Armstrong World Industries Announces $150 Million Authorization for Share Repurchase
July 29 2016 - 7:05AM
LANCASTER, Pa., July 29, 2016 -- Armstrong World
Industries, Inc. (NYSE:AWI) today announced that its Board of
Directors has authorized a stock repurchase program under which the
Company may repurchase up to $150 million of its outstanding common
stock.
Repurchases under the program may be made through
open market, block and privately-negotiated transactions, including
Rule 10b5-1 plans, at times and in such amounts as management deems
appropriate, subject to market and business conditions, regulatory
requirements and other factors. The share repurchase program
authorization extends through July 2018, but does not obligate the
Company to repurchase any particular amount of common stock and may
be suspended or discontinued at any time without notice. The
Company had approximately 56 million shares of common stock
outstanding as of June 30, 2016.
"The repurchase program announced today
demonstrates the confidence of our Board of Directors and
management team in the strength of our business, free cash flows,
long-term strategy and prospects for growth," said Vic Grizzle,
President and Chief Executive Officer. "This program also
reflects our commitment to returning value to shareholders and is
an important component of a balanced capital allocation plan."
AWI will discuss the share repurchase program on
its live Internet broadcast earnings webcast beginning at 11:00
a.m. Eastern time today. This event will be broadcast live on the
Company's Web site. To access the call and accompanying slide
presentation, go to www.armstrongceilings.com and click
"Investors."
Uncertainties Affecting
Forward-Looking Statements
Disclosures in this release and in our other
public documents and comments may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Those statements provide our future
expectations or forecasts and can be identified by our use of words
such as "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," "outlook," "target," "predict," "may," "will,"
"would," "could," "should," "seek," and other words or phrases of
similar meaning in connection with any discussion of future
operating or financial performance. Forward-looking
statements, by their nature, address matters that are uncertain and
involve risks because they relate to events and depend on
circumstances that may or may not occur in the future. As a
result, our actual results may differ materially from our expected
results and from those expressed in our forward-looking
statements. A more detailed discussion of the risks and
uncertainties that could cause our actual results to differ
materially from those projected, anticipated or implied is included
in the "Risk Factors" and "Management's Discussion and Analysis"
sections of our reports on Forms 10-K and 10-Q filed with the U.S.
Securities and Exchange Commission. Forward-looking
statements speak only as of the date they are made. We do not
undertake or assume any obligation to update or revise any
forward-looking statements beyond what is required under applicable
securities law.
About Armstrong World Industries,
Inc. and Additional Information
Armstrong World Industries, Inc.
(NYSE:AWI) is a global leader in the design and manufacture of
innovative commercial and residential ceiling, wall and suspension
system solutions. With 3,800 employees and fiscal 2015
revenues from ceiling operations in excess of $1.2 billion, AWI
operates from a global manufacturing network of 24 facilities,
including 9 plants dedicated to its WAVE joint venture. On
April 1, 2016, AWI completed the separation of its legacy flooring
business that now operates as Armstrong Flooring Inc., an
independent, publicly-traded company. For more information,
visit www.armstrongceilings.com.
Source: Armstrong World
Industries
AWI Announces $150 Million
Authorization for Share Repurchase FINAL
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Armstrong World Industries, Inc. via
Globenewswire
HUG#2031812
Armstrong World Industries (NYSE:AWI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Armstrong World Industries (NYSE:AWI)
Historical Stock Chart
From Apr 2023 to Apr 2024