American Power Conversion Corporation Announces Stock Repurchase Program
WEST KINGSTON, R.I., Sept. 10 /PRNewswire/ -- American Power Conversion Corporation (Nasdaq: APCC) announced today that its Board of Directors has authorized a repurchase of up to ten million shares of the Company's Common Stock. The shares may be repurchased periodically on the open market over the course of the next two years as market conditions warrant.
"The stock repurchase program is an excellent way to enhance shareholder value by helping to offset the potential dilution associated with APC's employee stock ownership programs," explained Rodger B. Dowdell, Jr., APC's president and CEO. "The Company's continued financial strength enabled this program to be initiated without compromising our ability to continue making the strategic investments required to expand and grow our business."
Safe Harbor Provision
Statements contained in this press release which are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. The factors that could cause actual results to differ materially include the following: A variance in the actual versus estimated charge associated with organizational changes; APC's ability to successfully integrate Silcon's operations; the timely development and acceptance of new products; ramp up, expansion and rationalization of global manufacturing capacity; general worldwide economic conditions; growth rates in the power protection industry and related industries, including but not limited to the PC, server, networking and enterprise hardware industries; competitive factors and pricing pressures; changes in product mix; changes in the seasonality of demand patterns; inventory risks due to shifts in market demand; the effects of any other possible acquisitions; component constraints and shortages; risk of nonpayment of accounts receivable; changes in customer order patterns and product demand related to year 2000 purchasing issues; impact on the Company's business due to internal systems or systems of suppliers and other third parties adversely affected by year 2000 problems; the uncertainty of the litigation process including risk of an unexpected, unfavorable result of current or future litigation; and the risks described from time to time in the Company's filings with the Securities and Exchange Commission.
About American Power Conversion
Founded in 1981, American Power Conversion (Nasdaq: APCC) is a leading provider of global, end-to-end power protection products and services, which include surge suppressors, uninterruptible power supplies (UPS), power conditioning equipment, related software, and professional and consulting services for Nonstop Networking(TM). APC's comprehensive solutions, which are designed for both home and corporate environments, improve the manageability, availability and performance of sensitive electronic, network, communications and industrial equipment of all sizes. APC, which is headquartered in West Kingston, Rhode Island, reported sales of $1.126 billion for the year ended December 31, 1998.
All trademarks are the property of their owners. Additional information about APC and its global end-to-end solutions can be found by accessing the APC World Wide Web site at www.apcc.com or by calling 800-877-4080.
For more information contact:
Investors:
Donald M. Muir, chief financial officer, 800-788-2208 ext. 2105
Deborah K. Grey, investor relations manager, 800-788-2208 ext. 2994, dgrey@apcc.com
Media:
Jodi Kennedy, director of media relations, 800-788-2208 ext. 2158, jkennedy@apcc.com
SOURCE American Power Conversion
CO: American Power Conversion
ST: Rhode Island
IN: CPR FIN
SU:
09/10/1999 09:39 EDT prnewswire.com |
