Business Context and Reporting Period
Company: International Seaways, Inc.
Filing Type: Form 8-K (Current Report)
Date: May 25, 2023
Event: Regulation FD Disclosure regarding a share repurchase.
Key Financial Metrics
This filing reports on a specific capital allocation event rather than periodic financial performance. Key figures include:
- Shares Repurchased: 100,000 shares of common stock.
- Average Price: Approximately $37.81 per share.
- Total Cost: Approximately $3.8 million.
- Remaining Authorization: Approximately $28.4 million remaining under the $60.0 million share repurchase program.
The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period.
Material Changes
The material change reported is the reduction of outstanding shares and the utilization of the authorized share repurchase program. The repurchased shares are designated for retirement.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of risks and contingencies beyond the execution of the repurchase. The information is furnished pursuant to Item 7.01 and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the total number of shares outstanding following the retirement of the 100,000 repurchased shares.
- Confirm the exact remaining balance of the $60.0 million share repurchase program ($28.4 million stated).
- Review subsequent filings for any further repurchase activity or changes to the authorization limit.