Mity Enterprises (NASDAQ:MITY)
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MITY Enterprises Inc. (Nasdaq: MITY), designer,
manufacturer and marketer of a variety of institutional furniture,
today announced that its board of directors has approved the
repurchase of up to 400,000 additional shares of the company's common
stock from time to time in open market and negotiated or block
transactions, including potential repurchases from shareholders who
are directors of the company. The authorization of 400,000 additional
shares brings the number of shares authorized for repurchase since
2005 to 1,250,000 and leaves 484,171 shares of stock remaining in the
stock buy back authorization. Following the buy back, the company will
have approximately 3.2 million shares of common stock outstanding. The
program is effective immediately.
Founded in 1987, MITY Enterprises Inc. designs, manufactures and
markets innovative institutional furniture created to meet the
efficiency needs of its customers. MITY Enterprises focuses on
providing premium quality institutional furniture products to niche
markets. The product lines consist of multipurpose room furniture and
health care seating. MITY's products are marketed under the Mity-Lite,
Broda and Versipanel tradenames. Headquartered in Utah, MITY
Enterprises serves national and international customers directly and
through distributors. For further information, visit MITY Enterprises
online at www.mityinc.com.
This press release contains forward-looking statements related to
the possible repurchase of up to 400,000 additional shares of the
company's common stock, the company's belief that this repurchase
program will provide a sound return to investors, and the company's
flexibility to fund this repurchase program because of its strong
balance sheet. The company may elect, at any time and for any number
of reasons, not to repurchase some or all of the indicated shares.
Various uncertainties, including general economic and furniture
industry uncertainties, the market price of the company's Common
Stock, and the risk factors listed in the company's filings with the
Securities and Exchange Commission, may adversely affect the company's
balance sheet and its desire and ability to effect repurchases in the
future.