Black Box Corporation Increases Share Repurchase Program From 500,000 to 1,000,000 Shares.Business Editors PITTSBURGH--(BUSINESS WIRE)--July 21, 2000 Black Box Corporation (Nasdaq:BBOX) today announced that it has increased 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 from 500,000 to 1,000,000 shares of the Company's stock, or approximately 5% of the outstanding shares. This is twice the number of shares announced last week for 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. . The shares will be purchased in the open market from time to time at prevailing market prices or in privately negotiated transactions. Commenting on the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. increase, Mr. Fred C. Young, Chief Executive Officer of Black Box Corporation, said, "We believe that using our free cash flow, and other available sources of cash, to repurchase our stock is a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investment. And given our current stock price, we see a significant short-term investment opportunity as well." Black Box is a leading worldwide technical service provider of network services and related products to businesses of all sizes, servicing customers in 132 countries throughout the world. |
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