Moog (MOG-A) Adds 4M Common Shares to Buyback Program

Moog (NYSE: MOG-A) announced that its Board of Directors has amended its previously announced share repurchase program to include an additional 4,000,000 shares.

The program, originally authorized in January 2014 and expanded in August 2014, included the authorization to repurchase an aggregate of 9,000,000 shares of its Class A and Class B common stock at management's discretion. Under those programs, 8.3 million shares were purchased as of August 7, 2015.

After giving effect to the increase in authority, the Company will be able to acquire an aggregate of 4.7 million shares of its Class A and Class B common stock at management's discretion. The timing of repurchases will depend upon several factors, including various debt covenants, market and business conditions. The Company does not expect the pace of purchases to match that of the previous 18 months, in part due to compliance requirements with financial covenants included in its debt agreements. The program may be discontinued at any time.

"Our cash flow has been strong over the last few years," said John Scannell, Chairman and CEO. "This has afforded us the opportunity to return nearly $600 million of value to our shareholders in the form of a share repurchase program that we initiated in early 2014. We are pleased to have the flexibility to continue this program."

The transactions will be made in accordance with rules and regulations of the U.S. Securities and Exchange Commission and other rules that govern such purchases.

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