Friday, August 13, 2004
Black Box Corporation Announces Increase in Share Repurchase Program
Black Box Corporation (NASDAQ:BBOX) today announced that its Board of Directors approved an increase of 1,000,000 shares under the existing Black Box common share repurchase program. With this increase, Black Box now has authorization to repurchase approximately 1,400,000 of its shares, or approximately 8% of the currently outstanding shares. During the first quarter of Fiscal 2005, the Company repurchased approximately 552,000 shares for an aggregate purchase price of approximately $25 million.
“Consistent with our positive cash flow, we remain committed to our stock repurchase program. Since the inception of the program in 1999, we have repurchased approximately 6,100,000 of our shares for an aggregate consideration of $265 million. In addition, we have reduced our overall debt since 1999 from $106 million to $48 million as of our first quarter end,” comments Fred C. Young, Chief Executive Officer.
Black Box is the world’s largest technical services company dedicated to designing, building, and maintaining today's complicated network infrastructure systems. Black Box services clients of all sizes in 132 countries throughout the world.
Black Box Corporation