HARRISBURG, Pa., Sept. 23, 2008 (GLOBE NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today that its Board of Directors has authorized a four million share increase in the Company's share repurchase program.
The increase adds to the approximately 945,000 shares remaining from the Board's previous stock repurchase authorization. Since the beginning of this year, Harsco has repurchased nearly 1.1 million shares of its outstanding common stock, including approximately 755,000 shares in the current quarter.
"This additional authorization underscores the Board's continued confidence in our global growth outlook and substantial, internally generated free cash flows," said Salvatore D. Fazzolari, Chairman and Chief Executive Officer.
The repurchase program is not expected to impede the Company from executing its growth strategies due to its expectations for record cash flows this year. The Company noted also that it is not currently buying shares due its normal blackout policy prior to quarterly earnings announcements, but that it expects to consider resuming its repurchase activity after its third quarter earnings announcement scheduled for October 30, 2008.
The Company said that any repurchases will be made in open market transactions at times and amounts as management deems appropriate, depending on market conditions, share price, trading volume and other factors. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. Funding for the program is expected to be drawn from the Company's free cash flows and the further improvements the Company expects to achieve from its working capital initiatives.
Forward-Looking Statements
This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "may," "could," "believes," "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Harsco, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to, changes in the worldwide business environment in which the Company operates; changes in the performance of stock and bond markets; changes in governmental laws and regulations; market and competitive changes, including pricing pressures, market demand and acceptance for new products, services, and technologies; unforeseen business disruptions in one or more of the many countries in which the Company operates; the seasonal nature of the Company's business; the successful integration of the Company's strategic acquisitions; and the amount and timing of repurchases of the Company's common stock, if any.
About Harsco
Harsco Corporation is one of the world's leading diversified industrial services companies, serving key industries that play a fundamental role in worldwide economic growth and development, including infrastructure, metals and railways. The Company employs approximately 23,000 people in 50 countries of operation and recorded 2007 sales of $3.7 billion. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
The Harsco Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=361