AMETEK Increases Share Repurchase Authorization.Business Editors PAOLI, Pa.--(BUSINESS WIRE)--March 12, 2003 AMETEK, Inc. (NYSE NYSE See: New York Stock Exchange :AME See AIT. ) today announced that its Board of Directors has increased the authorized level for repurchases of its common stock by $50 million. This increased authorization will be added to the approximately $2.5 million that remains available from an existing $50 million authorization approved by the Board of Directors in September 1998. Today's action brings the total amount authorized for share repurchases 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. to approximately $52.5 million. Frank S. Hermance, AMETEK's Chairman and Chief Executive Officer said, "With this increased authorization, AMETEK will continue its strategy of making opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. purchases of its common stock to offset the dilutive impact of our benefit plans. We will continue to allocate our strong free cash flow towards strategic acquisitions and, in their absence, debt reduction. Stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. will remain a modest use of that free cash flow." Since the beginning of 2003, the Company has repurchased 190,000 shares of its common stock for a total cost of approximately $5.8 million. Corporate Profile AMETEK is a leading global manufacturer of electronic instruments and electric motors with 2002 sales of more than $1 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Strategic Acquisitions & Alliances, Global & Market Expansion, New Products, and Operational Excellence. Its objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P MidCap 400 Index and the Russell 2000 Index Russell 2000 Index An index measuring the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. . Forward-looking Information Statements in this news release that are not historical are considered "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " and are subject to change based on various factors and uncertainties that may cause actual results to differ significantly from expectations. Those factors are contained in AMETEK's Securities and Exchange Commission filings. |
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