Dycom Industries, Inc. Announces Stock Repurchase Program
PALM BEACH GARDENS, Fla., Aug. 27, 2013
PALM BEACH GARDENS, Fla., Aug. 27, 2013 /PRNewswire/ --Dycom Industries, Inc.
(NYSE:DY) announced today that its Board of Directors has authorized $40
million to repurchase shares of Dycom's outstanding common stock. The stock
repurchases are authorized to be made over the next eighteen (18) months in
open market or private transactions. The exact timing and amount of
repurchases will depend on market conditions and other factors. The Company
expects to fund repurchases using cash on hand. The repurchase authorization
replaces the Company's previous repurchase authorization, which expires on
September 15, 2013 and of which approximately $22.8 million remained
outstanding as of July 27, 2013. As of August 26, 2013, the Company had
33,279,302 shares of common stock outstanding.
Dycom is a leading provider of specialty contracting services. These services,
which are provided throughout the United States and in Canada, include
engineering, construction, maintenance and installation services to
telecommunications providers, underground facility locating services to
various utilities, including telecommunications providers, and other
construction and maintenance services to electric and gas utilities and
This press release may contain forward-looking statements as contemplated by
the 1995 Private Securities Litigation Reform Act. These statements are based
on management's current expectations, estimates and projections.
Forward-looking statements are subject to risks and uncertainties that may
cause actual results in the future to differ materially from the results
projected or implied in any forward-looking statements contained in this press
release. Such risks and uncertainties include business and economic conditions
and trends in the telecommunications industry affecting our customers, the
adequacy of our insurance and other reserves and allowances for doubtful
accounts, whether the carrying value of our assets may be impaired,
preliminary purchase price allocations of businesses acquired, expected
benefits and synergies of acquisitions, future financial and operating
results, the future impact of any acquisitions or dispositions, the
anticipated outcome of other contingent events, including litigation,
liquidity and other financial needs, the availability of financing, and the
other risks detailed in our filings with the Securities and Exchange
Commission. The Company does not undertake to update forward-looking
SOURCE Dycom Industries, Inc.
Contact: Steven E. Nielsen, President and CEO, or H. Andrew DeFerrari, Senior
Vice President and CFO, (561) 627-7171
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