Girindus AG - Earnings 2001; Sales Increased by 38%; Loss Lower Than Expected; Share Buyback Decided.Business Editors BENSBERG--(BUSINESS WIRE)--March 18, 2002 Girindus AG (Ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. :GIR GIR Greens in Regulation GIR Glucose Infusion Rate GIR Gross International Reserves (banking) GIR Glider Infantry Regiment (US military; WWII era) GIR General Index Register ) is the API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. manufacturer for the global pharmaceutical and biotechnology research industries and is listed in the Nemax segment of the German stock exchange. The Girindus Group closed the fiscal year 2001 with sales up by 38% at 19.4 Mio. Euro (last year 14.0 Mio. Euro). The operating result before interest and taxes (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) was -8.3 Mio. Euro (-3.8 Mio Euro) which is better than forecasted after third quarter last year. Girindus has a strong financial basis with more than 20 Mio. Euro in funds being accessible at short notice. The Management Board will disclose additional background information - along with a strategy discussion and an outlook into the future - at the company's press conference in Dusseldorf on March 27, 2002. Based on the authority obtained at the General Meeting held on June 14, 2001, the Management Board of Girindus AG has decided to execute a share buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may of up to 650.000 shares. The company will start the buyback within the next days. The goals of this operation are twofold: In one direction the Management considers the actual share price level as being favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to start investing in the future to prepare for potential takeovers and joint ventures. In the other direction it is planned to use the repurchased shares in our portfolio for a stock option program. This assignment is subject to approval at the General Meeting on July 4, 2002. The funds to be used for the buyback result from excess liquidity and are not needed for the projected growth of the Group. The decision for the share buyback reflects the confidence of the Management for a prosperous future development. |
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