SADDLE BROOK, N.J., Nov. 3, 2000 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE) announced today that its Board of Directors has authorized the Company to repurchase up to an additional 5%, on an as-converted basis, of the Company's outstanding capital stock, which consists of its Common Stock (NYSE:SEE) and its Series A Convertible Preferred Stock (NYSE:SEE Pr A). The Preferred Stock is convertible into shares of the Company's Common Stock at a rate of 0.885 shares of Common Stock for each share of Preferred Stock. As of October 31, 2000, the Company had approximately 83.7 million shares of its Common Stock and 30.3 million shares of its Preferred Stock outstanding, or the equivalent of approximately 110.5 million shares of its Common Stock outstanding, on an as-converted basis. Purchases by the Company under this program may be made from time to time.
The authorization announced today follows both an initial approval to repurchase up to 5% of the outstanding shares of the Company's capital stock announced on June 29, 1998 and the approval to repurchase up to an additional 5% of the outstanding shares of the Company's capital stock announced on April 14, 2000. Under these two previously announced authorizations, the equivalent of approximately 6.2 million shares of Common Stock, on an as-converted basis, had been repurchased as of October 31, 2000, with most of the repurchases being of the Preferred Stock. Following today's announcement, the aggregate number of shares of Common Stock and Preferred Stock of the Company that remains available for repurchase under the cumulative authorization is the equivalent of approximately 10.7 million shares of Common Stock, on an as-converted basis.
Commenting on the authorization, William V. Hickey, President and Chief Executive Officer, stated, "This further buy-back authorization reflects our strong cash flow outlook and continued confidence in Sealed Air's future growth opportunities. Our repurchases of Sealed Air stock represent efforts to continually manage our balance sheet."
Sealed Air is a leading global manufacturer of a wide range of food, protective and specialty packaging materials and systems. To view the Company's latest financial news online via the World Wide Web, visit http://www.cfonews.com/see.
Certain statements made by the Company in this press release are forward-looking statements. These statements include comments as to the Company's beliefs and expectations as to future events and trends affecting the Company's business. These forward-looking statements are based upon management's current expectations concerning future events and trends and are necessarily subject to uncertainties, many of which are outside the control of the Company. The factors stated under the heading "Forward-Looking Statements" in Management's Discussion and Analysis of Results of Operations and Financial Condition, which appears in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, could cause actual results to differ materially from such statements.