A&B Board Authorizes Additional 2 Million Share Stock Repurchase
"Recent market volatility enabled us to repurchase over 1.1 million shares of our stock since the beginning of the year at an average cost of just $44.24 per share," said Alexander & Baldwin, Inc. (A&B) Chairman and CEO Allen Doane. "These repurchases are a very good investment for the Company and an important means of returning cash to our shareholders. We want to be in a position to make further repurchases if circumstances - including market conditions, investment alternatives and balance sheet considerations - warrant. The Board's decision to grant additional authority gives us this ability."
In 2007 A&B purchased 671,728 of its shares on the open market at an average price of $48.62. Year-to-date, the Company has purchased 1,122,304 shares on the open market at an average price of $44.24. In total, A&B has purchased 1,794,032 shares under an authorization dated October 2006 at an average price per share of $45.88, or an aggregate price of $82.3 million and has purchased a total of 3,447,827 shares since May, 2006 at an average price of $44.66.
Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation and integrated logistics services, through its subsidiaries, Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.; in real estate, through A&B Properties, Inc.; and in agribusiness, through Hawaiian Commercial & Sugar Company and Kauai Coffee Company, Inc. Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.
Statements in this press release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.
SOURCE: Alexander & Baldwin, Inc.
Alexander & Baldwin, Inc.
Kevin L. Halloran
Vice President, Corporate Development
and Investor Relations