DT Industries announced Aug. 31 that its board of directors has authorized the repurchase of up to an additional 1 million shares of its common stock. The announcement comes after the completion in July of an earlier stock repurchase of 1 million shares authorized in May.
The latest repurchase may be made on the open market, or in negotiated or other permissible transactions, according to a statement from the Springfield-based company.
"We remain convinced that the current price of DT Industries' stock does not reflect the true value of the company, both currently and after consideration of longer-term prospects," said Steven J. Gore, president and chief executive officer, in the statement.
"Our continuing investment in DT Industries' common stock, which we consider in the best interests of our shareholders, reflects our confidence in the company's future and our commitment to enhancing shareholder value."
Gore said the purchases will be financed from available cash flow and existing debt facilities. He said those sources, even with the stock repurchase, are expected to be adequate to finance future acquisitions and other investments.
DT Industries stock is traded on the NASDAQ market under the symbol DTII. Its stock closed Sept. 1 at $14.875. The stock, as of Sept. 1, had traded as high as $39 and as low as $14.71875 in the preceding 52 weeks.
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