ROANOKE, Va., Sept. 21, 2012 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) ("OCC ®" or the "Company") today announced that the Company's Board of Directors has approved a plan to purchase and retire up to 320,000 shares of OCC's common stock, or approximately 4.9% of the current shares outstanding. OCC anticipates that the purchases will be made during the next 12 to 24 months.
Neil Wilkin, President and Chief Executive Officer of OCC, said "The share repurchase plan announced today demonstrates the confidence of the Board of Directors in OCC's strategy and long-term prospects. OCC has delivered strong earnings performance, as sales of our fiber optic cable products are driving top-line growth and we continue to control costs. In addition, we continue to maintain a strong balance sheet, which combined with our sales and earnings performance, provides us with the flexibility to implement this share repurchase plan while simultaneously delivering value to shareholders through a regular quarterly dividend."
The new share repurchase program does not require the Company to acquire any specific number of shares and may be suspended, extended or terminated by the Company at any time without prior notice. According to the terms of the share repurchase program, purchases will only be made during periods in which the executive team and the Board of Directors are not aware of material inside information that would likely affect a seller's decision to sell. The share repurchase plan is designed to comply with U.S. securities laws, rules and safe harbors for purchases that do not constitute tender offers. These restrictions can lengthen the time it may take for OCC to acquire its shares under this repurchase plan.
As of September 18, 2012, Optical Cable had approximately 6.5 million common shares outstanding.Company InformationOptical Cable Corporation ("OCC ®") is a leading manufacturer of a broad range of fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market, offering an integrated suite of high quality, warranted products which operate as a system solution or seamlessly integrate with other providers' offerings. OCC's product offerings include designs for uses ranging from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining and broadcast applications. OCC products include fiber optic and copper cabling, fiber optic and copper connectors, specialty fiber optic and copper connectors, fiber optic and copper patch cords, pre-terminated fiber optic and copper cable assemblies, racks, cabinets, datacom enclosures, patch panels, face plates, multi-media boxes and other cable and connectivity management accessories, and are designed to meet the most demanding needs of end-users, delivering a high degree of reliability and outstanding performance characteristics. OCC ® is internationally recognized for pioneering the design and production of fiber optic cables for the most demanding military field applications, as well as of fiber optic cables suitable for both indoor and outdoor use, and creating a broad product offering built on the evolution of these fundamental technologies. OCC also is internationally recognized for its role in establishing copper connectivity data communications standards, through its innovative and patented technologies. Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in each of Roanoke, Virginia, near Asheville, North Carolina and near Dallas, Texas. OCC primarily manufactures its fiber optic cables at its Roanoke facility which is ISO 9001:2008 registered and MIL-STD-790F certified, its enterprise connectivity products at its Asheville facility which is ISO 9001:2008 registered, and its military and harsh environment connectivity products and systems at its Dallas facility which is ISO 9001:2008 registered and MIL-STD-790F certified. Optical Cable Corporation, OCC ®, Superior Modular Products, SMP Data Communications, Applied Optical Systems, and associated logos are trademarks of Optical Cable Corporation. Further information about OCC is available on the Internet at www.occfiber.com. FORWARD-LOOKING INFORMATIONThis news release by Optical Cable Corporation and its subsidiaries (collectively, the "Company" or "OCC") may contain certain forward-looking information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning our outlook for the future, (ii) statements of belief, anticipation or expectation, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forward-looking information is subject to known and unknown variables, uncertainties, contingencies and risks that may cause actual events or results to differ materially from our expectations, and such known and unknown variables, uncertainties, contingencies and risks may also adversely affect Optical Cable Corporation and its subsidiaries, the Company's future results of operations and future financial condition, and/or the future equity value of the Company. A partial list of such variables, uncertainties, contingencies and risks that could cause or contribute to such differences from our expectations or could otherwise adversely affect Optical Cable Corporation and its subsidiaries is set forth in Optical Cable Corporation's quarterly and annual reports filed with the Securities and Exchange Commission ("SEC") under the heading "Forward-Looking Information." OCC's quarterly and annual reports are available to the public on the SEC's website at http://www.sec.gov. In providing forward-looking information, the Company expressly disclaims any obligation to update this information, whether as a result of new information, future events or otherwise except as required by applicable laws and regulations. SOURCE Optical Cable Corporation