Devcon announced stock repurchase plan
BOCA RATON, Fla.--Devcon International on July 24 announced its Board of Directors had approved the repurchase of up to $5 million of its common stock between that date and Dec. 31, 2008.
The program will be funded using the company's available cash. As of July 24, Devcon had 6,219,128 shares of common stock outstanding. Devcon acting chief executive officer Richard Rochon said in a statement, "One of the key objectives of our business plan is to invest in business opportunities that will increase shareholder value and we believe that our own stock persents an attractive investment alternative. Further this share repurchase emphasizes our confidence in Devcon's future. We believe we will still have sufficient cash available to meet our strategic goals and objectives during the time of the repurchase program."