Dycom Industries Announces $40 Mln Stock Buyback - Quick Facts

(RTTNews) - Dycom Industries, Inc. (DY) announced that its Board of Directors has authorized $40 million to repurchase shares of Dycom's outstanding common stock. The stock repurchases are authorized to be made over the next eighteen months in open market or private transactions.

The company said it expects to fund repurchases using cash on hand. The repurchase authorization replaces the company's previous repurchase authorization, which expires on September 15, 2013 and of which about $22.8 million remained outstanding as of July 27, 2013.

As of August 26, 2013, the company had 33.3 million shares of common stock outstanding.