Printer Friendly

AEL INDUSTRIES TO REPURCHASE ADDITIONAL SHARES

 AEL INDUSTRIES TO REPURCHASE ADDITIONAL SHARES
 LANSDALE, Pa., Oct. 29 /PRNewswire/ -- AEL Industries, Inc.


(NASDAQ-NMS: AELNA) announced today that its board of directors has authorized the repurchase of up to 200,000 additional shares or 5 percent of the company's outstanding common stock.
 Purchases will be made from time to time in the open market or in privately negotiated transactions. At Oct. 28, 1992, the company has 3,886,731 shares of Class A and Class B common stock outstanding.
 Dr. Leon Riebman, chairman and CEO said, "With our stock currently selling at levels well below its book value, the additional repurchases are intended to further benefit shareholders and the company through increased earnings per share and return on investment." Over the past five years, AEL has repurchased 782,000 shares or almost 17 percent of its outstanding common stock at a total cost of $7.1 million -- well below their current book value. At Aug. 28, 1992, the book value of the company was $15.20 per share. "Our present strong cash position allows us to shrink AEL's capitalization as a means to further enhance shareholder value," Riebman added.
 AEL is a major supplier of electronic defense systems and subsystems. The company designs and manufactures sophisticated countermeasures, simulation and radar warning systems; engages in the installation and integrates electronic and avionics equipment in military aircraft; and provides state-of-the-art antenna systems, microwave integrated components and hybrid microelectronic circuits.
 The Class A common stock of AEL Industries, Inc. is traded on the NASDAQ National Market System under the symbol AELNA.
 /delval/
 -0- 10/29/92
 /CONTACT: Jesse H. Riebman, vp and treasurer of AEL Industries, 215-822-2929, ext. 2504/
 (AELN) CO: AEL Industries, Inc. ST: Pennsylvania IN: ARO SU:


LJ-CC -- PH015 -- 6523 10/29/92 11:09 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 29, 1992
Words:296
Previous Article:PHH CORP. $50 MILLION 3.45 PERCENT NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:DATATRONIX FINANCIAL SERVICES REPORTS THIRD QUARTER AND NINE MONTH NET INCOME
Topics:


Related Articles
AEL REPORTS AGREEMENT ON KOOR/TADIRAN CLAIM
AEL DELIVERS FIRST IAD BRASSBOARD TO HUGHES
AEL RECEIVES $5.2 MILLION ON NAVY AWARD
AEL REPORTS LOWER REVENUES, LOSS IN SECOND QUARTER
AEL REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS
AEL REPORTS IMPROVED FIRST QUARTER RESULTS
AEL INDUSTRIES REPORTS FIRST QUARTER RESULTS
TRACOR TO ACQUIRE AEL INDUSTRIES
AEL REPORTS LOWER REVENUES; LOSS IN THIRD QUARTER
TRACOR AND AEL ANNOUNCE NEW ACQUISITION PRICE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters