SOURCE: O.I. Corporation

June 16, 2008 10:45 ET

O.I. Corporation Announces Expanded Stock Repurchase Program and Adoption of Share Ownership Guidelines for Its Directors and Executive Officers

COLLEGE STATION, TX--(Marketwire - June 16, 2008) - O.I. Corporation (NASDAQ: OICO) today announced that its Board of Directors has authorized the Company to repurchase an additional 200,000 shares of the Company's outstanding common stock under the Board's previously authorized August 2006 stock repurchase program. With this addition, approximately 238,750 shares may be repurchased.

Stock repurchases under this program may be made from time to time through open market purchases or privately negotiated transactions. The timing and actual number of shares repurchased will depend on market conditions, regulatory requirements concerning open market purchases and management discretion. The repurchase program may be suspended or discontinued at any time.

Ray Cabillot, Chairman of the Board of Directors of the Company, commented, "We are pleased to announce that the Company has increased the number of shares available for repurchase under this program, a measure designed to allow the Company increased flexibility with regard to the repurchase of its shares."

The Company also announced today that its Board has adopted stock ownership guidelines for its directors and executive officers. The guidelines provide that non-employee directors should own shares of the Company's common stock totaling five times the value of their annual retainer, while executive officers should own shares with a value of three times their annual base salary. Each of the Company's directors and executive officers is encouraged to attain such ownership within five years. Mr. Cabillot noted, "We feel increased ownership by our directors and executive officers will help to ensure that the Company's goals are aligned with shareholder interests."

About O.I. Corporation:

O.I. Corporation, dba O.I. Analytical, develops, manufactures, sells, and services analytical instrumentation that detects, measures, analyzes, and monitors chemicals in liquids, solids, and gases. Providing products used to digest, extract, and separate components of chemical mixtures, the Company designs application-specific solutions for various industries including environmental testing, defense, and petrochemical. Headquartered in College Station, Texas, the Company's products are sold worldwide.

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can sometimes be identified by our use of forward-looking words such as "may," "will," "anticipate," "believe," "expect," "project," or "intend." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

Copies of our filings with the Securities and Exchange Commission are available at www.sec.gov and at www.oico.com. Please refer to "Part 1, Item 1A - Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2007, for further discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Visit the Company's worldwide web site at: http://www.oico.com

Contact Information

  • Investor Relations:
    Bruce Lancaster
    Chief Executive Officer &
    Chief Financial Officer
    979.690.1711