rew Industries Incorporated (NYSE:DW) today announced that its Board of Directors authorized a stock repurchase of up to 1,000,000 shares of the Company's Common Stock.
The Company is authorized to purchase shares from time to time in the open market, or privately negotiated transactions, or block trades. The number of shares ultimately repurchased, and the timing of the purchases, will depend upon market conditions, share price, and other factors. The Company has 21,932,849 shares of Common Stock outstanding.
"The stock repurchase authorization demonstrates the confidence of our Board and Management in the growth of our Company. Because of our strong balance sheet and cash flow, the repurchase should not affect our ability to make acquisitions and generate internal growth," said Leigh J. Abrams, President and Chief Executive Officer.
It is anticipated that the stock repurchase will be funded using the Company's available cash. As of November 29, 2007, the Company had cash and cash equivalents in excess of $50 million and debt of $41 million.
Drew, through its wholly owned subsidiaries, Kinro and Lippert Components, supplies a broad array of components for RVs and manufactured homes. Drew's products include vinyl and aluminum windows and screens, doors, chassis, chassis parts, RV slide-out mechanisms and power units, leveling devices, bath and shower units, axles, bed lifts, steps, electric stabilizer jacks, ramp doors, exterior panels, and suspension systems, as well as trailers for hauling equipment, boats, personal watercraft and snowmobiles, and chassis and windows for modular homes and offices. Currently, from 35 factories located throughout the United States, Drew serves most major national manufacturers of RVs and manufactured homes in an efficient and cost-effective manner. Additional information about Drew and its products can be found at http://www.drewindustries.com/.