Patrick Industries, Inc. announces an Equity Buyback for $50 million worth of its shares.
January 26, 2016 at 10:02 pm
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Patrick Industries Inc. (NasdaqGS:PATK) announces a share repurchase program. Under the program, the company will repurchase up to $50 million worth of its common stock. The repurchases will be made from time to time in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise.
All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the company might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. The repurchase of any shares under the repurchase program will be subject to restrictions under insider trading laws and the company's self-imposed blackout periods, as well as the timing of the release of the company's financial results for the year ended December 31, 2015.
The repurchase program is aligned with capital allocation strategy and reflects the confidence that the Board of Directors and management team have in company's outlook and the commitment to driving shareholder value. The share repurchase program is valid for 24 months.
Patrick Industries, Inc. is a component solutions provider for the recreational vehicle (RV), marine, powersports and housing markets. The Companyâs segments include Manufacturing, which offers laminated products for furniture, shelving, walls and countertops; decorative vinyl, wrapped vinyl, paper laminated panels and vinyl printing; solid surface, granite and quartz countertops; fabricated aluminum products; and other products, and Distribution segment, which provides pre-finished wall and ceiling panels, drywall and drywall finishing products, interior and exterior lighting products, wiring, electrical and plumbing products, transportation and logistics services and other products. It operates through a network that includes approximately 179 manufacturing plants and 62 warehouse and distribution facilities located in 23 states with presence in Mexico, China, and Canada. It also serves original equipment manufacturers (OEMs), and various other industrial markets.
PATRICK INDUSTRIES, INC. 
