A. Schulman Board Authorizes Repurchase of Additional 6 Million Shares, Approximately 20 Percent of Shares Outstanding; Prior 1.5 Million Share Buyback Nears Completion.AKRON, Ohio--(BUSINESS WIRE)--Aug. 21, 1998--The Board of Directors of A. Schulman, Inc. (The Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. :SHLM) at a special meeting today announced that it has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the Company to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. up to an additional 6 million, or approximately 20 percent, of its outstanding common shares. The Company has purchased approximately 1.4 million shares under a 1.5 million common share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. authorization announced June 17 and expects to complete that repurchase program shortly. "Today's additional repurchase authorization reflects the Board's continuing confidence that, at its current market price levels, A. Schulman stock represents an excellent investment," stated Terry L. Haines, president and chief executive officer. "This action confirms both the Board's and management's commitment to enhance shareholder value and their belief that a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program is an excellent and productive use of the Company's cash flow." Mr. Haines commented that share repurchases continue to be accretive to the Company's earnings. Beginning with the initial 3 million common share repurchase program authorization in November 1996, the Company has repurchased approximately 4.4 million common shares for a total of $88.8 million. The Company had 33.5 million shares outstanding as of August 20, 1998. Headquartered in Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of , A. Schulman is a leading international supplier of high-performance plastic compounds and resins. These materials are used in a variety of consumer, industrial, automotive and packaging applications. The Company employs 2,200 people and has 13 manufacturing facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, Mexico and the Asia-Pacific region. Revenues for the fiscal year ended August 31, 1997 were approximately $1 billion. Additional information about A. Schulman can be found on the World Wide Web at www.aschulman.com.
CONTACT: A. Schulman, Inc.
Robert A. Stefanko, 330/666-3751
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