Virco Adopts New Share Repurchase Program
Rhea-AI Summary
Virco Mfg. (NASDAQ:VIRC) has announced a new share repurchase program authorized by its Board of Directors. The program allows for the repurchase of up to $10 million worth of the company's Common Stock, commencing February 1, 2025.
The company, which specializes in manufacturing and supplying movable furniture and equipment for educational environments and public spaces, will execute the repurchases through various means, including open market purchases, privately negotiated transactions, and trading plans under Rule 10b5-1. The program has no time limit and can be suspended or discontinued at the company's discretion.
Virco plans to fund the repurchases using existing cash and cash equivalents. The timing and amount of stock repurchases will be determined based on various factors, including market conditions, stock prices, trading volume, and regulatory requirements.
Positive
- Board approval for substantial $10 million share repurchase program
- Company has sufficient cash and cash equivalents to fund the program
- Flexible implementation with no time limit constraints
- Multiple repurchase methods available including Rule 10b5-1 plans
Negative
- Potential reduction in cash reserves available for operations or growth
- No guarantee of complete program execution as it's subject to market conditions
News Market Reaction 1 Alert
On the day this news was published, VIRC gained 12.94%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
TORRANCE, Calif., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Virco Mfg. Corporation (NASDAQ:VIRC), a leading manufacturer and supplier of movable furniture and equipment for educational environments and public spaces, announced today that its Board of Directors has approved a new share repurchase program for up to
Repurchases of Common Stock under the new program may be made at management’s discretion from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The repurchase authorization does not obligate the Company to acquire any particular amount of Common Stock and the program may be suspended or discontinued at the Company’s discretion without prior notice. The Company expects to utilize its existing cash and cash equivalents to fund repurchases under the new share repurchase program.
Contact:
Virco Mfg. Corporation
(310) 533-0474
Robert A. Virtue, Chairman and Chief Executive Officer
Doug Virtue, President
Robert Dose, Chief Financial Officer
Statement Concerning Forward-Looking Information
This news release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and beliefs about future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are out of our control and difficult to forecast. These factors may cause actual results to differ materially from those that are anticipated. See our Annual Report, Quarterly Reports on Form 10-Q, and other reports and material that we file with the Securities and Exchange Commission for a further description of these and other risks and uncertainties applicable to our business. We assume no, and hereby disclaim any, obligation to update any of our forward-looking statements. We nonetheless reserve the right to make such updates from time to time by press release, periodic reports, or other methods of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements which are not addressed by such an update remain correct or create an obligation to provide any other updates.
FAQ
How much is VIRC's new share repurchase program worth?
When does VIRC's share repurchase program begin?
How will VIRC fund its share repurchase program?
Can VIRC suspend or discontinue the share repurchase program?
What methods will VIRC use for the share repurchases?
