Alpha Pro Tech announces $2 mn stock buy back program
April 03, 2008 - United States Of America
Alpha Pro Tech a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel and building products, announced that its Board of Directors has authorized a share repurchase of up to $2 million worth of the Company’s outstanding common stock. Management anticipates repurchasing shares from time to time in open market purchases or through privately negotiated transactions.
The Company has about $300,000 available from previous repurchase programs. During 2007, the Company repurchased and retired 572,300 shares of its common stock. As of December 31, 2007, the Company had repurchased and retired a total of 2.9 million shares through seven repurchase authorizations by the Board of Directors.
The Company had approximately 25.6 million shares outstanding at December 31, 2007. As of the end of the first quarter 2008, the Company repurchased and retired an additional 466,500 shares at a cost of $ 708,000.
Al Millar, President of Alpha Pro Tech commented, “We currently believe that this is an effective use of cash as well as a benefit to our shareholders and we will continue to repurchase stock through both of these programs. Our strong balance sheet, coupled with operations that are not heavily reliant on cash, enables us to expand these efforts while our stock is at these levels.”
Repurchases may take place on the open market from time to time based on market conditions, subject to certain conditions and timing restrictions to comply with applicable rules and regulations and may be suspended for periods or discontinued as deemed necessary by the Company.
The Company has not established specific goals as to the number of shares to be acquired or the purchase price. Decisions about these matters will be based on market conditions, general business conditions and other relevant factors. If conditions are not favorable, then no purchases will be made.