ATK Announces 5 Million Share Repurchase Authorization

2008-08-07 06:29:00

    MINNEAPOLIS, Aug. 7 /EMWNews/ -- Alliant Techsystems

(NYSE: ATK) announced today that its board of directors has authorized the

repurchase of up to 5 million shares of the company's common stock. The

shares may be purchased from time to time in open market, block purchase,

or negotiated transactions, subject to compliance with applicable laws and

regulations and the company's debt covenants, depending upon market

conditions and other factors. Additionally, the company's board of

directors authorized repurchases to be made under Rule 10b5-1 of the

Securities Exchange Act of 1934. Rule 10b5-1 allows a company to purchase

its shares at times when it ordinarily would not be in the market because

of self-imposed trading blackout periods, such as the time immediately

preceding the company's quarterly earnings releases.

    The Board has determined that the repurchase program will serve

primarily to offset dilution from the company's employee and director

benefit compensation program, but it may also be used for corporate and

other purposes as determined by the Board.

    ATK had 32.9 million common shares outstanding on June 29, 2008, the

end of the company's first quarter of fiscal year 2009.

    ATK is a premier aerospace and defense company with more than 17,000

employees in 21 states and $4.5 billion in revenue. News and information

can be found on the Internet at

    Certain information discussed in this press release constitutes

forward-looking statements as defined in the Private Securities Litigation

Reform Act of 1995. Although ATK believes that the expectations reflected

in such forward-looking statements are based on reasonable assumptions, it

can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and

uncertainties that could cause actual results to differ materially from

those projected. Among those factors are decisions related to the possible

repurchase of shares of stock. ATK undertakes no obligation to update any

forward-looking statements. For further information on factors that could

impact ATK, and statements contained herein, please refer to ATK's most

recent Annual Report on Form 10-K and any subsequent quarterly reports on

Form 10-Q and current reports on Form 8-K filed with the U.S. Securities

and Exchange Commission.

Media Contact: Investor Contact: Bryce Hallowell Steve Wold Phone: 952-351-3087 Phone: 952-351-3056 E-mail: E-mail:

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