NCI Building Systems (NCS) Reports $50M Buyback
NCI Building Systems, Inc. (NYSE: NCS) (the "Company") announced today 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. To date, during the fourth quarter of fiscal 2017, under the previously announced September 2016 share repurchase program, the Company used $37.7 million to repurchase 2.56 million shares of its common stock at an average price of $14.75, completing the majority of the prior authorization.
Mr. Donald R. Riley President and Chief Executive Officer, commented, "Management and the Board of Directors are committed to returning value to our shareholders, as well as prudent management of our capital structure. Having completed last year's stock repurchase plan, we believe that this new stock repurchase program, combined with the initiatives in front of us should continue to create long-term value for our shareholders."
Under the stock repurchase program, the Company may repurchase shares in open-market purchases, in privately negotiated purchases or otherwise, 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 program. 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.