WESTFORD, Mass.--(BUSINESS WIRE)--Jul. 28, 2014--
Kadant Inc. (NYSE:KAI) announced today that its board of directors has
authorized the repurchase of up to an additional $20 million of its
equity securities effective July 28, 2014 through July 28, 2015.
Repurchases may be made in public or private transactions, including
under Securities Exchange Act Rule 10b-5-1 trading plans. The timing and
amount of any repurchases will be at the discretion of Company
management and will be based on market conditions and other
considerations, including limitations contained in our credit agreement
entered into on August 3, 2012. Through July 28, 2014, under the
existing $20 million authorization that will expire on November 8, 2014,
the Company has repurchased 355,135 shares of its common stock for an
aggregate purchase price of approximately $13.1 million, or $36.99 per
share, leaving $6.9 million remaining on this authorization.
Kadant Inc. is a global supplier of high-value, critical components and
engineered systems used in process industries worldwide. The Company’s
products, technologies, and services play an integral role in enhancing
process efficiency, optimizing energy utilization, and maximizing
productivity in resource-intensive industries. Kadant is based in
Westford, Massachusetts, with revenue of $344 million in 2013 and 1,800
employees in 18 countries worldwide. For more information, visit www.kadant.com.
The following constitutes a “Safe Harbor” statement under the Private
Securities Litigation Reform Act of 1995: This press release contains
forward-looking statements that involve a number of risks and
uncertainties, including forward-looking statements about our expected
future financial and operating performance, demand for our products, and
economic and industry outlook. Our actual results may differ materially
from these forward-looking statements as a result of various important
factors, including those set forth under the heading “Risk Factors” in
Kadant’s quarterly report on Form 10-Q for the period ended March 29,
2014. These include risks and uncertainties relating to our dependence
on process industries; significance of sales and operation of
manufacturing facilities in China; oriented strand board market and
levels of residential construction activity; commodity and component
price increases or shortages; dependence on certain suppliers;
international sales and operations; our acquisition strategy; our
internal growth strategy; fluctuations in currency exchange rates;
competition; soundness of suppliers and customers; our effective tax
rate; future restructurings; soundness of financial institutions; our
debt obligations; restrictions in our credit agreement; reliance on
third-party research; protection of patents and proprietary rights;
failure of our information systems or breaches of data security;
fluctuations in our share price; and anti-takeover provisions. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise.
Source: Kadant Inc.
Kadant Inc.
Investor contact:
Thomas M. O’Brien, 978-776-2000
or
Media
contact:
Wes Martz, 269-278-1715
