Baker to Reactivate Share Repurchase Program.Business Editors PITTSBURGH--(BUSINESS WIRE)--Sept. 17, 2001 Michael Baker Corporation Michael Baker Corporation is an engineering and energy management corporation headquartered in the Pittsburgh suburb of Moon Township, Pennsylvania. Its headquarters is located in Airside Business Park, an office park near the Pittsburgh International Airport that the company (AMEX AMEX See: American Stock Exchange :BKR BKR Baker BKR Birkirkara (postal locality, Malta) BKR Breaker BKR Broadcast Key Rotation BKR Best-Known Recipe ) announced today that it will reactivate re·ac·ti·vate v. 1. To make active again. 2. To restore the ability to function or the effectiveness of. re·ac immediately its 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. program, which was originally authorized by the company's Board of Directors in October 1996. To date, approximately 303,000 shares of the 500,000 share authorization have been repurchased. The shares will be purchased in the open market at prevailing prices. The timing and extent of the purchases will depend on market conditions. The company intends to use existing cash balances to finance the repurchases. Michael Baker Corporation (www.mbakercorp.com) provides engineering and energy expertise for public and private sector clients worldwide. The firm's primary services include engineering design for the transportation and civil infrastructure markets, operation and maintenance of oil and gas production facilities, architecture, environmental services, and construction management for building and transportation projects. Baker has more than 3,800 employees in over 30 offices across the United States and internationally. |
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