Aeroflex announces plan to purchase up to 1,000,000 shares of its common stock.PLAINVIEW Plainview. 1 Uninc. city (1990 pop. 26,207), Nassau co., SE N.Y., on Long Island. It is chiefly residential. 2 City (1990 pop. 21,700), seat of Hale co., NW Tex., on the Llano Estacado; inc. 1907. , N.Y.--(BUSINESS WIRE)--May 1, 1995--Aeroflex Incorporated (NYSE NYSE See: New York Stock Exchange Symbol:ARX) announced today that it intends to purchase on the open market up to 1,000,000 shares of its outstanding Common Stock. Such purchases will be made from time to time, depending upon market conditions, at prices deemed appropriate by management. Michael Gorin, president and chief financial officer of Aeroflex, said, "This program will complement our goal of supplementing the growth of Aeroflex through acquisitions. By buying back our common shares at what we believe to be undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. prices, we can use them as currency in making acquisitions without additional dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. of our share base. Some companies with which we have held exploratory acquisition discussions requested our stock as partial consideration, but we were reluctant to consider that idea if it meant further dilution at current prices." Gorin pointed out that Aeroflex has a strong cash position and also has $16 million of unused bank credit lines. Aeroflex Incorporated, headquartered in Plainview, Long Island, designs and manufactures advanced electronics systems and components, including microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. , instrument products, and electro-optical devices, primarily for the government and the defense industry. It also designs and manufactures shock and vibration stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. systems used for commercial, industrial, and defense applications. CONTACT: Aeroflex Incorporated Michael Gorin, 516/694-6700 |
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