Summary
Comfort Systems USA, Inc. (FIX) announced on November 17, 2008, that its Board of Directors has approved an amendment to its existing stock repurchase program. This amendment effectively increases the authorized shares available for buyback, allowing the company to acquire up to an additional 964,316 shares of its common stock, bringing the total authorized for repurchase to 1,000,000 shares beyond what had already been purchased. As of November 13, 2008, the company had already repurchased a significant portion of its stock, totaling 2,852,659 shares for approximately $33.95 million. This program extension, often referred to as a "top-off," aims to provide continued flexibility for the company to return capital to shareholders. The repurchases are expected to be funded by available cash and will be executed in the open market or through private negotiations, subject to market conditions and legal requirements.
Key Highlights
- 1Board of Directors approved an amendment to the stock repurchase program on November 17, 2008.
- 2The amendment authorizes the acquisition of up to 964,316 additional shares of common stock.
- 3This increases the total available for repurchase under the program to approximately 1,000,000 shares beyond shares already bought back.
- 4As of November 13, 2008, 2,852,659 shares had been repurchased for $33,950,636.
- 5Repurchases will be funded by available cash.
- 6Purchases will be made in the open market or via private negotiations, subject to market conditions.
- 7The Board retains the right to modify, suspend, extend, or terminate the program at any time.