MITY Enterprises Inc. Repurchases Insider Stock
August 10 2006 - 3:53PM
Business Wire
MITY Enterprises Inc. (Nasdaq: MITY), a designer, manufacturer and
marketer of a variety of institutional furniture, today announced
that it has repurchased 344,150 shares of its outstanding common
stock held by certain directors and affiliates of the company. As a
result, the company retired over 9 percent of its outstanding
shares without reducing the shares available in the public float.
The repurchase, which occurred on Wednesday, Aug. 9, was completed
through privately negotiated transactions at a purchase price of
$17.40 per share. This buyback is part of the previously approved
repurchase of the company's common stock from time to time in open
market and negotiated or block transactions, including potential
repurchases from shareholders who are directors of the company. The
company still has approximately 140,000 shares available for
purchase through the stock repurchase plan announced earlier this
month. Following yesterday's repurchase, the company has
approximately 3.4 million shares of common stock outstanding. The
company repurchased shares from the following directors and
affiliates: -0- *T Ownership Ownership Number of Shares before
after Director/Affiliate to be Repurchased Repurchase Repurchase
----------------------------------------------------------------------
Ralph Crump, Director 100,200 2.9% 0.0%
----------------------------------------------------------------------
Marjorie Crump, Affiliate(1) 100,200 2.9% 0.0%
----------------------------------------------------------------------
Constance Crump, Affiliate(2) 103,750 3.9% 0.7%
----------------------------------------------------------------------
Peter Najar, Director 40,000 4.2% 2.8%
----------------------------------------------------------------------
Total as a group 344,150 13.8% 3.5%
----------------------------------------------------------------------
*T (1) Marjorie Crump is the wife of Ralph Crump. (2) Constance
Crump is the daughter of Ralph Crump and the spouse of Peter Najar.
"We are grateful to Ralph for the many years of service that he has
given to MITY," said Gregory L. Wilson, chairman of the board of
directors of MITY Enterprises. Wilson added, "Since Mr. Crump's
original investment in MITY in 1988, he has been a wonderful mentor
and contributor to our organization. At 82 years old, he is
beginning to transition into retirement and would like to reduce
his commitments. However, he will continue to serve as both a board
member and mentor during a transition period. Peter still remains a
significant shareholder and remains committed as a valuable member
of our board. The Crump Group provided the original angel capital
that funded the startup phase of our business. They have held onto
these shares for over 18 years. MITY will be forever grateful for
their foresight and support and the risk they took to fund what has
now become a very successful company." Founded in 1987, MITY
Enterprises Inc. designs, manufactures and markets innovative
institutional furniture created to meet the efficiency needs of its
customers. MITY Enterprises focuses on providing premium quality
institutional furniture products to niche markets. The product
lines consist of multipurpose room furniture and health care
seating. MITY's products are marketed under the Mity-Lite, Broda
and Versipanel tradenames. Headquartered in Utah, MITY Enterprises
serves national and international customers directly and through
distributors. For further information, visit MITY Enterprises
online at www.mityinc.com.
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