NBSC- SPX-buying back it's own stock is that all? I'm inpressed with the 14,000 share purchase by someone at $4.30.
DJ SPX Authorizes New Share Buyback Program>SPW
Dow Jones News Service ~ August 28, 2003 ~ 7:17 am EST
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08-28-03 0717ET DJ SPX Sets New Buyback At $200M, Plus Half Of Net Income
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08-28-03 0718ET DJ SPX Buyback -2: Replaces $250M Buyback From January >SPW
CHARLOTTE (Dow Jones)--SPX Corp. (SPW) received board approval for a buyback program for $200 million plus 50% of consolidated net income.
In a press release Thursday, the provider of technical products and systems said it initiated this repurchase plan, which replaces one from January, in conjunction with the refinancing of a credit facility that closed Aug. 18.
The refinancing of the credit facility involved the combination of the existing two tranches B and C of the term loans and the reduction of the interest rate on the Term C loan by 25 basis points. Last week, SPX said the refinancing affected certain covenants under the facility, including stock- repurchase provisions.
The previous buyback called for the repurchase of up to $250 million in stock. As of July 28, SPX had repurchased 4.45 million common shares for a total of about $167 million as part of the plan.
SPX has about 76.6 million shares outstanding. The company's New York Stock Exchange-listed stock recently traded at $48.65, down 22 cents, or 0.5%, on composite volume of 25,300 shares. Average daily volume is 913,395 shares.
In the second quarter ended June 30, SPX earned $53.8 million, or 69 cents a share, on revenue of $1.27 billion. Income from continuing operations was $51.1 million, or 66 cents a share.
An SPX representative wasn't immediately available to provide additional information about the buyback.
Company Web site: spx.com
-Lisa Reynolds; Dow Jones Newswires; 201-938-5400 |
