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Table of Contents
Index to Financial Statements
PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Price Range of Common Stock
The following table shows the high and low sale prices of our common stock as reported by the NYSE for the periods indicated:
The closing sale price of the Company’
s common stock as reported on the NYSE on February 28, 2005 was $13.27 per share. At that date
there were 2,374 holders of record of the Company’s common stock.
Dividends
The Company has never declared or paid cash dividends on its common stock. Although we do not currently have any plans, we may pay
dividends in the future.
Repurchase Plans
In 2003 and 2004, the Company’s Board of Directors approved the following repurchase plans, as they determined that the use of cash to
reduce outstanding debt and outstanding common stock was likely to create long-term value for its shareholders.
2003 Repurchase Plan
High
Low
2004:
First Quarter
$
15.40
$
10.82
Second Quarter
$
13.75
$
10.57
Third Quarter
$
12.70
$
9.51
Fourth Quarter
$
15.17
$
11.21
2003:
First Quarter
$
5.56
$
3.65
Second Quarter
$
9.51
$
4.14
Third Quarter
$
10.64
$
8.30
Fourth Quarter
$
12.91
$
9.25
On December 9, 2003, the Company’
s Board of Directors approved and the Company announced a $100 million repurchase program (the
“2003 Plan”). The 2003 Plan was open-ended and provided the flexibility to buy back common stock, retire debt or a combination of both. On
April 29, 2004, the Company announced that it had completed the 2003 Plan. From December 9, 2003 through April 29, 2004, the Company’s
common stock price ranged from $10.30 to $15.40. From January 1, 2004 through the completion of the 2003 Plan, the Company repurchased
shares under the 2003 Plan , all from unrelated third parties and in the open market, as follows:
23
Month
Total Number of Shares
Purchased
Average Price Paid
per Share
Total Number of
Shares Purchased as
Part of the 2003 Plan
Maximum Dollar
Value of Shares
That May Yet be
Purchased Under
the 2003 Plan
January 2004
747,000
$
14.17
747,000
$
89,415,010
February 2004
1,032,000
$
14.07
1,032,000
$
74,894,770
March 2004
1,971,000
$
12.59
1,971,000
$
50,079,880
April 2004
4,105,000
$
12.20
4,105,000
$
—
Total
7,855,000
$
12.73
7,855,000
$
—