TULSA, Okla., Aug. 21, 2008 (GLOBE NEWSWIRE) -- North American Galvanizing & Coatings, Inc. (Nasdaq:NGA), a provider of hot-dip galvanizing and coatings services, announced today that its Board of Directors declared a 4 for 3 stock split of its common stock in the form of a stock dividend. The stock dividend is payable on September 14, 2008 to shareholders of record as of August 31, 2008. The stock dividend entitles each shareholder of record as of August 31, 2008 to receive one share of common stock for each three shares then owned. The value of any fractional shares resulting from the stock split will be paid in cash based on the closing market price of the common stock on the record date.
The Company also announced today a $3 million increase for its stock buyback program. Management reported that approximately $1.9 million of the $2.0 million previously authorized had been expended to date for open market purchases during 2008. The buyback program is subject to market conditions and is expected to be funded through cash flow from operations.
Mr. Ronald J. Evans, President and Chief Executive Officer of North American Galvanizing & Coatings, Inc., said, "These actions reflect our confidence in the long-term prospects of the Company. The stock split should allow our stock to be more accessible to a broader range of investors and, with the increase in the buyback authorization, continue to improve liquidity."
The Board of Directors also announced the introduction of a Direct Stock Purchase Program ("Program") for shareholders. The Program is effective immediately and will be administered by BNY Mellon Shareowner Services, the Company's stock transfer agent.
Additional shares of North American Galvanizing & Coatings, Inc. common stock may be purchased under the Program either electronically or by completing and submitting an enrollment form. Information about the Program is available at BNY Mellon Shareowner Services' website, www.bnymellon.com/shareowner. Alternatively, you may request that a copy of the brochure and enrollment form be sent to you by calling the toll-free number listed below.
BNY Mellon Shareowner Services
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Telephone Inquiries: Mail Inquiries:
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United States and Canada: 1-877-711-4100 480 Washington Blvd.
International Inquiries: 1-201-680-6578 Jersey City, NJ 07310
Hearing Impaired (TDD): 1-800-231-5469 or
P.O. Box 358035
Pittsburgh, PA 15252-8035
North American Galvanizing is a leading provider of hot-dip galvanizing and coatings for corrosion protection of fabricated steel products. The Company conducts its galvanizing and coating business through a network of plants located in Canton, Ohio; Denver, Hurst (Dallas/Forth Worth), Houston, Kansas City, Louisville, Nashville, St. Louis and the Tulsa area. Hot-dip galvanizing provides metals corrosion protection for many product applications used in commercial, construction and industrial markets. Our home page is: www.nagalv.com.
Cautionary Statement. This press release may contain "forward-looking statements" as defined under U.S. securities laws, including, but not limited to, statements concerning the Company's beliefs and expectations of future performance. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from such forward-looking statements and management's present expectations or projections. These risks and uncertainties include the risk factors described in the Company's SEC filings including the Company's Annual Report on Form 10- K filed with the Securities and Exchange Commission on March 7, 2008. These forward-looking statements are made as of the date of this press release. The Company assumes no obligation to update or revise these statements or to provide reasons why actual results may differ.