CLARCOR Purchases $50 Million of Its Common Stock under Share Buyback Program
25 April 2007 - 11:57PM
Business Wire
CLARCOR Inc. (NYSE: CLC) has purchased 1,550,000 shares of its
common stock on the open market during the month of April at an
average price of $31.83 per share. These purchases were made under
the Company's previously-announced share repurchase authorization.
Approximately $60 million remains available to effect additional
purchases under the current authorization, which expires in June
2007. Norm Johnson, CLARCOR's Chairman and Chief Executive Officer,
commented that "The management and Board of Directors of CLARCOR
believe that the purchase of the Company's stock at the price
levels recently available in the market represented a great
investment for our company and our shareholders. We have ample cash
flow and borrowing capacity to pursue a variety of strategic
initiatives and investments, including acquisitions and additional
share repurchases.� CLARCOR is based in Franklin, Tennessee, and is
a diversified marketer and manufacturer of mobile, industrial and
environmental filtration products and consumer and industrial
packaging products sold in domestic and international markets.
Common shares of the Company are traded on the New York Stock
Exchange under the symbol CLC. Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements made in this press release, other than statements of
historical fact, are forward-looking statements. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may include, among other things: statements and
assumptions relating to the company�s future cash position, future
growth, future share repurchase activities, acquisitions, earnings,
earnings per share and other financial performance measures, as
well as management's short-term and long-term performance; and any
other statements or assumptions that are not historical facts. All
forward looking statements should be understood in the context of
the Company�s publicly available reports filed with the Securities
and Exchange Commission, including the most current annual 10-K
report and quarterly 10-Q report, which contain a discussion of
various factors that may affect the Company�s business or financial
results. All forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause
the Company's actual results, performance or achievements, or
industry results, to differ materially from the Company's
expectations of future results, performance or achievements
expressed or implied by these forward-looking statements. You
should not place undue reliance on any forward-looking statements.
These statements speak only as of the date of this press release.
Except as otherwise required by applicable laws, the Company
undertakes no obligation to publicly update or revise any
forward-looking statements in this press release, whether as a
result of new information, future events, changed circumstances or
any other reason after the date of this press release.
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