SGI (SGI) Approves $15M Buyback Plan

January 15, 2013 7:02 AM EST
SGI's (Nasdaq: SGI) board of directors has approved a plan to repurchase SGI common stock with a market value of up to $15 million. The company believes that repurchases of its shares represent an effective use of available cash and future cash flows. Common stock may be repurchased in the open market or through negotiated transactions, including Rule 10b5-1 trading plans that would enable the company to repurchase its shares during periods outside of its normal trading windows. The timing of purchases and the exact number of shares to be purchased will depend on market conditions. The repurchase program expires December 31, 2014. Purchases will cease if the authorized funds are spent or the program is discontinued. Under the plan SGI is not obligated to acquire any particular amount of stock, and the program may be suspended or terminated at any time at the company's discretion.

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