Orbital Sciences has announced that its Board of Directors has authorized the company to repurchase up to $50 million of its common stock over a 12-month period.
The new stock repurchase authorization replaces the previous $50 million authorization that expired on March 6, 2010. Since Orbital began its share repurchase program in 2004, the company has repurchased 12,772,038 shares for a total of $207,339,898.
"The Board's authorization for another $50 million in common stock repurchases in 2010 and early 2011 reflects our commitment to long-term shareholder value and our optimistic outlook for the company's future business prospects," said Mr. David W. Thompson, Chairman and Chief Executive Officer.
"With a strong balance sheet and cash flows that are projected to be robust in future years, we will continue to pursue our three-part capital deployment strategy that includes internal investments in product development for organic growth, possible future acquisitions and selective stock repurchases. The Board's new authorization allows us to continue this successful strategy for another year."
Under the newly authorized repurchase program, shares of common stock may be purchased from time to time in the open market, in block purchases or in negotiated transactions. The timing and amount of shares to be repurchased will be determined based on market conditions and other factors.
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