Chicago Bridge & Iron Company N.V. (CBI) Message Board

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Gold/Mining/Energy : Chicago Bridge & Iron Company N.V. (CBI)

CBI 16.39

0.0%

May 11 5:00 PM EST

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From: JakeStraw	5/16/2005 3:54:54 PM
	of 55

CB&I Initiates Stock Repurchases under Existing Program biz.yahoo.com Monday May 16, 3:36 pm ET Earnings and Outlook on Track THE WOODLANDS, Texas--(BUSINESS WIRE)--May 16, 2005--CB&I (NYSE:CBI) announced that it has begun to buy back shares under the Company's existing stock repurchase program, reflecting management's belief that CB&I shares are a good investment at current prices. The Company has purchased and may continue to purchase stock from time to time in regular brokerage transactions on the open market at prevailing market prices. Gerald M. Glenn, CB&I's Chairman, President and CEO, said, "The stock repurchases help minimize the effect of share issuances under our employee compensation plans, and also reflect our continued commitment to enhance long-term shareholder value. With more than $237 million of cash on hand at the end of the first quarter of 2005 and prospects for continued strong cash generation, we have the financial strength and flexibility to both return excess cash to shareholders and continue our pursuit of suitable acquisitions that meet our criteria for success." "The Company's outlook for 2005 remains on target, with earnings expectations in line with current consensus estimates," Glenn added. "Our global operations continue to perform well. Our record level of new business taken gives us confidence that we will be able to meet our goals for 2005 and beyond. Our market outlook remains strong. On this basis, we view our stock as undervalued at current levels."

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