Sturm, Ruger & Company, Inc. Announces Repurchase of 2.2 Million Shares of its Common Stock
January 03, 2008
Sturm, Ruger & Company, Inc. (NYSE-RGR), today announced that during the fourth quarter of 2007 it repurchased 2.2 million shares of its common stock, representing 9.7% of the total shares outstanding, for $20 million in the open market. The average price per share repurchased was $8.99. Currently, 20.6 million shares remain outstanding. These repurchases were funded with cash on hand and today the Company has approximately $35 million of cash on hand and no debt.
In January 2007, the Company announced that its Board of Directors had authorized the Company to repurchase up to $20 million of its common stock. These repurchases exhaust this stock repurchase program and no further stock repurchases have been authorized.
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