ASV Sets $10 Million Stock Buyback (2006-5-24)
ASV, Inc. announced today that its Board of Directors has approved the implementation of a share repurchase plan. Under this plan, ASV may repurchase up to $10 million of its common stock.
The Company anticipates share purchases will be made from time to time, depending on market conditions. Shares may be purchased in the open market, including block purchases, or through privately negotiated transactions. The Company does not intend to repurchase any shares from directors, officers or other affiliates of the Company. The repurchase program does not obligate ASV to acquire any specific number of shares and may be discontinued at any time.
Commenting on the repurchase program, ASV Chairman and CEO Gary Lemke stated, "Given the strong financial and cash position of the Company and the long term growth potential of the rubber track loader market, we believe our shares are undervalued in the marketplace. Because of this, we believe it is in the best interest of our Company and shareholders to implement this stock repurchase plan."
The Company intends to fund the repurchases with available cash. The repurchase program is expected to be in effect through May 24, 2007, or until such amount of stock is repurchased.
About ASV
ASV designs, manufactures and sells rubber track loaders and related accessories, attachments and traction products. ASV also manufactures rubber track undercarriages, some of which are a primary component on Caterpillar\’s Multi Terrain Loaders. With its patented undercarriage technology, ASV leads all rubber track loaders in technology and innovation. ASV\’s products are able to traverse nearly any terrain with minimal damage to the ground, making them effective in industries such as construction, landscaping and agriculture. ASV\’s wholly-owned subsidiary Loegering Mfg. Inc. provides traction products and attachments for the skid-steer industry. For more information, visit ASV\’s website at www.asvi.com or Loegering\’s website at www.loegering.com.
(Source: Yahoo Finance)
