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The Board of Directors of EMS firm Plexus has approved a new share repurchase program authorizing the purchase of up to $150 million of its common stock.
The share repurchase program is anticipated to commence at the beginning of fiscal 2017 and is expected to be funded with existing cash and a planned expansion and extension of the company's current credit facility, which is expected to close by the end of fiscal 2016. The company does not have a specific schedule or commitment for the repurchase of the shares and may repurchase shares, in amounts, at prices, and at such times as the company deems appropriate, subject to market conditions, legal requirements, financing and other considerations.
"Over the past 10 years, we have reduced the number of outstanding shares by over 25 percent. The new share repurchase program reflects our continued commitment to maximize shareholder returns through a disciplined approach of returning cash to shareholders. Details surrounding the new repurchase program will be provided during our upcoming Investor and Analyst Day," said Patrick Jermain, Senior Vice President and Chief Financial Officer, commented. “We are confirming our prior fiscal third quarter 2016 revenue guidance of $640 to $670 million with non-GAAP diluted EPS of $0.73 to $0.81, excluding any restructuring or other non-recurring charges."
As previously announced, Plexus is hosting an Investor and Analyst Day on June 8, 2016. The event is scheduled from 1:00 p.m. to 4:00 p.m. Eastern Time, at the Nasdaq MarketSite in New York. The event will include presentations from Todd Kelsey, Executive Vice President and Chief Operating Officer, who has recently been appointed President and Chief Executive Officer effective October 2, 2016, as well as other members of the Company's senior leadership team. A simultaneous webcast of the event, that includes the presentation content, will be available on Plexus' website,www.plexus.com, in the investor relations section.