Granite Construction Incorporated Announces $200 Million Share Repurchase Authorization; 30% Increase in Quarterly Dividend
"The share repurchase authorization and dividend increase underscore ourconfidence in Granite’s long-term financial outlook as well as our commitmentto optimize our capital structure to enhance shareholder value," said
Under the new repurchase program, the Company may repurchase shares fromtime to time on the open market or in private transactions. The Companyintends to fund the repurchases through the use of existing sources ofliquidity, borrowings under the current credit facility or new borrowings. Thespecific timing and amount of repurchases will vary based on marketconditions, securities law limitations and other factors. The share repurchaseprogram may be suspended or discontinued at any time without prior notice.This new program replaces the existing
Third Quarter Earnings Conference Call
Granite is today issuing a separate news release announcing its thirdquarter financial results. The Company will conduct a conference calltomorrow,
About Granite
Forward-Looking Statements
This press release contains forward-looking statements, within the meaningof Section 27A of the Securities Act of 1933, as amended, and Section 21E ofthe Securities Exchange Act of 1934, as amended, which represent ourmanagement’s beliefs and assumptions concerning future events such asstatements related to the existence of bidding opportunities and economicconditions on the Company’s future results. Additionally, forward-lookingstatements include statements that can be identified by the use of forward-looking terminology such as "believes," "expects," "appears," "may," "will,""should," "look for," or "anticipates," or the negative thereof or comparableterminology, or by discussions of strategy.
All such forward-looking statements are subject to risks and uncertaintiesthat could cause actual results of operations and financial condition andother events, as well as the timing thereof, to differ materially from thoseexpressed or implied in such forward-looking statements. Specific risk factorsinclude the impact of the factors referred to in the next sentence on theextent and timing of repurchases of shares under Granite’s new sharerepurchase program as well as the payment of dividends, the timing andcompletion of any debt financing transaction that Granite may undertake, inlight of market conditions and other variable factors, and the extent to whichGranite may determine to use proceeds from any such financing for corporatepurposes other than share repurchases. Additional risk factors with respect toGranite’s business and future financial results include, without limitation,changes in the composition of applicable federal and state legislationappropriation committees; federal and state appropriation changes forinfrastructure spending; the general state of the economy; job productivity;accuracy of project estimates; weather conditions; competition and pricingpressures; and state referendums and initiatives. You should not place unduereliance on these forward-looking statements, which speak only as of the dateof this news release. You should also understand that many important factorsin addition to those discussed, referred to or incorporated by reference inthis press release, could cause our results to differ materially from thoseexpressed in the forward-looking statements. In light of these risks anduncertainties, it is important to be aware that the forward-looking eventsdiscussed in this release may not occur. We undertake no obligation to reviseor update publicly any forward-looking statements to conform the statement toactual results or changes in the Company’s expectations.
For further information regarding risks and uncertainties associated withGranite’s business, please refer to the "Management’s Discussion and Analysisof Financial Condition and Results of Operation" and "Risk Factors" sectionsof Granite’s
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