FlightSafety directors double stock repurchase authorization, declare increased dividend.Board of Directors of FlightSafety International FlightSafety International is the a provider of professional aviation training, simulation equipment and software. It is a wholly owned subsidiary of Berkshire Hathaway NYSE: BRKA NYSE: BRKB Divisions See: New York Stock Exchange :FSI FSI Foreign Service Institute FSI Fluid Structure Interaction FSI Fuel Stratified Injection FSI Federazione Scacchistica Italiana (Italian Chess Federation) FSI Free Standing Insert FSI Flight Simulator ) today 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: the repurchase of an additional 4 million shares which doubles the amount of the company's common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. The company has repurchased 3,593,000 shares of common stock pursuant to authorizations from the Board of Directors in 1993 to repurchase 4 million shares. Funds for the stock repurchase program will come from the company's existing cash, short-term investments and operations. The company intends to continue to purchase, from time to time, shares in the open market and in privately negotiated transactions. This program will be periodically reviewed by the Board, and may be terminated at any time without prior notice. The company currently has approximately 31.1 million shares outstanding. The Board also declared an increased cash dividend of 14 cents from 12 cents a share payable Nov. 7, to stockholders of record on Oct. 16. A.L. Ueltschi, FlightSafety president and chairman, said the stock repurchase program has been increased "because the Directors continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op regarding the company's long-term prospects. The Board of Directors believes that these prospects and the company's strong financial condition continue to make its common stock an excellent investment for the company." FlightSafety provides training annually for more than 40,000 pilots and maintenance technicians of major and regional airlines, corporations, military and other government agencies at learning centers in the U.S., Canada and France. CONTACT: FlightSafety International Kenneth W. Motschwiller, 718/565-4140 |
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