ROCHESTER,NY-The board of directors of Transcat Inc. , a distributor of handheld test and measurement instruments and provider of calibration, repair and weighing system services, approved on Monday the repurchase of 80,000 shares at $6.90 per share in privately-negotiated transactions, it said on Tuesday.
Related to an acquisition Transcat made in 2008 where shares were issued at USD6.90 per share for the acquired company, the $552,000 repurchase was financed with available cash and borrowings on its $15 million line of credit.
Additionally, the company stated that the credit line had $12.9 million available as of Sep. 25, 2010, and the company has about 7.3 million outstanding shares.
Transcat's board authorizes repurchase of 80,000 shares at $6.90 per share
December 3, 2010