Williams Industries Inc. Announces Stock Purchases
MANASSAS, Va., Sept. 24 /PRNewswire/ -- Williams Industries, Inc. (Nasdaq: WMSI - news) today announced that the company, which provides a wide range of quality, cost competitive services and products for the industrial, commercial and institutional construction markets, has initiated its program to purchase approximately 5% of its stock through open-market transactions. This announcement comes on the heels of the company's September 20th announcement of significant earnings and revenue increases.
In describing the company's decision, Williams Industries President and CEO Frank E. Williams, III, said, ``Obviously the terrible tragedy that occurred on September 11, 2001 when terrorists attacked our nation played a part in the timing of the company's action, but the Board of Directors' decision to authorize the open-market purchases is also a sound economic decision. Our company's stock has been trading below book value for some time and the repurchase is a prudent utilization of some of our resources.''
As it relates to the country's economic condition, Williams said that he, like most Americans, has been doing extensive reading in the days following the catastrophe. ``I find myself much more in the 'Take Stock in America' camp as described by Rick Aristotle Munarriz in his September 18th Motley Fool column than I do with those like San Francisco writer Aaron Task, who are saying 'Patriotism Proves a Poor Investment Guide'. Quite honestly, I don't see why Americans can't have both patriotism and a good investment. The Board of Directors and employees of Williams Industries certainly think both our company and our country are good investments, particularly since we are in the business of literally building America's schools, offices, hospitals, sports complexes, high-rises and roads.''
Last year, Williams Industries was part of a team that worked on the renovation of the Pentagon. Lee Evey, the government's project manager, has credited the renovation, particularly the extensive structural reinforcements, with helping to contain the damage and save lives in the September 11th attack. Years ago, in the 1960s, a number of Williams employees were involved in the fabrication of the steel that served as the anchors for the World Trade Centers in New York.
``The stock repurchase program is only one way that this company will continue to support America and American business,'' Williams said. ``We intend to be much more visible as we work toward the future in the weeks and months to come. While we can, and will, rebuild the structures that were lost, we are also working to assist the people whose lives were forever changed by the horrific events of September 11th. That will be the far greater challenge.'' |
