Apogee Enterprises increases share repurchase authorization

Apogee Enterprises, Inc. announced 8 October 2008 that its board of directors has increased its share repurchase authorization by 1 million shares to 3.25 million shares of the company“s common stock…

Apogee Enterprises, Inc. announced 8 October 2008 that its board of directors has increased its share repurchase authorization by 1 million shares to 3.25 million shares of the company“s common stock; approximately 1.43 million shares have already been purchased under this authorization. “We believe Apogee“s stock represents an attractive investment at recent prices, and we intend to repurchase stock from time to time”, said Russell Huffer, Apogee chairman and chief executive officer. “We continue to believe that our markets offer significant longer-term opportunities, due to the increasing importance of green building, a sector demanding energy-efficient products that we supply, and the overall growth in the use of value-added products in commercial construction projects”. The company said that shares may be purchased from time to time through open market or private transactions, or Rule 10b5-1 purchase plans, depending on market conditions. Apogee has approximately 28.4 million shares of common stock outstanding. The repurchased shares will be available for re-issuance for employee stock option and other stock-based benefit plans, and for other corporate purposes. The company intends to fund such repurchases with operating cash flow or via its revolving credit facility. Apogee provides value-added glass solutions for the architectural and picture framing industries.