Sturm, Ruger & Company, Inc. Announces $20 Million Stock Repurchase Program
January 26, 2007
Sturm, Ruger & Company, Inc. (NYSE: RGR), today announced that its Board of Directors authorized a stock repurchase program. The program allows the Company to repurchase up to $20 million of its common stock from time to time in the open market or through privately negotiated transactions.
Chairman of the Board, Vice Admiral (ret) James E. Service commented, "We have generated significant cash flow through improved management of our assets and this new stock repurchase program gives us the flexibility to take advantage of market opportunities." Over the last 6 months, the Company has reduced inventory and, as previously announced, the Company has identified and plans to sell non-manufacturing real property assets that appear to have market values substantially in excess of their book values. The Company has started to market these properties in an effort to convert them to cash for the benefit of the shareholders.
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