Raven Industries Inc. (Nasdaq:RAVN) announced today that its board of directors has authorized a $40 million stock buyback program. The authorized repurchases will be made from time to time in open market transactions.
The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time. No assurance can be given that any particular amount of common stock will be repurchased.
"This stock buyback plan reaffirms our confidence in Raven's long-term prospects," said Daniel A. Rykhus, Raven's President and Chief Executive Officer. "Our strong capital structure and liquidity allow us to help offset the impact of dilution and demonstrate our commitment to increasing shareholder value."