Apogee Enterprises, Inc. (Nasdaq:APOG) announced today that its Board of
Directors has increased its share repurchase authorization by 1,000,000
shares to 3,250,000 shares of the company’s
common stock; approximately 1,430,000 shares have already been purchased
under this authorization. Apogee provides distinctive value-added glass
solutions for the architectural and picture framing industries.
"We believe Apogee’s
stock represents an attractive investment at recent prices, and we
intend to repurchase stock from time to time,”
said Russell Huffer, Apogee chairman and chief executive officer. "We
continue to believe that our markets offer significant longer-term
opportunities, due to the increasing importance of green building, a
sector demanding energy-efficient products that we supply, and the
overall growth in the use of value-added products in commercial
construction projects.”
The company said that shares may be purchased from time to time through
open market or private transactions, or Rule 10b5-1 purchase plans,
depending on market conditions.
Apogee has approximately 28.4 million shares of common stock
outstanding. The repurchased shares will be available for re-issuance
for employee stock option and other stock-based benefit plans, and for
other corporate purposes. The company intends to fund such repurchases
with operating cash flow or via its revolving credit facility.
Apogee Enterprises, Inc., headquartered in Minneapolis, is a leader in
technologies involving the design and development of value-added glass
products and services. The company is organized in two segments:
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Architectural products and services companies design, engineer,
fabricate, install, maintain and renovate the walls of glass and
windows comprising the outside skin of commercial and institutional
buildings.
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Large-scale optical segment consists of a value-added glass and
acrylic manufacturer for the custom framing market and commercial
optics.
