Apogee Enterprises Announces New Share Repurchase Program.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 10, 2003 Apogee apogee (ăp`əjē), point farthest from the earth in the orbit of a body about the earth. See apsis. The farthest point. Enterprises, Inc. (Nasdaq:APOG APOG Advanced Operational Planning Group APOG Aberdeen Police Officer's Guild ) announced today that its Board of Directors 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: a new program 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 1.5 million shares of the company's common stock. The company said that shares may be purchased from time to time through open market transactions, block purchases, tender offers, private transactions, accelerated 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. programs or Rule 10b5-1 purchase plans and may be discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: at any time. "We believe that the share repurchase program is one excellent use of our cash that will enhance value for all Apogee shareholders," said Russell Huffer huff n. A fit of anger or annoyance; a pique: stormed off in a huff. v. huffed, huff·ing, huffs v.intr. 1. To puff; blow. 2. , Apogee chairman, president and chief executive officer. "This program is part of our plan for excess cash that includes debt reduction, dividend payment and other strategic uses." On February 19, 2003 the company announced that it had completed a 1.5 million share repurchase program, originally announced on April 25, 2003 and increased on July 23, 2002. Apogee has approximately 27.2 million shares of common stock outstanding. The repurchased shares will be available for re-issuance for employee stock option and other benefit plans and for other corporate purposes. The Company intends to fund such repurchases with internally generated funds. Apogee Enterprises, Inc. (www.apog.com), headquartered in Minneapolis, is a world leader in technologies involving the design and development of value-added glass products, services and systems. The company is organized in three segments: -- Architectural products and services companies design, engineer, fabricate, install and renovate the walls of glass and windows comprising the outside skin of commercial and institutional buildings. -- Automotive replacement glass and services companies fabricate, repair and replace automobile windshields and windows. -- Large-scale optical technologies companies develop and produce high technology glass that enhances the visual performance of products for the display, imaging and picture framing industries. |
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