NCI Building Systems (NCS) Approves $50M Common Buyback Plan
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NCI Building Systems, Inc. (NYSE: NCS) announced that its Board of Directors has authorized a new stock repurchase program for up to an aggregate of $50.0 million of the company's outstanding common stock. As of July 2016, the Company had repurchased $56.3 million of its common stock under the previously announced stock repurchase program, which was the maximum amount authorized.
Mr. Norman C. Chambers, Chairman and Chief Executive Officer, commented, "We continue to deliver strong operational and financial results and, as a result have the ability to generate significant cash flow. Management and the Board of Directors are committed to returning value to our shareholders, as well as prudent management of our capital structure. We believe that our new stock repurchase program, combined with the market opportunities in front of us and our disciplined approach to debt reduction, should continue to create value for our shareholders."
Under the stock repurchase program, the Company may repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company may commence such repurchases immediately, subject to compliance with applicable securities laws. The Company may enter into a pre-arranged stock trading plan in accordance with the guidelines specified under Rule 10b5-1 to effectuate the Company's new stock repurchase plan. The Company expects to finance any repurchases from a combination of cash on hand and cash provided by operating activities. The timing and method of any repurchases, which will depend on a variety of factors, including market conditions, are subject to results of operations, financial conditions, cash requirements and other factors, and may be suspended or discontinued at any time.
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