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 December 31, 2008. The stock repurchase program, which was announced on March 17, 2008, originally allowed for the repurchase of up to $50 million of the Company's common stock until September 30, 2008 and the 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 began repurchasing its shares under the program on March 19, 2008, the Company has acquired 671,171 of its shares at an average cost of $9.63 per share for a total cost of about $6.5 million. Approximately $43.5 million remains available under the program.
Ultrapetrol (Bahamas) Limited is an industrial shipping company serving the marine transportation needs of clients. [SM]
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