Hawk Corporation Announces Repurchase of $13.2 Million Under Stock Repurchase Program
CLEVELAND, June 8 -- Hawk Corporation (NYSE Amex: HWK) announced that it has met the stock repurchase limit provided for in its senior note indenture. The $15.0 million stock repurchase program was originally announced by the Company on November 24, 2008. As of June 8, 2009, the Company has purchased 983,322 shares of stock at an average price per share of $13.42. The shares were repurchased at prices between $9.85 and $17.95 per share. As of June 8, 2009, the Company has 8,055,648 shares outstanding.
The plan which was approved by the Company's Board of Directors, conditioned share repurchases on the Company's complying with covenants in its bank credit facility and senior note indenture. Under the formula applicable to stock repurchases in the senior note indenture, the Company was able to repurchase $13.2 million of its common stock through the current period. The Company reserves the right to repurchase additional shares under the approved plan when the bank credit facility and senior note indenture allow.