Business Context and Reporting Period
Company: Commercial Metals Company
Filing Type: Form 8-K (Current Report)
Date of Report: November 8, 2007
Date of Event: November 5, 2007
Context: The filing discloses a new authorization by the Board of Directors for a share repurchase program under Regulation FD.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on capital allocation activities regarding share repurchases.
- Outstanding Shares: Approximately 117,966,365 shares.
- New Repurchase Authorization: Up to 5,000,000 shares.
- Remaining Prior Authorization: 558,914 shares (from a July 2006 authorization of 5,000,000 shares).
- Prior Program Performance: 4,441,086 shares purchased for approximately $115,853,648 (Average price: $26.09 per share).
- Current Quarter Activity (ended Nov 30, 2007): 665,871 shares purchased at an average cost of $29.68 per share.
Material Changes
The primary material change is the expansion of the company's share repurchase capacity. The Board authorized an additional 5,000,000 shares to be purchased, supplementing the remaining balance of the previous program. The average purchase price in the current quarter ($29.68) is higher than the historical average of the prior program ($26.09).
Guidance, Outlook, and Risks
Management Commentary: The filing references a press release (Exhibit 99.1) regarding the repurchase authorization but does not provide specific forward-looking guidance on earnings, revenue, or operational outlook within the text of this 8-K.
Risks and Contingencies: No specific risks or contingencies are detailed in this filing text. The document notes that the information 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 authorized for repurchase (New 5,000,000 + Remaining 558,914).
- Review the attached Press Release (Exhibit 99.1) for details on the timing and method of future repurchases.
- Monitor the average share price trend, noting the increase from $26.09 (historical) to $29.68 (current quarter).
- Confirm the total outstanding share count of approximately 117.97 million.