, expectations and
intentions and other statements that contain words such as
“expects,” “contemplates,” “anticipates,” “plans,” “intends,”
“believes” and variations of such words or similar expressions that
predict or indicate future events, or that do not relate to
historical matters. These statements are based on our current
beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are
beyond our control. There can be no assurance that our beliefs or
expectations will be achieved. Actual results may differ materially
from our beliefs or expectations due to economic, business,
competitive, market and regulatory factors.
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