Distribution Solutions Group Announces New Authorization of the Share Repurchase Program
13 Dicembre 2023 - 1:30PM
Business Wire
Distribution Solutions Group, Inc. (NASDAQ:DSGR) ("DSG" or
the "Company"), a premier specialty distribution company, today
announced that its Board of Directors has approved a common share
repurchase authorization of $25 million. This authorization is in
addition to approximately $4.0 million still available under
previous authorizations. During fiscal year 2023 to date, the
Company has repurchased approximately $3.6 million of its common
stock.
“We continue to expect solid free cash flow generation in 2023
and 2024, which provides flexibility and liquidity to invest in
growth, pay down debt, and opportunistically repurchase our stock,”
said Bryan King, CEO and Chairman of the Board. “The Board’s
decision to expand DSG’s share repurchase program demonstrates our
collective confidence in our strategic plan to drive profitable
growth, generate long-term returns and create shareholder value.
Our balance sheet remains strong, and this repurchase authorization
fits into our broader capital allocation strategy.”
Repurchases may be made at management’s discretion from time to
time on the open market or through privately negotiated
transactions as part of the Company's ongoing capital allocation
strategy.
About Distribution Solutions Group,
Inc.
Distribution Solutions Group (“DSG”) is a premier multi-platform
specialty distribution company providing high touch, value-added
distribution solutions to the maintenance, repair & operations
(MRO), the original equipment manufacturer (OEM) and the industrial
technologies markets. DSG was formed through the strategic
combination of Lawson Products, a leader in MRO distribution of
C-parts, Gexpro Services, a leading global supply chain services
provider to manufacturing customers, and TestEquity, a leader in
electronic test & measurement solutions.
Through its collective businesses, DSG is dedicated to helping
customers lower their total cost of operation by increasing
productivity and efficiency with the right products, expert
technical support and fast, reliable delivery to be a one-stop
solution provider. DSG serves approximately 170,000 customers in
several diverse end markets supported by approximately 3,800
dedicated employees and strong vendor partnerships. DSG ships from
strategically located distribution and service centers to customers
in North America, Europe, Asia, South America and the Middle
East.
For more information on Distribution Solutions Group please
visit www.distributionsolutionsgroup.com.
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
that involve risks and uncertainties. The terms “aim,”
“anticipate,” “believe,” “contemplates,” “continues,” “could,”
“ensure,” “estimate,” “expect,” “forecasts,” “if,” “intend,”
“likely,” “may,” “might,” “objective,” “outlook,” “plan,”
“positioned,” “potential,” “predict,” “probable,” “project,”
“shall,” “should,” “strategy,” “will,” “would,” and other words and
terms of similar meaning and expression are intended to identify
forward-looking statements. Forward-looking statements can also be
identified by the fact that they do not relate strictly to
historical or current facts. Such forward-looking statements are
based on current expectations and involve inherent risks,
uncertainties and assumptions, including factors that could delay,
divert or change any of them, and could cause actual outcomes to
differ materially from current expectations. DSG can give no
assurance that any goal or plan set forth in forward-looking
statements can be achieved and DSG cautions readers not to place
undue reliance on such statements, which speak only as of the date
made. DSG undertakes no obligation to release publicly any
revisions to forward-looking statements as a result of new
information, future events or otherwise. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties. Certain risks associated with DSG’s business are
also discussed from time to time in the reports DSG files with the
SEC, including DSG’s Annual Report on Form 10-K, DSG’s Quarterly
Reports on Form 10-Q and DSG’s Current Reports on Form 8-K, which
should be reviewed carefully. In addition, the following factors,
among others, could cause actual outcomes and results to differ
materially from those discussed in the forward-looking statements:
(i) unanticipated difficulties or expenditures relating to the
mergers; (ii) the risk that stockholder litigation in connection
with the mergers results in significant costs of defense,
indemnification and liability; (iii) any problems arising in
combining the businesses of Lawson Products, TestEquity and Gexpro
Services, which may result in the combined company not operating as
effectively and efficiently as expected; and (iv) the risks that
DSG may encounter difficulties integrating the business of DSG with
the business of other companies that DSG has acquired or has
otherwise combined with, that DSG may not achieve the anticipated
synergies contemplated with respect to any such business or
transactions and that certain assumptions with respect to such
business or transactions could prove to be inaccurate.
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version on businesswire.com: https://www.businesswire.com/news/home/20231211848920/en/
Company: Distribution Solutions Group, Inc. Ronald J.
Knutson Executive Vice President, Chief Financial Officer and
Treasurer 1-888-611-9888
Investor Relations: Three Part Advisors, LLC Steven
Hooser / Sandy Martin 214-872-2710 / 214-616-2207
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