DHB Industries' BOD approves share repurchase program
25 Jan '06
2 min read
Athletic company DHB Industries Inc announced a directive from its board authorizing the Company to purchase an additional 3 million shares of its common stock in the open market in accordance with applicable law, from time to time, at its discretion.
Previously, the Company announced that, in accordance with the November 2005 amendment of its Credit Facility with LaSalle Business Credit, the Company was authorized to repurchase in the open market up to three million shares of its common stock, provided there was no event of default at the time of repurchase and that no more than $9 million of the purchase price was funded through the Credit Facility.
The Company has repurchased approximately 2,090,000 shares in the open market at an average price of $4.04 without increasing the outstanding balance of the Company's Credit Facility.
Therefore, the Company can still repurchase approximately 3,910,000 shares in the open market as long at the amount funded through the Credit Facility does not exceed $9 million.
DHB Industries Inc's Armor Group is in the protective body armor industry.
Its highly recognized subsidiaries, Point Blank Body Armor Inc and Protective Apparel Corporation of America (PACA) are focused on the design, manufacture, and distribution of bullet resistant body armor for military, law enforcement, and corrections in the US and worldwide.
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