Hawk Corporation Announces $15.0 Million Stock Repurchase Program
25 November 2008 - 12:00AM
PR Newswire (US)
CLEVELAND, Nov. 24 /PRNewswire-FirstCall/ -- Hawk Corporation (NYSE
Alternext US: HWK) announced a plan to repurchase up to $15.0
million worth of the Company's common stock. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO ) The plan,
which was approved by the Company's Board of Directors, conditions
share repurchases on the Company's complying with covenants in its
bank credit facility and senior note indenture. The Company is in
compliance with the covenants in its bank credit facility and its
senior lender has consented to allow for the repurchase of up to
$15.0 million of the Company's common stock. Currently, under the
covenant formula applicable to stock repurchases in the indenture,
the Company can repurchase $10.5 million of its common stock. Under
the program, the Company's shares can be purchased from time to
time in the open market, through privately negotiated transactions,
a trading plan satisfying the safe harbor provisions of Rule 10b5-1
and Rule 10b-18 under the Securities and Exchange Act of 1934, or
otherwise in accordance with securities laws and regulations. The
timing and amount of any repurchases will be determined by the
Company's management, based on its evaluation of market conditions,
share price and other factors. The Company has no obligation to
repurchase shares under the repurchase program and the timing,
actual number of shares to be purchased and the purchase prices to
be paid by the Company will depend in part on market conditions
during the program. The Company has approximately 9.0 million
shares outstanding. The Company Hawk Corporation is a leading
supplier of friction materials for brakes, clutches and
transmissions used in airplanes, trucks, construction and mining
equipment, farm equipment, recreational and performance automotive
vehicles. Headquartered in Cleveland, Ohio, Hawk has approximately
1,200 employees at 14 manufacturing, research, sales and
international rep offices and administrative sites in 8 countries.
Forward-Looking Statements This press release includes
forward-looking statements concerning the Company's intention to
repurchase its common stock from time to time under its stock
repurchase program. These forward-looking statements are based upon
management's expectations and beliefs concerning future events.
Forward- looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the
control of the Company and which could cause actual results to
differ materially from such statements. Actual results and events
may differ significantly from those projected in the
forward-looking statements. Reference is made to Hawk's filings
with the Securities and Exchange Commission, including its annual
report on Form 10-K for the year ended December 31, 2007, its
quarterly reports on Form 10-Q, and other periodic filings, for a
description of the foregoing and other factors that could cause
actual results to differ materially from those in the
forward-looking statements. Any forward-looking statement speaks
only as of the date on which such statement is made, and the
Company undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Hawk Corporation is online at: http://www.hawkcorp.com/
http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO
http://photoarchive.ap.org/ DATASOURCE: Hawk Corporation CONTACT:
Joseph J. Levanduski, CFO, +1-216-861-3553, Thomas A. Gilbride,
Vice President - Finance, +1-216-861-3553; or Investor Relations,
John Baldissera, BPC Financial Marketing, +1-800-368-1217 Web site:
http://www.hawkcorp.com/
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