Summary
This Form 8-K filing from American Tower Corporation (AMT) on November 3, 2005, primarily discloses its third-quarter financial results for 2005 and announces a significant new stock repurchase program. Investors should note that the detailed financial results are provided via an attached press release (Exhibit 99.2), which is furnished but not deemed "filed" for liability purposes under Section 18 of the Exchange Act. The company also separately announced the approval of a stock repurchase program by its Board of Directors, authorizing the buyback of up to $750.0 million of its Class A common stock through December 2006.
Key Highlights
- 1American Tower Corporation announced its financial results for the third quarter ended September 30, 2005, via a press release filed as Exhibit 99.2.
- 2The company's Board of Directors has approved a stock repurchase program valued at up to $750.0 million.
- 3The stock repurchase program is authorized to continue through December 2006.
- 4Funding for the repurchase program is expected to come from operational cash flow, existing credit facilities, and cash on hand.
- 5The company has authorized management to conduct repurchases through open market purchases or privately negotiated transactions.
- 6A Rule 10b5-1 trading plan is expected to be entered into, allowing for repurchases during periods that might otherwise be restricted by insider trading laws or blackout periods.
- 7The stock repurchase program may be discontinued at the company's discretion at any time.