SERVICE SECTOR / Veritas DGC Inc. Repurchase Plan Approved
VERITAS DGC INC. - STOCK REPURCHASE PLAN APPROVED
HOUSTON, TEXAS--
Veritas DGC Inc. announced that, at a scheduled board meeting in
Crawley, England, its Board of Directors has today approved a
stock repurchase program under which the Company is authorized to
buy up to 1,000,000 shares of its outstanding common stock in
open market transactions.
In addition, the Company clarifies remarks attributed to a
Company executive yesterday in a Bloomberg news wire story. The
Bloomberg story referred to the Company's expectations regarding
fiscal 1999 earnings. As a matter of policy the Company does not
comment on forecasts of future performance and has no comment
concerning earnings expectations for fiscal 1999. Nevertheless,
the Company reaffirms that it is entirely comfortable with
analysts' consensus earnings estimates for the fourth quarter and
the fiscal year ending July 31, 1998, which are $0.51 and $2.91,
respectively.
With respect to possible acquisition plans referred to in the
Bloomberg story, the Company often evaluates other oil field
service businesses for acquisition and regularly initiates
discussions with potential acquisition candidates. It is
emphasized however, that the Company has no present plans with
respect to any acquisition.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning, among other things, the Company's prospects and
development of its operations, all of which are subject to
certain risks, uncertainties and assumptions. These risks and
assumptions, which are more fully described in reports filed with
the Securities and Exchange Commission, include changes in market
conditions in the oil and gas industry as well as declines in
prices of oil and gas. Should one or more of these risks or
uncertainties materialize or should assumptions prove incorrect,
actual results may vary in material respect from those currently
anticipated.
Veritas DGC Inc. is a leading provider of land, transition zone
and marine-based seismic data acquisition, seismic data
processing, and multi-client data sales to the petroleum
industry. Veritas DGC operates seven divisions in selected
markets worldwide and, based on revenue, is the fifth-largest
geophysical services provider.
|
