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
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|Date:||Oct 29, 1992|
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