US Silica Holdings Inc : U.S. Silica Announces Authorization of Share Repurchase Plan
06/12/2012| 06:30pm US/Eastern
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U.S. Silica Holdings, Inc. (NYSE: SLCA), the second largest domestic
producer of commercial silica, today announced that its Board of
Directors has authorized the Company to repurchase up to $25.0 million
of Company common stock. The repurchase program will be funded over the
next 18 months using the Company's available cash.
Bryan Shinn, President and Chief Executive Officer stated: "U.S.
Silica's strong financial position affords us opportunities to purchase
our securities at attractive prices. Our Board believes that even after
funding high return capital projects, the repurchase program is an
effective means to enhance shareholder value. We continue to foresee
outstanding growth in both the Oil & Gas Proppants and Industrial
Specialties Product segments of our business."
The Company is authorized to repurchase, from time to time, shares of
its outstanding common stock on the open market or in privately
negotiated transactions. The timing and amount of stock repurchases will
depend on a variety of factors, including the market conditions as well
as corporate and regulatory considerations. The share repurchase program
may be suspended, modified or discontinued at any time and the Company
has no obligation to repurchase any amount of its common stock under the
program. The company intends to make all repurchases in compliance with
applicable regulatory guidelines and to administer the plan in
accordance with applicable laws, including Rule 10b-18 of the Securities
Exchange Act of 1934, as amended.
ABOUT U.S. SILICA
U.S. Silica Holdings, Inc., a Delaware corporation, is the second
largest domestic producer of commercial silica, a specialized mineral
that is a critical input into the oil and gas proppants end market and a
variety of attractive industrial and specialty products end markets.
During its 100-plus year history, U.S. Silica Holdings, Inc. has
developed core competencies in mining, processing, logistics and
materials science that enable it to produce and cost-effectively deliver
over 200 products to customers across these end markets. U.S. Silica
Holdings, Inc. is headquartered in Frederick, Maryland.
For more information, contact US Silica at: 855.745.4227 or IR@USSilica.com
Forward-Looking Statements: This press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include but are not limited to our
plans, objectives, expectations and intentions and other statements that
contain words such as "expects," "contemplates," "anticipates," "plans,"
"intends," "believes" and variations of such words or similar
expressions that predict or indicate future events, or that do not
relate to historical matters. These statements are based on our current
beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are beyond our
control. There can be no assurance that our beliefs or expectations will
be achieved. Actual results may differ materially from our beliefs or
expectations due to economic, business, competitive, market and
regulatory factors.
U.S. Silica Holdings, Inc.
855.745.4227
IR@USSilica.com
© Business Wire 2012
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