Analogic Board of Directors Authorizes Stock Repurchase Program
PEABODY, Mass., Jun 07, 2007 (BUSINESS WIRE) — Analogic Corporation (NASDAQ: ALOG), a leading designer and
manufacturer of high-precision health and security imaging equipment,
announced today that its Board of Directors has authorized the
repurchase of up to $60,000,000 of the Company’s common stock.
James Green, President and Chief Executive Officer, said, “This
repurchase program reflects our ongoing commitment to improving the
investment value of our stock while at the same time profitably
growing our business. Even with the completion of this stock buy-back,
we will still have sufficient cash available to meet our strategic
goals and objectives.”
The repurchase program will be funded using the Company’s
Analogic had approximately 13,997,000 shares of common stock
outstanding as of May 31, 2007.
Analogic Corporation is a leading designer and manufacturer of
advanced health and security systems and subsystems sold primarily to
Original Equipment Manufacturers (OEMs). The Company is recognized
worldwide for advancing the state of the art in Computed Tomography
(CT), Digital Radiography (DR), Ultrasound, Magnetic Resonance Imaging
(MRI), and Patient Monitoring.
Statements in this press release regarding the Company’s intention
to repurchase shares of its common stock under the stock repurchase
program, the intended use of any repurchased shares, and the source of
funding are forward-looking statements. There are a number of
important factors that could cause actual events to differ materially
from those suggested or indicated by such forward-looking statements.
These include, among others, the market price of the Company’s stock
prevailing from time to time, the Company’s cash flows from
operations, general economic conditions, and other factors identified
in the Company’s most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q filed with the SEC.
John J. Millerick
Senior Vice President & CFO
Paul M. Roberts
Director of Communications