Optical Cable Corporation Announces Share Repurchase Plan
17 Novembre 2009 - 3:11PM
PR Newswire (US)
Up to 5% of Outstanding Shares May be Repurchased ROANOKE, Va.,
Nov. 17 /PRNewswire-FirstCall/ -- Optical Cable Corporation (Nasdaq
GM: OCCF) ("OCC") today announced that the Company's Board of
Directors has approved a plan to purchase and retire up to 325,848
shares of OCC's common stock, or 5% of the current shares
outstanding. OCC anticipates that the purchases will be made during
the next 12 to 24 months. "The repurchase plan announced today
highlights the Board of Director's continuing confidence in OCC's
long-term prospects and our commitment to creating value for
shareholders. OCC's strong balance sheet gives us the flexibility
to simultaneously invest in our business and institute this
repurchase plan while we continue to prudently pursue other growth
opportunities," stated Neil Wilkin, President and CEO of Optical
Cable Corporation. OCC expects to purchase shares from time to time
in open market transactions. The timing and the amount of any
purchases will be determined by the Company's management based on
its evaluation of market conditions, capital allocation
alternatives, and other factors. The new share repurchase program
does not require the Company to acquire any specific number of
shares and may be modified, suspended, extended or terminated by
the Company at any time without prior notice. OCC will execute
purchases only during periods where the executive team and the
Board of Directors are not aware of material inside information
that would likely affect a seller's decision to sell. The share
repurchase plan is designed to comply with U.S. securities laws,
rules and safe harbors for purchases that do not constitute tender
offers. These restrictions can lengthen the time it may take for
OCC to acquire its shares under this repurchase plan. As of
November 16, 2009, Optical Cable had approximately 6.5 million
common shares outstanding. In October 2009, OCC completed the
purchase and retirement of an aggregate of 300,100 common shares
pursuant to a plan announced on March 26, 2007. About Optical Cable
Corporation Optical Cable Corporation is a leading manufacturer of
a broad range of fiber optic and copper data communications cabling
and connectivity solutions primarily for the enterprise market,
offering an integrated suite of high quality, warranted products
which operate as a system solution or seamlessly integrate with
other providers' offerings. OCC's product offerings include designs
for uses ranging from commercial, enterprise network, datacenter,
residential and campus installations to customized products for
specialty applications and harsh environments, including military,
industrial, mining and broadcast applications. OCC products include
fiber optic and copper cabling, fiber optic and copper connectors,
specialty fiber optic and copper connectors, fiber optic and copper
patch cords, racks, cabinets, datacom enclosures, patch panels,
face plates, multi-media boxes, and other cable and connectivity
management accessories, and are designed to meet the most demanding
needs of end-users, delivering a high degree of reliability and
outstanding performance characteristics. OCC is internationally
recognized for pioneering the design and production of fiber optic
cables for the most demanding military field applications, as well
as of fiber optic cables suitable for both indoor and outdoor use,
and creating a broad product offering built on the evolution of
these fundamental technologies. OCC also is internationally
recognized for its role in establishing copper connectivity data
communications standards, through its innovative and patented
technologies. Founded in 1983, OCC is headquartered in Roanoke,
Virginia with offices and manufacturing and warehouse facilities
located both in Roanoke, Virginia and near Asheville, North
Carolina. OCC primarily manufactures its high quality fiber optic
cables at its ISO 9001:2008 registered and MIL-STD-790F certified
facility located in Roanoke, Virginia and its high quality
commercial connectivity products at its ISO 9001:2000 registered
facility located near Asheville, North Carolina. Further
information about OCC is available on the Internet at
http://www.occfiber.com/. Optical Cable Corporation, OCC, Superior
Modular Products, SMP Data Communications, and the associated logos
are trademarks of Optical Cable Corporation. FORWARD-LOOKING
INFORMATION This news release by Optical Cable Corporation and its
subsidiaries (collectively, the "Company" or "OCC") may contain
certain forward-looking information within the meaning of the
federal securities laws. The forward-looking information may
include, among other information, (i) statements concerning the
Company's outlook for the future, (ii) statements of belief,
anticipation or expectation, (iii) future plans, strategies or
anticipated events, and (iv) similar information and statements
concerning matters that are not historical facts. Such
forwardlooking information is subject to variables, uncertainties,
contingencies and risks that may cause actual events to differ
materially from the Company's expectations. Additionally, such
variables, uncertainties, contingencies and risks may adversely
affect the Company and the Company's future results of operation
and future financial condition. Factors that could cause or
contribute to such differences from the Company's expectations or
could adversely affect the Company, include, but are not limited
to: the level of sales to key customers, including distributors;
timing of certain projects and purchases by key customers; the
economic conditions affecting network service providers; corporate
and/or government spending on information technology; actions by
competitors; fluctuations in the price of raw materials (including
optical fiber, copper, gold and other precious metals, and plastics
and other materials affected by petroleum product pricing);
fluctuations in transportation costs; the Company's dependence on
customized equipment for the manufacture of its products and a
limited number of production facilities; the Company's ability to
protect its proprietary manufacturing technology; the Company's
ability to replace royalty income as existing patented and licensed
products expire by developing and licensing new products; market
conditions influencing prices or pricing; the Company's dependence
on a limited number of suppliers; the loss of or conflict with one
or more key suppliers or customers; an adverse outcome in
litigation, claims and other actions, and potential litigation,
claims and other actions against the Company; an adverse outcome in
regulatory reviews and audits and potential regulatory reviews and
audits; adverse changes in state tax laws and/or positions taken by
state taxing authorities affecting the Company; technological
changes and introductions of new competing products; changes in
end-user preferences for competing technologies, relative to the
Company's product offering; economic conditions that affect the
telecommunications sector, certain technology sectors or the
economy as a whole; changes in demand of our products from certain
competitors for which we provide private label connectivity
products; terrorist attacks or acts of war, and any current or
potential future military conflicts; changes in the level of
military spending by the United States government; ability to
retain key personnel; inability to recruit needed personnel; poor
labor relations; the inability to successfully integrate the
operations of the Company's new subsidiaries; the impact of changes
in accounting policies, including those by the Securities and
Exchange Commission and the Public Company Accounting Oversight
Board; the Company's ability to continue to successfully comply
with, and the cost of compliance with, the provisions of Section
404 of the Sarbanes-Oxley Act of 2002 or any revisions to that act
which apply to the Company; the impact of changes and potential
changes in federal laws and regulations adversely affecting our
business and/or which result in increases in our direct and
indirect costs as we comply with such laws and regulations; impact
of future consolidation among competitors and/or among customers
adversely affecting the Company's position with its customers
and/or its market position; actions by customers adversely
affecting the Company in reaction to the expansion of its product
offering in any manner, including, but not limited to, by offering
products that compete with its customers, and/or by entering into
alliances with, making investments in or with, and/or acquiring
parties that compete with and/or have conflicts with customers of
the Company; impact of weather or natural disasters in the areas of
the world in which the Company operates and markets its products;
economic downturns and/or changes in market demand, exchange rates,
productivity, or market and economic conditions in the areas of the
world in which the Company operates and markets its products, and
the Company's success in managing the risks involved in the
foregoing. The Company cautions readers that the foregoing list of
important factors is not exclusive and the Company incorporates by
reference those factors included in current reports on Form 8K, in
the annual report on Form 10K for the fiscal year ended October 31,
2008, and/or in the Company's other filings. AT THE COMPANY: Neil
Wilkin Tracy Smith President & CEO Senior Vice President &
CFO (540) 265-0690 (540) 265-0690 AT JOELE FRANK, WILKINSON BRIMMER
KATCHER: Andrew Siegel Aaron Palash (212) 355-4449 ext. 127 (212)
355-4449 ext. 103 DATASOURCE: Optical Cable Corporation CONTACT:
Neil Wilkin, President & CEO, or Tracy Smith, Senior Vice
President & CFO, +1-540-265-0690, , both of Optical Cable
Corporation; or Andrew Siegel, +1-212-355-4449 ext. 127, , or Aaron
Palash, +1-212-355-4449 ext. 103, , both of Joele Frank, Wilkinson
Brimmer Katcher Web Site: http://www.occfiber.com/
Copyright