FALLS CHURCH, VA – Jun 06, 2007 (BUSINESS WIRE)- DynCorp International Inc. (NYSE: DCP), today announcedthat its Board of Directors has authorized the company torepurchase up to $10 million of its outstanding common stock.
“We believe that a stock repurchase program is an effective way toenhance shareholder value and demonstrate our confidence in thelong-term value of DynCorp International Inc.,” said Hebert J.Lanese, the company’s chief executive officer.
The shares may be repurchased from time to time in open marketconditions or through privately negotiated transactions at thecompany’s discretion, subject to market conditions, and inaccordance with applicable federal and state securities laws andregulations. Shares of stock repurchased under this plan will beheld as treasury shares.
The program does not obligate the company to acquire anyparticular amount of common stock and the program may be modifiedor suspended at any time at the company’s discretion. The purchaseswill be funded from available working capital. As of March 30,2007, the company had 57 million shares outstanding.
About DynCorp International
DynCorp International Inc., through its operating company DynCorpInternational LLC, is a provider of specialized mission-criticaltechnical services, mostly to civilian and military governmentagencies. It operates major programs in law enforcement trainingand support, security services, base operations, aviation servicesand operations, and logistics support worldwide. Headquartered inFalls Church, Va., DynCorp International LLC has approximately14,600 employees worldwide. For more information, visitwww.dyn-intl.com.
Certain statements made in this announcement may constitute”forward-looking statements” within the meaning of Section 27A ofthe Securities Act, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended, regarding the expectations ofmanagement with respect to revenue and profitability. All of theseforward-looking statements are based on estimates and assumptionsmade by the Company’s management that, although believed by theCompany to be reasonable, are inherently uncertain. Forward-lookingstatements involve risks and uncertainties, including, but notlimited to, economic, competitive, governmental, and technologicalfactors outside of the Company’s control that may cause itsbusiness, strategy or actual results or events to differ materiallyfrom the statements made herein. These risks and uncertainties mayinclude, but are not limited to, the following: changes in thedemand for services the Company provides; additional work awardedunder the Civilian Police and International Narcotics and LawEnforcement contracts; pursuit of new commercial business in theU.S. and abroad; activities of competitors including bid protests;changes in significant operating expenses; changes in availabilityof capital; general economic and business conditions in the U.S.and abroad; acts of war or terrorist activities; variations inperformance of financial markets; and other risks detailed fromtime to time in the Company’s reports filed with the Securities andExchange Commission. Given these risks and uncertainties, you arecautioned not to place undue reliance on forward-lookingstatements. The Company’s actual results could differ materiallyfrom those contained in the forward-looking statements. The Companyundertakes no obligation to publicly update or revise anyforward-looking statement as a result of new information, futureevents or otherwise, except as required by law.