Park Electrochemical Corp. announces new share purchase plan
Oct 21, 2004
Park Electrochemical Corp. (NYSE: PKE) announced that its Board of Directors has authorized the Company's purchase, on the open market and in privately negotiated transactions, of up to 2,000,000 shares of its Common Stock, representing approximately 10% of the Company's 19,899,389 total outstanding shares as of the close of business on October 19, 2004.
This authorization replaces the Board of Directors' previous authorizations in June and September 1998 to purchase up to a total of 3,959,970 shares of the Company's Common Stock. The Company purchased a total of 1,654,800 shares pursuant to the previous authorizations at an average share cost of $8.129. All of such shares were purchased in September 1998. There were 2,305,170 shares available to be purchased by the Company pursuant to the previous share purchase authorizations, which have been terminated by the Board of Directors of the Company. Purchases by the Company pursuant to the new Board of Directors' authorization may occur from time to time in the future. Shares purchased by the Company will be retained as treasury stock and will be available for use under the Company's stock option plans and for other corporate purposes.