Exponent Announces Two-for-One Stock Split and $35 Million Stock Repurchase Program
MENLO PARK, Calif., April 17, 2006 - Exponent, Inc. (Nasdaq: EXPO) today announced that its Board of Directors has approved a two-for-one stock split, subject to shareholder approval at the 2006 annual meeting of shareholders on May 24, 2006. Each shareholder would receive one additional share for every outstanding share held at the record date May 24, 2006 for the stock split. Upon the completion of the stock split, Exponent will have approximately 16.3 million shares of common stock outstanding.
In addition, the Board of Directors has approved a stock repurchase program that authorizes Exponent to purchase up to $35,000,000 of its common stock in the open market or privately negotiated transactions in compliance with Securities and Exchange Commissions Rule 10b-18.
"These actions reflect our confidence in the future operating results and cash flow of the Company, as well as our ongoing determination to build long-term shareholder value," commented Michael Gaulke, CEO and President.
About Exponent
Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's multidisciplinary organization of scientists, physicians, engineers, and business consultants brings together more than 70 technical disciplines to address complicated issues facing industry and government today. The firm's consultants analyze failures and accidents to determine their causes and provide answers to help prevent such problems. In addition, Exponent evaluates human health and environmental concerns to find cost-effective solutions.
Exponent may be reached at (888) 656-EXPO, info@exponent.com, or www.exponent.com.
This news release contains, and incorporates by reference, certain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended thereto under) that are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. When used in this document and in the documents incorporated herein by reference, the words "anticipate," "believe," "estimate," "expect" and similar expressions, as they relate to the Company or its management, identify such forward-looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the effects of competitive services and pricing, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10-K under the heading "Factors That May Affect Future Operating Results and Market Price of Stock" and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to release publicly any updates or revisions to any such forward-looking statements
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