PGT Innovations, Inc. (NYSE: PGTI), the Venice-based manufacturer of windows and doors, has announced that its board of directors has authorized the repurchase of up to $30 million of PGTI’s common stock.
PGTI expects that any stock repurchases will be funded through available cash. The repurchases may be made in open market or private transactions from time to time. Repurchases of shares may be made under a Rule 10b5-1 plan, which would permit repurchases when the company might otherwise be precluded from doing so under insider trading laws.
PGTI will base future repurchase decisions, including the timing of any such repurchases, on such factors as its stock price, general economic and market conditions, potential impacts on its capital structure, expected return on competing uses of capital, such as strategic acquisitions and capital investments, and other corporate considerations, as determined by management. PGTI gives no assurance as to the amount of repurchases to be made or the actual purchase prices, and any repurchase program may be suspended or discontinued at any time.