The board of directors of Ennis, Inc. (UPIC: ennis), a Midlothian, Texas-based manufacturer of printed business products and apparel, has approved the addition of $5 million to the company’s stock repurchase program.
Keith Walters, chairman, president and CEO of the company, says: “The decision to add an additional $5 million to the company’s stock repurchase program, along with our board’s recent decision to raise our dividend rate, reflects the confidence of both management and our board in the company’s continued business strength. With this addition, the company will have almost $9 million available for share repurchases. We believe that the purchase of our shares, given the current price at which the common stock is trading, relative to the company’s earnings per share and book value per share, is a solid investment in the company and will add to shareholder value.”
The repurchase program allows shares to be purchased from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors.