EAST LANSING, Mich., March 7, 2008 (PRIME NEWSWIRE) -- American Physicians Capital, Inc. (Nasdaq:ACAP) today announced that the Company has completed its $20 million authorization approved by its Board of Directors on August 16, 2007 under its discretionary stock repurchase program, which had approximately $7 million remaining as of December 31, 2007. The Company has commenced its stock repurchase authorization totaling $25 million approved by its Board of Directors on February 7, 2008.
"Our share repurchase program continues to be an important component of our capital management strategy," stated President and Chief Executive Officer R. Kevin Clinton. "We plan to continue investing in our shares at these market levels and will take advantage of any market weaknesses through our active repurchase program."
In addition to the discretionary plan, the Company continues to repurchase its common shares under a Board approved stock repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934.
Through March 6, 2008, the Company has repurchased 323,000 shares utilizing $13.8 million of equity in 2008. Since the inception of our repurchase program in 2001, the Company has repurchased 8.3 million shares at an average price of $22.09 per share. The Company has the following outstanding share repurchase authorizations:
Type of (In thousands)
Date Approved Repurchase Amount Amount
By Board Plan Authorized Remaining (1)
------------------ --------------- ------------- --------------
October 27, 2006 Rule 10b5-1 $32,000 (2) $13,190
October 29, 2007 Rule 10b5-1 $20,000 (3) $20,000
August 16, 2007 Discretionary $20,000 (4) COMPLETED
February 7, 2008 Discretionary $25,000 (4) $24,431
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$97,000 $57,621
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(1) As of March 6, 2008.
(2) Amount authorized for repurchase in 2007, approximately $19.4
million unused dollars were rolled over into 2008.
(3) Amount authorized for repurchase in 2008.
(4) All shares will be repurchased under management's discretion in
the open market or in privately negotiated transactions during
the Company's normal trading windows.
Corporate Description
American Physicians Capital, Inc. is a regional provider of medical professional liability insurance focused primarily in the Midwest and New Mexico markets through American Physicians Assurance Corporation and its other subsidiaries. Further information about the companies is available on the Internet at http://www.apcapital.com.
The American Physicians Capital, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4506
Forward-Looking Statement
Certain statements made by American Physicians Capital, Inc. in this release may constitute forward-looking statements within the meaning of the federal securities laws. These include statements concerning the continuance of discretionary repurchase transactions made during open trading windows and the expected continuation of share repurchases under the Company's Rule 10b5-1 plan. In addition, when we use words such as "will," "should," "believes," "expects," "anticipates," "estimates" or similar expressions, we are making forward-looking statements. While we believe any forward-looking statements we have made are reasonable, they are subject to risks and uncertainties, and actual results could differ materially. These risks and uncertainties include, but are not limited to, unexpected requirements for cash, including for acquisitions, changes in the Company's business prospects, the market price of the Company's stock, unexpected changes in the financial market conditions, and any other factors listed or discussed in the reports filed by APCapital with the Securities and Exchange Commission under the Securities Exchange Act of 1934. APCapital does not undertake, and expressly disclaims any obligation, to update or alter its statements whether as a result of new information, future events or otherwise, except as required by law.