WESTFORD, Mass.--(BUSINESS WIRE)--May 18, 2016--
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 18, 2016 through May 18, 2017.
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 18, 2016, under the existing
$20 million authorization that will expire on May 20, 2016, the Company
has repurchased 143,242 shares of its common stock for an aggregate
purchase price of approximately $5.9 million, or an average of $40.95
per share.
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 $390 million in fiscal year
2015 and 2,000 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 2, 2016 and subsequent filings with the Securities and Exchange
Commission. 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/20160518006544/en/
Source: Kadant Inc.
Kadant Inc.
Investor contact:
Michael McKenney, 978-776-2000
or
Media
contact:
Wes Martz, 269-278-1715
