Schuff International Announces Stock Repurchase Program
Schuff International, Inc. (OTC: SHFK), a family of companies providing fully integrated steel construction services, today announced that its Board of Directors has authorized a repurchase of up to $3 million of the company’s outstanding common stock. Under the buyback plan, Schuff International may periodically repurchase shares on the open market or in privately negotiated transactions from time to time over the next 12 months.
The company’s management will make purchase decisions based upon market conditions, the trading price of the shares, cash availability, the availability of the shares, and other considerations.
About Schuff International, Inc.:
Schuff International, Inc. (OTC: SHFK) and its family of steel companies is the largest steel fabrication and erection company in the United States. The 32-year-old company is experiencing record growth with major projects in progress throughout the country. Schuff offers integrated steel construction services from a single source. Professional services include design-build, design-assist, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, joist and joist girder manufacturing, project management, and single-source steel management systems. Major market segments include industrial, public works, bridges, health care, gaming and hospitality, convention centers, stadiums, mixed-use and retail, transportation, and international projects. Schuff International, Inc., which is headquartered in Phoenix, Ariz., owns and operates nine steel fabrication plants and two steel joist manufacturing plants. Companies include Schuff Steel Company located in Arizona, Nevada and California; Schuff Steel-Midwest Division located in Overland Park, Kan., Ottawa, Kan., Chicago, Ill. and Denver, Colo.; Schuff Steel-Gulf Coast, Inc., located in Houston, Texas; Schuff Steel-Atlantic, Inc., located in Orlando, Fla., Albany, Ga. and Atlanta, Ga.; Schuff Steel Management Company-Southwest, Inc., located in Gilbert, Ariz.; and Quincy Joist Company located in Quincy, Fla. and Buckeye, Ariz. Schuff employs approximately 2,000 people throughout the country. For more information, visit www.schuff.com.
Certain statements in this news release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. These risks and uncertainties, some of which are beyond the control of the company, include, but are not limited to, the company’s ability to successfully and timely complete construction projects; the company’s ability to convert backlog into revenue; the potential delay, suspension, termination, or reduction in scope of a construction project; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; the ability of project owners to obtain and/or continue to maintain financing for projects; possible changes or developments in domestic and worldwide financial, political and social circumstances; and actions taken or not taken by third parties, including the company’s customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.