Jasper-based Kimball Electronics Inc. (Nasdaq: KE) has announced an extension of its stock repurchase plan, originally announced in October 2015. The plan allows the company to repurchase up to an additional $20 million of common stock, which would bring the total amount of repurchases to $60 million.
Kimball did not set an expiration date for the plan, but says it may be suspended or discontinued at any time. The company says the timing of the repurchases, and the extent to which it repurchases shares, will depend on a number of factors such as market conditions, regulatory requirements and corporate considerations.
"Our Board of Directors and management believe the stock repurchase program is an indication of the strength of our balance sheet, demonstrates confidence in our growth strategy, and a commitment to delivering shareholder value," Chief Financial Officer Mike Sergesketter said in a news release.
Kimball says it plans to finance the purchases with existing liquidity.