The Company also announced today that its Board of Directors has authorized a program for the Company to spend up to $120 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The Company intends to use its available cash and, when considered advantageous, borrowings under its revolving credit facility, to fund the share repurchase. The repurchase program will end on the earlier of the date that all authorized funds have been expended or June 30, 2006.
Dean E. Taylor, Chairman, President and Chief Executive Officer of the Company, commented, "Tidewater's Board and management believes that the establishment of a program to repurchase common stock when its shares represent a significant market opportunity is a prudent and proactive use of the Company's financial resources. Meanwhile, our strong balance sheet and borrowing capacity allow us the flexibility to pursue other attractive investment opportunities should they appear."
Most Popular Articles