Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - CONT. OF STOCK REPURCHASE PROGRAM - MATTHEWS INTERNATIONAL CORP | form8k-stockrepurchase.htm |
Exhibit 99.1
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Release date: January 22,
2010
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Contact:
|
Steven
F. Nicola
|
Chief
Financial Officer, Secretary &
Treasurer
412-442-8262
MATTHEWS
INTERNATIONAL CORPORATION
ANNOUNCES
CONTINUATION OF ITS STOCK REPURCHASE PROGRAM
PITTSBURGH, PA, JANUARY 22, 2010--
Matthews International Corporation (NASDAQ
NMS:
MATW) announced today that its Board of Directors approved a continuation of the
Company’s stock repurchase program. Previously, the Board had
approved repurchasing a cumulative total of 12,500,000
shares. Approximately 68,000 shares remain to be purchased under this
authorization. Upon the repurchase of these remaining shares, the new
authorization allows Matthews to purchase up to an additional 2,500,000 shares
of the Company’s common stock.
Joseph C. Bartolacci, President and
Chief Executive Officer, stated: “The repurchase program is an important element
in the Company's long-term strategies. Given the current market value
of Matthews common stock, the Company’s historical financial performance, and
our long-term growth objectives, we believe the program continues to be an
effective use of the Company’s financial resources.”
The repurchase program is designed to
increase shareholder value, enlarge the Company’s holdings of its common stock,
and add to earnings per share. Repurchased shares may be retained in
treasury, utilized for acquisitions, or reissued to employees or other
purchasers.
Matthews
International Corporation, headquartered in Pittsburgh, Pennsylvania, is a
designer, manufacturer and marketer principally of memorialization products and
brand solutions. Memorialization products consist primarily of bronze
memorials and other memorialization products, caskets and cremation equipment
for the cemetery and funeral home industries. Brand solutions include
graphics imaging products and services, marking products, and merchandising
solutions. The Company’s products and services include cast bronze
memorials and other memorialization products; caskets; cast and etched
architectural products; cremation equipment and cremation-related products;
mausoleums; brand management; printing plates and cylinders, pre-press services
and imaging services for the primary packaging and corrugated industries;
marking and coding equipment and consumables, and industrial automation products
for identifying, tracking and conveying various consumer and industrial
products, components and packaging containers; and merchandising display systems
and marketing and design services.