Orbital To Repurchase $50 Million Of Stock
[Satellite Today – 4-25-08] Orbital Sciences Corp. will repurchase up to $50 million of its common stock, the company announced April 25.
The board’s authorization will replace a previous $50 million securities repurchase program that expires May 2, under which Orbital has repurchased $45.2 million of its common stock. Since mid-2004, when Orbital’s buyback program was initiated, the company has repurchased about 9.6 million shares valued at $153 million.
"The board’s authorization for another $50 million in common stock repurchases demonstrates Orbital’s commitment to building long-term value for our shareholders through capital structure enhancements, in addition to maintaining the strong operating and financial performance we achieved over the past several years and capitalizing on the encouraging outlook going forward," David Thompson, chairman and CEO of Orbital, said in a statement.