SEMI stock buy back:
All American Announces Stock Buy Back
August 15, 2002 09:55:00 AM ET
MIAMI--(BUSINESS WIRE)--Aug. 15, 2002--All American Semiconductor, Inc. SEMI, a leading national distributor of electronic components, today announced that its board of directors has authorized the continuance of the stock repurchase program, originally approved by the board and announced in 1999, which provided for the repurchase of up to $2 million in purchase price of the Company's common stock. Previously, the Company had purchased an aggregate of 147,186 shares, or 4% of the then outstanding shares, for a total of approximately $484,000. The stock repurchases may, at the discretion of the Company's management, be made from time to time at prevailing prices in the open market or through privately negotiated transactions. The Company's management will base its decision on market conditions, the price of the Company's common stock and other factors. The Company currently intends to make stock repurchases using available cash flow from operations.
"The continuation of this program reflects the board's confidence in our long-term prospects and our belief that our stock is currently undervalued," said Bruce M. Goldberg, President and Chief Executive Officer of All American.
All American is recognized as the nation's 5th largest distributor of semiconductors and the 10th largest electronic components distributor overall. The Company has offices in 36 strategic locations throughout North America.
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