Mity Enterprises (NASDAQ:MITY)
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From Jun 2019 to Jun 2024
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 500,000 shares of the Company's common stock from
time to time in open market and negotiated or block transactions.
Following the buy back, the Company will have approximately 3.8
million shares of common stock outstanding. The program is effective
immediately.
Bradley T Nielson, Chief Executive Officer of MITY Enterprises,
noted that the new repurchase authorization is among a series of
repurchases which began in 1998. "With our stock price so low, we
believe this repurchase program will help provide a sound return to
our investors. Our strong balance sheet allows us the flexibility to
fund this program without leverage and without impairing our ability
to attain our current growth objectives for MITY."
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
healthcare 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 relating to
the possible repurchase of up to 500,000 shares of the Company's
common stock, its belief that this repurchase program will help
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 uncertainties 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.