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Imagistics International,
Up 146.3%, Approves Additional Stock Repurchase
05/15/2004
Imagistics International Inc. authorized an increase in its
stock repurchase program. The company's stock, part of our
Primary Stock Portfolio, has risen 146.3% after we added Imagistics
to the portfolio. Further details about the company's repurchase
program follow:
TRUMBULL, Conn.--(BUSINESS WIRE)--May 11,
2004--Imagistics International Inc. (NYSE:IGI), an international
company offering document imaging solutions through its direct
sales and service organization, today announced that its Board
of Directors has authorized an increase in its stock repurchase
program to $108 million from $78 million. Since the stock
buy-back program was initiated in March of 2002 through the
end of the first quarter of 2004, stock repurchases totaled
3.4 million shares for a total value of $71 million.
"We have been repurchasing our stock
steadily since we initiated the stock buy-back program. At
the current valuation, we believe that continuing stock repurchases
are an excellent use of cash and demonstrate our commitment
to enhance long-term shareholder value," said Marc C.
Breslawsky, Chairman and Chief Executive Officer of Imagistics
International.
The Board of Directors' decision to increase
the buy-back program authorization was based on continued
confidence in the company's business and the current price
of the stock. Stock repurchases will continue to be made periodically
in the open market based on market conditions.
About Imagistics International Inc.
Imagistics International Inc. (NYSE:IGI
- News) is a large direct sales, service and marketing organization
offering document imaging solutions, including high performance,
leading edge copier/MFPs and facsimile machines to Fortune
1000 companies and other organizations. Its direct sales and
service network is located throughout the United States, Canada
and the United Kingdom. Imagistics International is a member
of the S&P SmallCap 600 Index and the Russell 2000 Index®
and is headquartered in Trumbull, Connecticut. For additional
information about Imagistics International, please visit www.imagistics.com
and www.IGIinvestor.com.
The statements contained in this news release
that are not purely historical are forward-looking statements,
within the meaning of the Private Securities Litigation Reform
Act of 1995, that are based on management's beliefs, certain
assumptions and current expectations. These statements may
be identified by their use of forward-looking terminology
such as the words "expects," "projects,"
"anticipates," "intends" and other similar
words. Such forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from
those projected. These risks and uncertainties include, but
are not limited to, general economic, business and market
conditions, competitive pricing pressures, timely development
and acceptance of new products, our reliance on third party
suppliers, potential disruptions in implementing information
technology systems, including the recent ERP implementation,
potential disruptions affecting the international shipment
of goods, our ability to create brand recognition under our
new name and currency and interest rate fluctuations. For
a more complete discussion of certain of the risks and uncertainties
that could cause actual results to differ from those contained
in the forward-looking statements, see "Risk Factors"
in the Imagistics 2003 Form 10-K and other SEC filings. The
forward-looking statements contained in this news release
are made as of the date hereof, and we do not undertake any
obligation to update any forward-looking statements, whether
as a result of future events, new information or otherwise.
CONTACT: Imagistics International Inc.
Timothy J. Klahs, 203-365-2361
timothy.klahs@imagistics.com
SOURCE: Imagistics International Inc.
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