WESTFORD, Mass.--(BUSINESS WIRE)--May 20, 2015--
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 May 20, 2015 through May 20, 2016.
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 May 20, 2015, under the existing
$20 million authorization that will expire on July 28, 2015, the Company
has repurchased 50,000 shares of its common stock for an aggregate
purchase price of approximately $2.0 million, or $39.53 per share,
leaving $18.0 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 $402 million in fiscal year
2014 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 regarding any plans
to repurchase our equity securities. 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 annual report on Form 10-K for the year ended
January 3, 2015 and subsequent filings. These include risks and
uncertainties relating to adverse changes in global and local economic
conditions; the variability and difficulty in accurately predicting
revenue from large capital equipment and systems projects; the
variability and uncertainties in sales of capital equipment in China;
currency fluctuations; our customers’ ability to obtain financing for
capital equipment projects; changes in government regulations and
policies; the oriented strand board market and levels of residential
construction activity; development and use of digital media; price
increases or shortages of raw materials; dependence on certain
suppliers; international sales and operations; disruption in production;
our acquisition strategy; our internal growth strategy; competition;
soundness of suppliers and customers; our effective tax rate; future
restructurings; soundness of financial institutions; our debt
obligations; restrictions in our credit agreement; loss of key
personnel; 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150520006662/en/
Source: Kadant Inc.
for Kadant Inc.
Investor contact:
Thomas M. O’Brien,
978-776-2000
or
Media contact:
Wes Martz, 269-278-1715
