Walter Industries Announces $25 Million Increase In Its Share Repurchase Program
TAMPA, Fla., Feb. 7 /PRNewswire/ -- Walter Industries, Inc. (NYSE: WLT) today announced that its Board of Directors has authorized the repurchase of up to an additional $25 million of its common stock under the Company's ongoing share repurchase program. Purchases may be made in the open market or private transactions.
The Board's action expands a $25 million repurchase authorization announced in October 1999. Of that authorization, the Company has repurchased 2,017,000 shares at an average price of $10.56.
"We are once again broadening the scope of our share repurchase program in support of our belief that Walter Industries' stock represents an excellent investment opportunity given prevailing prices and the fundamental strength and earnings power of our core businesses," said Kenneth E. Hyatt, Walter Industries' Chairman and Chief Executive Officer. "We continue to view stock repurchases as a highly effective use of our substantial free cash flow to enhance shareholder value."
Since June 1997, the Company has repurchased a total of 7,415,092 shares, representing an investment of over $98 million. The Company currently has 47,900,092 shares outstanding. |
