Nashua Corp. Announces Stock Repurchase Program
Nashua, New Hampshire, USA, 06 November 2006 -– Nashua Corporation (NASDAQ: NSHA), a manufacturer of labels and thermal and specialty papers, today announced that its board of directors has authorized the repurchase of up to 500,000 shares of the company's common stock from time to time on the open market or in privately negotiated transactions.
Commenting on the stock repurchase program, Thomas Brooker, president and chief executive officer, said, "We believe the repurchase of the company's shares represents an excellent long-term investment and that this action demonstrates our commitment to enhancing shareholder value."
The timing and amount of any shares repurchased will be determined by Nashua's management on the basis of its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, if adopted, which would permit shares to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the company's corporate purposes.
The repurchase program will be funded using the company's working capital and cash from the potential monetization of the New Hampshire real estate.
Nashua had approximately 6.3 million shares of common stock outstanding as of 30 September 2006.
Nashua Corporation manufactures and markets a wide variety of specialty imaging products and services to industrial and commercial customers to meet various print application needs. The company's products include thermal coated papers, pressure-sensitive labels, bond, point of sale, ATM and wide format papers, entertainment tickets, and ribbons for use in imaging devices. Additional information about Nashua Corporation can be found at www.nashua.com.