Ultrapetrol (ULTR) Extends Stock Buyback Plan
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Ultrapetrol (Bahamas) Limited (Nasdaq: ULTR) has approved an extension of the Company's stock repurchase program to March 31, 2009. The stock repurchase program was originally announced on March 17, 2008 and allowed for the repurchase of up to $50 million of the Company's common stock until September 30, 2008. On October 2, 2008, the Company announced that the repurchase program was extended under the same terms to December 31, 2008. Similarly, the new extension will retain the same original cumulative dollar limitation. The expiration date and/or amount of the share repurchase program will be extended or amended at the discretion of the board of directors.
Since Ultrapetrol initiated its repurchase program on March 17, 2008, the Company has acquired 3,923,094 of its shares at an average cost of $4.97 per share for a total cost of about $19.5 million. Approximately $30.5 million remains available under the program.
Ultrapetrol is an industrial transportation Company serving the marine transportation needs of its clients in the markets on which it focuses.[SM]
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