Boise, Idaho, USA, 14 September 2011 -- Boise, Inc. (NYSE: BZ) announced today that its board of directors has authorized an additional USD 75 million share repurchase program. This authorization follows the USD 75 million share repurchase program, which was announced on 04 August 2011, and completed on 12 September 2011.
During the previous program, the company repurchased and retired approximately 13 million common shares at an average price of USD 5.68. The company currently has approximately 108 million common shares outstanding. Boise Inc. has returned USD 155 million of capital to shareholders through a combination of share repurchases and special dividends over the last year.
"Our strong performance and solid balance sheet have enabled us to return capital to shareholders while continuing to pursue growth opportunities in our packaging business," said Alexander Toeldte, Boise Inc.'s president and chief executive officer. "Our share repurchase program is a tool to return capital to shareholders opportunistically. We will continue to look for ways to return capital to shareholders when our performance and outlook create the appropriate opportunity.”
The share repurchase program permits the company to purchase shares through a variety of methods, including in the open market or through structured share repurchases, in accordance with applicable securities laws. The timing and extent to which the company repurchases its shares will depend on, among other things, market conditions, liquidity targets, the company's debt obligations, and regulatory requirements. The program may be suspended or discontinued at any time.
Headquartered in Boise, Idaho, Boise Inc. manufactures paper and packaging products, including imaging papers for the office and home; printing and converting papers; label, release, and flexible packaging papers; corrugated containers; containerboard; newsprint; and market pulp. The company's employees are committed to delivering excellent value while managing Boise's businesses to sustain environmental resources for future generations. Additional information is available at www.BoiseInc.com.