SCHAUMBURG, Ill., Aug 30, 2011 (BUSINESS WIRE) --
Sparton Corporation (NYSE: SPA) a provider of complex and sophisticated
electromechanical devices for the Defense, Medical, Aerospace, and
Industrial markets, announces that its Board of Directors unanimously
approved on August 24, 2011 the repurchase of up to $3 million of its
common stock. The authorized repurchases will be made from time to time
in either the open market or through privately negotiated transactions.
The timing, volume and nature of share repurchases will be at the sole
discretion of management, dependent on market conditions, applicable
securities laws, and other factors, and may be suspended or discontinued
at any time. No assurance can be given that any particular amount of
common stock will be repurchased. This repurchase program is valid for
up to 24 months and may be modified, extended or terminated by the Board
of Directors at any time.
"The stock buyback plan reaffirms our confidence in the long-term growth
of the Company," stated Cary B. Wood, president and chief executive
officer. "It is facilitated by our strong capital structure and
liquidity and not only does it represent a good investment for our
Company, but it also demonstrates our commitment to increase shareholder
value."
As of March 31, 2011, Sparton had $26 million in cash as well as over
$17 million in available and unused borrowing capacity.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 111th year, is a provider of
complex and sophisticated electromechanical devices with capabilities
that include concept development, industrial design, design and
manufacturing engineering, production, distribution, and field service.
The primary market classifications served are Navigation & Exploration,
Defense & Security, Medical, and Complex Systems. Headquartered in
Schaumburg, IL, Sparton currently has five manufacturing locations
worldwide. Sparton's Web site may be accessed at http://www.sparton.com.
Safe Harbor and Fair Disclosure Statement
Safe Harbor statement under the Private Securities Litigation Reform Act
of 1995: To the extent any statements made in this release contain
information that is not historical, these statements are essentially
forward-looking and are subject to risks and uncertainties, including
the difficulty of predicting future results, the regulatory environment,
fluctuations in operating results and other risks detailed from time to
time in Sparton's filings with the Securities and Exchange Commission
(SEC). The matters discussed in this press release may also involve
risks and uncertainties concerning Sparton's services described in
Sparton's filings with the SEC. In particular, see the risk factors
described in Sparton's most recent Form 10K and Form 10Q. Sparton
assumes no obligation to update the forward-looking information
contained in this press release.
SOURCE: Sparton Corporation
Analysts:
Sparton Corporation
Greg Slome, 847-762-5812
gslome@sparton.com
or
Media:
Sparton Corporation
Mike Osborne, 847-762-5814
mosborne@sparton.com
or
Investors:
Institutional Marketing Services
John Nesbett/Jennifer Belodeau, 203-972-9200
jnesbett@institutionalms.com
