Coastcast Announces Additional Stock Repurchase Authorization.Business Editors RANCHO ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. DOMINGUEZ, Calif.--(BUSINESS WIRE)--Dec. 20, 1999 Coastcast Corp. (NYSE NYSE See: New York Stock Exchange :PAR) today announced its intention to repurchase an additional one million shares of its stock in open market or private sale transactions. This authorization is in addition to the 222,000 shares remaining to be purchased (as of December 17, 1999) under the board of directors' previous authorization of October 25, 1995. The repurchases will be made at management's discretion in light of current market conditions, over a non-specified time period. Coastcast currently has approximately 7.8 million shares outstanding. "It is the opinion of Coastcast's directors that investing in our own stock is an excellent use of our cash at this time," said Hans H. Buehler, Coastcast's chairman and chief executive officer. Buehler added, "The board's decision reflects its confidence in the company's future and its commitment to enhance shareholder value over time." Coastcast, a leading manufacturer of golf clubheads, produces metal woods, irons and putters in a variety of metals, including stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. and titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. . Customers include Callaway, Cleveland, Cobra, Odyssey, Ping, Taylor Made, Titleist, and Wilson. The company also manufactures a variety of investment-cast orthopedic implants and surgical tools and other specialty products that are made to customers' specifications. Except for the historical information, other statements in this release (including the statement on the board's confidence in the company's future and commitment to enhancing shareholder value) are 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. pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially, including, but not limited to, industry conditions, economic conditions, competitive factors and pricing pressures, and shifts in market demand as well as other risks detailed in the company's Securities and Exchange Commission filings. |
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