Consolidated Graphics Announces Share Repurchase Program
Press release from the issuing company
HOUSTON, June 2 -- Consolidated Graphics, Inc. today announced that its Board of Directors has approved a share repurchase program authorizing the Company to buy up to one million shares, or approximately 7%, of its issued and outstanding common stock. Under the program, the Company may purchase common stock from time to time in open- market purchases or in privately negotiated block purchase transactions. The amount and timing of any purchases will depend upon a number of factors, including the price and availability of the Company's shares, general market conditions and certain provisions included in the Company's existing bank credit agreement.
Joe R. Davis, Chairman and Chief Executive Officer, commented, "We continue to generate strong cash flow from operations and maintain a very healthy balance sheet, enabling us to consider a number of alternatives for growing the company and generating additional shareholder value. In addition to our on-going investment in state-of-the-art technology and equipment and our disciplined acquisition program, we believe a share repurchase program is a prudent use of our capital resources and will enhance our ability to deliver superior returns to our shareholders over the long term."
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