HOUSTON, May 24, 2017 (GLOBE NEWSWIRE) — Spark Energy, Inc. (NASDAQ:SPKE), a Delaware corporation (“Spark” or the “Company”), announced today that its Board of Directors has authorized a share buyback program of up to $50 million of Spark Class A common stock. The Company intends to fund the program through available cash balances and its Subordinated Credit Facility, as well as future operating cash flows.
“We are extremely pleased with the financial results and growth the Company has achieved since our initial public offering in 2014,” said Nathan Kroeker, Spark’s President and Chief Executive Officer. “With the Company’s strong financial position and both management’s and the Board’s confidence in our continued performance, we believe a balanced approach to capital allocation, including share repurchases, will greatly enhance shareholder value.”
“The Board does not believe Spark’s current share price accurately reflects the Company’s intrinsic value and we are confident that a share buyback program will capitalize on this disconnect,” said W. Keith Maxwell III, Founder and Chairman of Spark.
These shares may be repurchased from time to time in the open market or in privately negotiated transactions based on ongoing assessments of capital needs, the market price of the stock, and other factors, including general market conditions. The repurchase program does not obligate Spark to acquire any particular amount of common stock and it may be modified or suspended at any time, and could be terminated prior to completion.
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 91 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.
Contact: Spark Energy, Inc. Investors: Robert Lane, 832-200-3727 Media: Eric Melchor, 281-833-4151
Source: Spark Energy, Inc.