STANDEX ANNOUNCES NEW $100 MILLION SHARE REPURCHASE AUTHORIZATION

Rhea-AI Summary

Standex International Corporation (NYSE:SXI) has authorized a new share repurchase program worth $100 million, commencing on May 10, 2022. This program replaces the previous buyback initiated in 2016, which had $0.6 million remaining at the end of Q3 fiscal 2022. President and CEO David Dunbar expressed confidence in the company’s financial stability, citing strong cash flow and a robust balance sheet to support this initiative. The repurchase may occur through various means, and there is no set timeline for completion.

Positive

• Authorization of a new $100 million share repurchase program, enhancing shareholder value.
• Strong balance sheet and consistent cash flow position for effective capital allocation.

Negative

• None.

SALEM, N.H., May 5, 2022 /PRNewswire/ -- Standex International Corporation (NYSE:SXI) today announced that its Board of Directors has authorized a new share repurchase program of up to $100 million of the Company's outstanding common stock.  The new program will take effect on May 10, 2022.  The Company's prior $100 million share repurchase program began in 2016 and had $0.6 million remaining on it at the end of third quarter fiscal 2022.    

David Dunbar, President and Chief Executive Officer stated, "We are very pleased to announce Standex's new share repurchase authorization.  Our portfolio of high-quality businesses continues to drive a growing number of exciting new business opportunities, reinforcing the significant opportunity to further enhance shareholder value. The Company's strong balance sheet and consistent cash flow generation position us well to execute on this program.  Our approach to capital allocation remains disciplined and balanced."  

Under the new share repurchase program, purchases may be made from time to time on the open market, including through 10b5-1 trading plans, or through privately negotiated transactions, block transactions, or other techniques in accordance with prevailing market conditions and the requirements of the Securities and Exchange Commission. The Board's authorization is open-ended and does not establish a timeframe for the purchases. The Company is not obligated to acquire a particular number of shares, and the program may be discontinued at any time at the Company's discretion.

About Standex

Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India, and China. For additional information, visit the Company's website at http://standex.com/.

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SOURCE Standex International Corporation

FAQ

What is the new share repurchase program for Standex International (SXI)?

Standex International has authorized a new share repurchase program of up to $100 million, set to begin on May 10, 2022.

When will Standex's share buyback program start?

The share buyback program will take effect on May 10, 2022.

How much was remaining on Standex's previous share repurchase program?

At the end of Q3 fiscal 2022, there was $0.6 million remaining on the previous $100 million share repurchase program.

What does the new share repurchase program mean for shareholders of SXI?

The new buyback program is expected to enhance shareholder value, reflecting the company's confidence in its financial health.