DES PLAINES, IL--(Marketwire - February 21, 2008) - Schawk, Inc. (NYSE: SGK), one of the
world's leading providers of digital imaging graphic services to the
consumer products and brand imaging markets, announced today that its board
of directors has authorized the repurchase of up to two million shares of
the Company's common stock. As of December 31, 2007, the Company had
27,013,482 shares outstanding.
The share repurchase will be funded using Schawk's existing cash balance
and its revolving credit facility, which had $78.3 million of additional
availability as of December 31, 2007.
The share repurchases may occur from time-to-time through open market
purchases, privately negotiated transactions and/or transactions structured
through investment banking institutions as permitted by securities laws and
other legal requirements. The program allows the Company to repurchase its
shares at its discretion. Market conditions will influence the timing of
the buyback and the number of shares repurchased. The program does not
obligate the Company to repurchase any specific number of shares and may be
suspended or terminated at any time without prior notice. Shares
repurchased will be held as treasury shares.
David A. Schawk, president and chief executive officer, said, "We believe
the current share price does not accurately reflect Schawk's long-term
growth prospects, and therefore, represents an excellent investment
opportunity for both the Company and our shareholders. We are committed to
our business plan and future growth of Schawk and believe a share buyback
program will enhance shareholder value and restore shareholder confidence.
With this share repurchase program, we are affirming our confidence and
optimism in the long-term future of the Company."
About Schawk, Inc.
Schawk, Inc., headquartered in suburban Chicago, is one of the world's
largest independent brand image solutions companies. Schawk delivers a
broad range of digital pre-media graphic services through 153 locations in
12 countries across North America, Europe, Asia and Australia. Schawk
designs, creates and manages images and text for reproduction to exact
specifications for a variety of media, including packaging for consumer
products, point-of-sale displays and other promotional and advertising
materials. Schawk provides its services to the food, beverage, health &
beauty, pharmaceutical, home care and consumer products industries. For
more information, visit www.schawk.com.
Safe Harbor Statement
Certain statements in this press release relating to the stock repurchase
program are forward-looking statements within the meaning of Section 21E of
the Securities and Exchange Act of 1934, as amended and are subject to the
safe harbor created thereby. These statements are made based upon current
expectations and beliefs that are subject to risk and uncertainty. Actual
results might differ materially from those contained in the forward-looking
statements because of factors, such as, among other things, the impact of
market conditions and the availability of resources on our ability to
repurchase shares, and the ability to achieve the desired effect from such
repurchases, as well as other factors detailed in Schawk, Inc.'s filings
with the Securities and Exchange Commission.
Contact Information: AT SCHAWK, INC.:
James J. Patterson
Sr. VP and CFO
847-827-9494
jpatterson@schawk.com
AT DRESNER CORPORATE SERVICES:
Philip Kranz
312-780-7240
pkranz@dresnerco.com