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| Washington Group increases stock buyback program to $275 mln Washington Group International announced that its Board of Directors has authorized the company to purchase an additional $100 million in Washington Group International stock in open market or negotiated transactions, bringing the total buyback authorization to $275 million. The company previously purchased $175 million of Washington Group stock and warrants under this authorization. As of its third quarter ending September 29, 2006, Washington Group International had $251.9 million cash on hand and no debt outstanding. Contributing to the company's strong cash flow are the company's favorable tax attributes including net operating loss carryovers (NOLs) and goodwill amortization. The cash flow benefit in 2006 from favorable tax attributes is expected to be approximately $40 million. Between 2007 and 2015, cash flow is expected to benefit by an additional $250 million as the company continues to utilize NOLs and goodwill amortization. write your comments about the article :: © 2006 Construction News :: home page |