Wynn's International Expands Share Repurchase Program
10 December 1998
Wynn's International Expands Share Repurchase ProgramORANGE, Calif., Dec. 9 -- Wynn's International, Inc. announced today that the Board of Directors had approved a new three year, $15 million open market share repurchase program to begin in January 1999. This new repurchase program will replace the Company's current $15 million program that began in January 1996 and will expire on December 31, 1998. Under the existing program, the Company has repurchased approximately $12.3 million of Common Stock. This amount is in addition to the approximately $27 million of Common Stock repurchased by the Company in April 1997 through a "Dutch Auction" self-tender offer. James Carroll, Chairman of the Board and Chief Executive Officer, stated that the new repurchase program was intended to build on the success of the existing program. He commented: "The new program is a reflection of both the strong financial condition of the Company and the ongoing effort by the Board of Directors to enhance shareholder value." Mr. Carroll said the repurchases are expected to be made from the Company's existing cash balances. The Company also announced that the Board of Directors has declared a regular quarterly dividend of six cents ($0.06) per share of common stock, payable January 4, 1999 to stockholders of record on December 18, 1998. This represents the 95th consecutive quarterly dividend payment since 1975. Wynn's International, founded in 1939, is a worldwide supplier of high quality O-rings and sealing products; specialty chemical products, equipment and related service programs; and builders hardware supplies. The Company is headquartered at 500 North State College Boulevard, Suite 700, Orange, California 92868, telephone: (714) 938-3700.